Mentor
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Hello, what is working in retail banking like at JPMorgan Chase ? Specially the branch manager role. I’m looking in the Columbus area. How is pay, culture, benefits, sales environment, meetings, etc. How easy is it to transition from retail banking to corporate. I hear the Polaris campus has great opportunities, I was thinking about getting my foot in the door through retail then transferring to corporate ?
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Coach
I'm 44 (turning 45 this summer) and have already reached F.I.
However, going for FAT FIRE, so I'm planning to quit the corporate world in February 2024. What a great Valentine's Day gift!
I havent done the math out since my career just started a couple of years ago, but I'd like to leave corporate around 35 (cutoff is 40 max). I'm doing as much as I can to avoid debt and max my investment accounts so hopefully I can be FI sooner than later.
6. Can't believe how many people here want to work past 10.
Mentor
Awesome how the answers seem to align around the 40 mark. I will personally (hopefully) stop my Corp job next year in early 30s. Opening my own business. Will def work hard at that but no more silly slides!
Mentor
Haha DM me. Oh no. What did you do.
50, I have two kids, need to save for their college education
Or 5 bitcoins each kid?
Is there anyone on this that actually has retired 37-42?
Mentor
Random addition: I calculated the value of my Roth 401k mistake as roughly $105,000 as of 12/31/2020...that’s what the tax savings would have been valued at had I invested them in the S&P500 instead of doing Roth 401k from 2009-2015. I was surprised that it felt a lot more stupid to lose $70k in an individual stock once...though a much easier decision was unnoticed until I learned more about tax planning! My decision to buy a new car instead of used was probably a $50,000 mistake/opportunity cost as well. It may surprise most people that having top three biggest financial mistakes at 1)$105k 2)$70k 3)$50k is actually quite good...I meet a ton of folks where the seemingly mundane everyday financial decisions are much more impactful!
Coach
Are all these answers very lean FIRE? How did everyone do fat FIRE at such young ages around 45? I would need at least $4M but alas I dont work in rsu-heavy Tech.
Yes.
50. Am 49 now.
Mentor
Yessss
Might need to up my game after these responses. I was shooting for 50.
Ughhh - I already passed it. Can’t pull the trigger. Such mixed emotions so I just keep with status quo to avoid making a big move. I am mid 50s so I’m not even very early. Just really having a hard time jumping off a moving hamster wheel!
You need an exit plan as far as what you will do in retirement. That should make it easier.
Can you also share, at your target age, how much you expect to have as your nest egg?
Mentor
Nah every post is money related. Go read those. Interested in age and life inflection points.
45-50
~45
42 as long as market stays near historic average over next 5 years. Currently 37.
35 now, but I’m so out the game by 40. Plan is to pay off mortgage by then and like A3 be a stay at home dad while wifey works.
It’s tough because every extra year you work when you’re older has more opportunity cost for #gains. My plan is 50, wherein my net worth almost doubles (1.66x) from 50-55. Unless I get lucky one day
40
45
40
40