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This hits home.
What is the salary range of Senior 2 at EY GDS?
hiit training or crossfit?
Anyone wanna go for a drink?
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This market got me super down 😞
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Made partner in my early 30s and am now 36. Plan to hit my target FatFIRE goal by 40 and then see if I want to pull the trigger.
Just so that you’re aware, there are many different types of FIRE goals and ways to achieve it. Not all is about financial sacrifice.
I partied hard and travelled >30+ countries for work and fun in my 20s; now married with a kid and planning for the next step in the journey once I hit my FIRE target. Only issue is goalposts keep shifting so let’s see if I actually pull the trigger when I hit 40.
Originally it was $5M at 40, but since I hit it already at 35; am now aiming for $10M by 40. This is to support spouse and I plus 2 kids.
Congrats on that! Don’t let the goalposts shifting get in the way of your fun.
Partners don't FIRE.... they are usually high achievers with a strong sense of self defined by their careers.
Most people that want to FIRE do not care much about their work as an integral part of their identity.
Also golden handcuffs. Partners have often high salaries, pensions, waiting for them at the end of retirement.
They start thinking about coast FIRE at about 50 though.
Mentor
I don’t adjust my FIRE goals based on projected and less certain future earnings. If I wind up making more, I can either spend more or FIRE earlier.
I’m 30 and struggle with how much to sacrifice right now. I don’t have plans to FIRE because I’m one of those people that has a strong sense of self defined by my career, so I assume I’ll be able to save a ton in the future. But also, what if I don’t? What if I decide to leave consulting and make less? I save save save because of the unknown. Will it be worth it? If I make partner and have a 7 figure income, I may look back and wish I had some more luxuries in my life. If I don’t though, I’ll be glad I didn’t. I’d rather plan more safely and have my biggest regret be that I didn’t splurge, rather than regret that I didn’t save enough.
I agree. I think that there should be a delineation between FIRE as it pertains to high earning people, like consultants.
The principles are the same, but someone making 300k taking a 8k vacation is vastly different than someone making 80k doing it.
We have more room for error/upside.
Just made Partner and definitely plan to FIRE after 6-7 years (around 41) with about $10M. At about $3M NW now at 34, so a bit behind P1, but should be doable if I hit the average comp progression and keep lifestyle inflation moderate (going from $150K to $225K in expenses over time, with a new house + a substantial buffer for additional unplanned “creep”). They’re probably too embarrassed to talk about it, but many seasoned Partners need to cover $4-500K+ in annual expenses. The cost of lifestyle creep is a double whammy — it hits savings (and progress toward retirement) + increases the retirement savings number. Think about it this way: if you’re 35 and save $100K less per year for 10 years (due to creep), you’ve lost what could grow to let’s say $3M by 55 (7% annual real return for an average of 15 years in market). You’ve also added $3M to your retirement number if you want to use a more conservative 3.3% rule (30 x $100K). So the total net hit of that $100K in lifestyle creep is around $6M that you need to make up! Crazy!
Mentor
Ugh. Jealous since I’ll probably only get to FIRE ten years later and with only a quarter of that. But I also wouldn’t be alive if I had stayed in the billable world. Congrats on figuring out how to handle it.