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Does Citi have Cloud Projects?? And which cloud?
It goes down in the company bowl.
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Depends on what your targeted spend rate in retirement is like - if you plan on spending less than 3% of your NW on an annual basis, then $10M is more than enough to sustain you. This also assumes that at least some of your assets are liquid to fund your expected spend.
I walked away in my late 30s with less than that and with 2 kids below 3 and we’re fully enjoying life now. No regrets.
Wow you were a very young partner if you left at 37 and the last 6 years were making $1-$1.8. Good for you!! Esp at a T2 firm!
At around $5.5 with around 600K in home equity. I am 49
Came to US at 33, started as an associate at 35 with negative NW (MBA loans); wife does not work.
Think I will bail when my non retirement accounts add up to $5 M; they are at $3 M now
EY1 - SAFE at zero yes but VC LP positions per current TVPI posted.
I am walking away at 47 with 6M. Two kids under 6 and while my cardiologist says I’m doing fine now my calcium score is scary so I’m just going to be there for my kids instead of making any more money
What will you do next? Get another job or live off 4percrnt of 6 million
Gosh I only have $4M. Wondering how you all got to $12M.
Got out of big 4 early when I realized it wasn’t a pay for performance culture. Worked at public traded and PE backed consulting firms that paid performance based bonuses. NW 19.5m at 49.
$10m doesn’t include my house - it’s all brokerage / 401k / IRA. My kids college funds are all paid off, including living expenses. We could definitely live on 5%.
P5 what makes your FA a rockstar? I’m interviewing so curious what you see that differentiates. To me they all sound the same…the only differences: personality, access to products, and certifications
Not crazy. I’m 45. Will have about $7M in brokerage by 51 with paid off college funds for kids. 51 is the number because that’s when I fully vest into my pension which is 400k per year. That’s when I’m out.
Some tactical advice right as you retire:
- make sure you take into account RMDs and use low income years to do conversions to minimize them.
Which firm is giving 400k/yr in pension? Thats crazy money!
How much are you spending now? Im 10 years older than you with $12M NW. My kids (2) are costing me around $140k/year in tuition and living expenses. My house isn’t quite paid off yet. I’m spending more today than 4% of my investable assets. If I didn’t have kids or if they were older and financially independent I could be done. I don’t really need more assets to retire, I just need my expenses to come down. I have 4 years left.
Humble brag there
Nowhere near 10M at 50
I find it impressive- not crazy - esp for age of 37! Makes me ponder few decisions earlier in life but still happy where I am. Took loans out for business school, started my own business and invested in dev for that, lived my 30s to their fullest in Manhattan and Hamptons. It’s all a trade off I suppose!
Joy thieves!
I agree. Comparing your balance sheet to that of someone else will rarely make you happy.
NW 11 at 40. Between my spouse and I, we clock 1.5-1.7 post tax a year. Expenses at 0.5 incl rent / mortgage.
With decent investments, NW is growing at 2 per year.
Can we retire, possibly yes. But what I am enjoying more is being able to now chose the kind of clients and work, I enjoy doing. Surprisingly, it has also been more productive.
120k in rental (HCOL city), 80k in kids private education, car, like to live, eat and travel well.
Possibly but wont bank on it. Would prefer to be able to worst case maintain current and if ideally (if I feel like) be in a position to spend more. YOLO.
Was 10 now 15 due to inflation and markets at all time highs but could compromise with something in btw.
Same! I am at around 9 total NW right now and used to target 10, but now think 15. Not sure I hang it up at that point but would consider myself having FU money. I note many of our SMDs go a good bit longer than I think they have to. Also may time exit with our contracts obviously.
OP, I have a similar profile. Around $15M NW, doesn’t include property. I am planning to work for at least 5yrs and push nw to 25M before retiring by 50. I think it has taken a lot to get to this stage and there is no point walking away so soon. Is 25M needed for my own expenses? Absolutely not. But I want to leave behind some generational wealth so that my kids (and their kids) can follow their passion. Consulting wasn’t my passion; my 20s and 30s were extremely stressful. Now that I am really good at it, I want to at least enjoy a decade of stress free work.
P3 sounds like you enjoy the work and your nw shows it. There are many in this bowl that don’t hence why walk away
I am closing 5 at 40. Made partner like 33.
How much of nw is real
Estate or retirement accounts. Real
Estate is nice but can’t easily monetize. Retirement accounts time
Boxes.
Are you guys considering real estate as part of net worth?
We have a vacation condo that costs ~$1,000/month in cash for taxes, insurance, utilities and assessments. This doesn't include the opportunity cost of the cash to buy it or potential major maintenance. For us the rental income wouldn't be worth having random strangers in our home.
Would be curious to know what everyone is saving monthly to get to their goals. We have two homes that both are paid off in full, vacation and primary. We have no debt at all so we save a lot of money every month and we both are high income earners, but we only live on one income since we really don’t have a lot of bills. I’m sure still others save even more than we do.
Kudos. I would walk off sooner than later. In early 40s and targeting 50 @10M.