Related Posts
Any one got the retention offer from TCS ?
Visual Storyteller
Additional Posts in FIRE Financial Independence Retire Early
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
You are still doing great. You are young and there is still plenty of time. Things happen but you are back on the right track it sounds like.
Coach
Long ways away from what? Seems like you are doing well and have your whole life ahead of you.
Subject Expert
Where did the $10 million number come from? When do you want to retire? What is your best estimate of your future compensation trajectory?
You’re 25. Please do something dumb and random before you become too old to do something dumb and random. You’re not too far away from that age.
Seems that you're doing fine. Just hang on to the current job, and have some savings available in case you should get laid off. In this economy you can't be too prepared. In any event, keep doing what you're doing, it appears to be working.
You are a lucky lad.
Mentor
Some of your peers are doing better, many are not so far along yet.
Comparing yourself against others is mostly a waste of energy. You seem to be doing well.
Do you like your job ok?
Thanks, definitely been busy. Not much time to spend my income which helps. Job security seems fairly strong as well.
Wow 190k for a a recent grad with limited work experience, you are winning! How did you save 145k already, in HCOL? Impressive!
Your salary in IB will accelerate fast. You can reach 7 figure in comp if you stick to IB. Even if you don’t stay long term, your comp will allow you to save a good amount.
Thank you, I had a few side hustles when I was in college and after I graduated that financed a lot of my expenses immediately post-grad so I was able to save nearly all of my primary income for a year and change post-grad which gave me a great head start.
Being unemployed for a year it seemed to level things out and I wasn’t sure where I stood financially.
Beyond that, my investment portfolio did well over the same period of time.
Subject Expert
Nice! You are young, living in an exciting place, and earning a lot of money.
If you save a significant slice of that $190k and growing, over the course of a career, and invest it decently, you will get rich.
Congratulations.
Your “financial” peers? Or your age-based peers?
Your salary puts you in the top 15% of household earners…so financially you’re crushing the income. You just got a decent paying job, live in a VHCOL city, and you’re on the right path with your investments. Congrats!!!! I’d say compared to people your age you’re way ahead.
There’s no way or reason to compare yourself to people who also make $150-200k because the makeup of households with that salary is so varied it doesn’t make sense to compare. You don’t have anything in common with a family of 4 with 2 kids making $170. Or the 60 year old soon to be retiree making $195k.
Focus on your journey. Invest based on your lifestyle, your needs, and your future goals. Don’t compare your path to anyone else’s.
Thanks, I was referring to age group. Hear about people my age with 200k+ saved and was wondering if I’m grossly mishandling my income/assets.
For 25, you're definitely ahead of your peers. Are you set on living in NYC? If your goals are FIRE, I would consider moving to a lower cost of living city. Where you choose to live has everything to do with whether or not you'll be able to retire early. Your numbers look good though!
Subject Expert
I would stress test that assumption about quality of life before moving there.
Definitely appreciate the reassurance and kind words