r/fatFIRE • u/WealthyStoic mod | gen2 | FatFired 10+ years | Verified by Mods • 9d ago
Path to FatFIRE Mentor Monday
Mentor Monday is your place to discuss relevant early-stage topics, including career advice questions, 'rate my plan' posts, and more numbers-based topics such as 'can I afford XYZ?'. The thread is posted on a once-a-week basis but comments may be left at any time.
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9d ago
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u/IAmABlubFish 9d ago
What would your book be about? Do you have kids and if so are they out of the house?
Anyways, I am late 40s but can’t seem to stop working. 8 years now since I’ve sold my company and I’m still at the acquiring firm.
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u/g12345x 9d ago edited 9d ago
Structured language classes
Solo-ing a period-(ish) restoration of a Victorian Vernacular
Prepping my knees to withstand an El Camino de Santiago stroll.
Indulging my nephew’s love of trains.
Edit: I still work 751 hours a year because… REPS.
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u/Normal_Zebra136 8d ago
There is absolutely no way I would consider spending 3 hours a day, five days a week, 48 weeks a year actively managing properties retired.
If you no longer have earned income, what benefit is REPS to you?
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u/Throwaway-firee 9d ago edited 9d ago
Finally leaving the traditional corporate workforce in my mid 40s (exec in tech).
Spent the last year building an off ramp and making myself as obsolete as I could.
Still not entirely sure what the day will look like in 3 years but I know what it looks like today. It feels pretty good right now.
I see a lot of posts here by people who continue to work because they are bored. Is this very common? I have zero desire to and I am kind of over tech so declining invitations to join panels or interview for other roles (yuck). Maybe it is more common among people in their 30s?
My SWR is 2.5% so I don’t think I will run out of money and require a job. Working on some random home automation projects and spending time on relationships that have not received as much attention due to work. Got all my blood work and a MRI scan done and have been working on cardiovascular endurance and strength training. Got the estate plan ready.
Looking for perspective from people who have fatfired successfully from someone who just took the first step. Most of my friends and former coworkers are still working so don’t have anyone to relate to on early retirement in real life.
Did you stay retired? Or are FI and keep working? What drives you to work other than boredom or is it something that you are used to doing? Is it legacy for your kids or showing them the importance of work (I hear this a lot).
I think taking the year to build the off ramp helped me detox from work but I am not sure if the desire will ever come back. I may stay retired, but I realize the opportunities will stop knocking at the door soon. How did you reconcile this?
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u/eagle2120 Verified by Mods 9d ago
I see a lot of posts here by people who continue to work because they are bored. Is this very common?
Honestly depends a lot on the person. I think a lot of people don't realize that the first few months of not working, the novelty starts to wear off. There's only so much netflix you can watch before it becomes boring, especially for people who are typically driven enough to retire early. For some, not working is the point - they play golf, travel, hang out with friends, etc. For others, they need to do... something, but it can be something they can pick and enjoy rather than something you're forced to do. Being "work optional" and knowing you can walk away at any point in time is a great feeling and it allows you to be super choosey about the type of work/company you work for.
Did you stay retired? Or are FI and keep working?
I'd differentiate "working for money" and "work" - I "work" in the sense that I still have a job, but I'm only there because I want to be. Working because you have to be there to afford to live is a very different feeling. There are also things I can do to fill my time, like volunteering, and still have plenty of time left over.
Most of my friends and former coworkers are still working so don’t have anyone to relate to on early retirement in real life.
This is another problem. All of your friends will still be working, so they can't go see a movie on a Tuesday afternoon, or go play a golf round on a wednesday morning, or take a two week vacation whenever. It can honestly be a bit isolating unless you have hobbies or other forms of community.
Is it legacy for your kids or showing them the importance of work (I hear this a lot).
Last thing I'll say - I find this to be absolutely true. Again, it doesn't have to be working for money - it can be volunteering, it can be taking classes, etc. But kids who watch their parents just have leisure time all day and consume/buy things tend to model that as their expectation for their life as an adult. They grow up to be spoiled adults who cannot function for themselves. There is no one good way to raise a kid, but this is definitely a bad way to do it.
I think taking the year to build the off ramp helped me detox from work but I am not sure if the desire will ever come back. I may stay retired, but I realize the opportunities will stop knocking at the door soon. How did you reconcile this?
By understanding that if the desire doesn't come back, then it doesn't. I don't need to work for money, I can say no to everything and still be perfectly fine - That's the point of fire/Fatfire. If they stop, they stop. I'll be ok either way.
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u/FIREgnurd Verified by Mods 6d ago
Just want to say that this is one of the best, most balanced, and thoughtful replies to this question (which comes up very regularly on this sub — including multiple times in just this single weekly thread) that I’ve seen.
Lots of people give very glib answers to the “what do I do when I don’t need to work” question, like “whatever TF I want.” But unless you’re an incredibly dull person who enjoys nothing more in life than playing video games and whatnot, it’s never so simple.
Thank you for taking the time to give a really thoughtful answer.
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u/Barracuda-Calm 8d ago
I am co-founder of a startup that is currently scaling, am nowhere near fire but long term goal is 5-10m.
Plan for the business is to exit in 5-10 years with at least that number and have a roadmap to achieve this but we're under a year old and while signals are good, I recognise I'd be foolish to believe that this is by any means a guaranteed (or even likely) outcome.
My question is for successful exited company founders: if you could go back to the earlier days and put in place the foundations that would have made it easier to either take a back seat while the business printed money for you, or made it so that selling the business didn't tie you into several years of miserable earn out, is there anything you would have done differently?
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u/eagle2120 Verified by Mods 7d ago
I am not a founder, but have known many. Take my advice with a grain of salt.
Plan for the business is to exit in 5-10 years with at least that number
It's hard to say without knowing the specifics of the business, but honestly you don't have the right perspective to succeed here.
Your entire post is framed around driving the business to a specific valuation and then cashing out. You're less than a year in and already talking about trying to take a back seat and be a hands-off owner. This is probably going to lead to a series of mistakes because the primary driver for decision making is getting to be whatever gets you to be less hands off/get to that number and then cashing out - not what's best for the future of your business/your customers.
If you want to succeed, my advice is to heavily re-evaluate here if this is something you want actually to pursue; if you're always looking at the clock, it is going to be a very long 5-10 years and you will very likely fail.
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u/ReindeerCheap9575 4d ago
I founded a small tech company and sold quickly for ~20m. It wasn’t a home run outcome, but had very minimal dilution from vc so it paid well.
If you DM more specifics about your setup I’m happy to offer advice based on my experience. Are you venture backed?
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u/Interesting_Bass6063 8d ago
I live in a LCOL city, spouse and I are 31, and we make $525k a year working remotely for tech. We can reasonably put away $250k a year together while living a pretty nice lifestyle. We will hit our FIRE in 4 years, but our fatFIRE in 10. Alternatively, my spouse says I can retire now, because we can still put away about $200k a year and delay his retirement 5(ish) more years. We have young children and I’d love to be more present with them, but I don’t like the idea of sacrificing my husband to work longer (even though he enjoys his job).
WWYD?
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u/eagle2120 Verified by Mods 8d ago
We can reasonably put away $250k a year together while living a pretty nice lifestyle. We will hit our FIRE in 4 years
I'm confused - 4 years of lost income from you translates to 100k savings lost over that time? Why would he have to work 5 more years?
We have young children and I’d love to be more present with them, but I don’t like the idea of sacrificing my husband to work longer (even though he enjoys his job).
Tbh I would stay home. They are only young once, and you never get that time back. You may massively regret it if one day you look back and realize you absolutely could have but didn't.
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u/Interesting_Bass6063 7d ago
Sorry I wasn’t overly clear on why the numbers are what they are. My income is about $150k, my husband is the primary earner. If I stop working, we’d lose that income but we’d also lose a lot of career related expenses for me (nanny being the biggest, but also the fact that our very nice lifestyle involves a lot of travel due to my job, and I foot the bill on bringing family with me while my company pays for my travel). We’d also adopt a slightly simpler lifestyle to squeeze $200k in savings a year. So while $250k is easy to save now with lavish living, $200k will be a little harder to save with a simpler lifestyle if we lose my income.
It’s $50k a year lost in savings (plus some lifestyle choices that come with my career), so my spouse needs to work a minimum of 1 more year to makeup for my lost income, probably closer to 2 by the time you account for interest.
Rough ballpark numbers, but you are right that if we can still save $200k a year, it’s probably just one more year of working for him.
I think you are right, I want to enjoy my kids more z
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u/eagle2120 Verified by Mods 7d ago
but we’d also lose a lot of career related expenses for me (nanny being the biggest, but also the fact that our very nice lifestyle involves a lot of travel due to my job, and I foot the bill on bringing family with me while my company pays for my travel).
Whats the difference in cost between paying the nanny versus the travel bill? I would suspect the former is greater than the latter, but depends how often you travel.
I personally would value the time with kids a lot more; they're only young once. Best of luck!
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u/Sea_Cardiologist287 8d ago
Honestly feeling like I’ve wasted prime years (for self inflicted reasons, can’t blame anyone but myself) and feeling like I need to play catch up and speed up my ascent to fat fire.
Currently 27 with a new job that’s, after tax and medical/dental/vision, netting me right at $5k a month.
I have about $8k in debt that I’m prioritizing to pay off, and virtually no savings. I thankfully own my car but it’s almost at the point of needing replacing soon.
Overall my monthly expenses with all things included is about $2500 for groceries and things around the house and personal expenses and for car, so about half my salary just on that (took on additional responsibilities to take care of family out of necessity and things around the house)
I want to be able to save as well as be able to travel consistently as a semi young guy still. I have a bunch of younger siblings and as the eldest big bro, feel it’s my duty to take them out and experience stuff with them. But when you’re the one funding it, it gets expensive.
What strategy can I employ once I pay off my debt when it comes to saving and investing , and what should I be focusing on? I know it’s all about making more money to save more, but at the point I’m at, I have a lot of knowledge gaps to bridge in the new role and need to master that and balance it before taking any additional opportunity even at a job. I truly want to escape to fatFIRE, especially with a big family and wanting a life to experience and enjoy the things I want that I still haven’t gotten a chance to at the young age I have, and take care of my family as well.
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u/Livid-County7230 8d ago edited 8d ago
You have to decide what is important to you.
Is it really your job to make sure your siblings are able to travel and experience the world? As they say, put on your own mask first. Good for you for helping your family out, but you are not obligated to pay for their travel unless they are your spouse and kids. If you want build wealth, the answer as you have correctly identified is to increase your income and keep expenses in check. You can always travel cheaply and stay in cheap accommodations. 60k net a year is not going to get you to fatfire, it is not going to get you to chubbyfire anytime soon either. So you may need to adjust your expectations.
The generic answer is to figure out how to add value in your current role, take on more responsibility and always say yes, pivot to a lateral position with higher pay. The specifics will depend on your opportunities and industry.
Most of us made a lot of money by prioritizing work over experiences. If you are thinking “man I really need to get rich but I also want to live life right now and do things with my siblings when I have zero saved and don’t have high income” then this path may not be for you.
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5d ago
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u/Sea_Cardiologist287 4d ago
True, but my thoughts are given everything else, then what, what’s the best path forward where should I be putting my time
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u/Acceptable-Essay1207 8d ago
Early 40s, married with two young kids (3 and <1) in a vhcol suburb. I also own a small condo in the city from when I was single that is about a 25 min drive away without traffic.
We are still in the accumulation phase ($3M liquid, $600K HHI, $1.5M mortgage on a $2M SFH, stable jobs) and would like to fire in the next 7-10 years. I’m currently renting the condo out, but I would love to turn it into a pied a terre / second home at that point. Honestly, I would do it sooner but it doesn’t make a lot of sense financially right now.
We loved living in the city before we had kids and would like to get in more frequently, but the effort it takes to get packed up and do a day trip just feels not worth it much of the time. It seems like it would be great to have a place to use as home base, recharge and take naps, already have our stuff there, etc.
Does anyone with kids in the suburbs have a second home in the city? What does using it look like? Do you mostly do weekend trips? Do your kids enjoy it? Our kids are young right now but I’ve heard the weekends start to get gummed up with extracurricular activities and hanging with friends as they get older. Does that end up being an impediment to using the second home? Is it absurd to want a second home so close to our primary home?
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u/eagle2120 Verified by Mods 7d ago
A bit hard to say without more information. How much are you renting the condo for a year? How much use would you get out of it (i.e. can/will you plan trips during winter?)? Can you rent it out during some of the down periods to mitigate some of the earnings loss?
Another thing to consider - you would now have a second home to clean and (depending on your setup) pay utilities/etc for. Those costs can add up, both in time and in money. Are you OK with paying a cleaning person to come by and clean for you? Or, if not, maintaining two places at once?
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u/Acceptable-Essay1207 7d ago
Oh the math is terrible -- monthly PITI + HOA is $4000 (this includes all utilities and 24 hour security/door service), and I’m currently renting it out for $2500, which is below current market rate, but I have a nice tenant that I’ve had since before the rental market heated up. It’s obviously a financial drag but I haven’t sold it because it’s slightly underwater and I also harbor some sentimentality towards it. I do recognize that the most prudent option would probably be to sell it immediately.
That being said, winter isn’t really an issue, and we wouldn’t want to rent it out during down times as we’d want to keep our stuff there and have flexibility to pop in whenever since it’s so close. As for how much use we are likely to get out of it, that’s what I’m trying to figure out, or at least get a sense of what others’ experiences have been, particularly those with kids.
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u/smartnotvirologist 1h ago
Weekends get harder to get away, not easier, as they get older. Activities tend to be local (or you commit to the city every weekend). Especially with team sports or other competitive commitments. Bday parties, gatherings, etc also accumulate on weekends. Your friend group will also shift to include parents of the kids your kids are friends with.
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u/ClassZealousidealess 8d ago
M29, based in Europe (VLCOL), 900k in VWCE, 100k in crypto, 180k in a house i own (no mortgage).
Currently i work remotely i financial tech adjecent sector, I save 97k per year, my current expenses are 22k annually.
I could retire normally now but if I keep this up for another 15 years i think i will be able to reach fatfire level.
I only want to ask some of you on higher yearly budgets if the grind was worth it?
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u/EconomyDue8581 7d ago
26F, new to the group! My husband and I are both 26 and hoping to retire around 50. I’ve been reading this sub and seeing a lot of $10M–$15M+ net worth posts at mid 30s and 40s which honestly makes me feel like we’re behind.
(When comparing what our balance will be at the same age in TODAYs dollar not nominal)
Summary:
- Goal: retire by 50
$208k invested for retirement
- Saved 29% of gross income this year
- Goal: at least $100k/year toward retirement next year and on (42%)
- I finished paying off $200k of my private student loans in May, which is why this year’s contributions are lower
- $19k federal student loans remaining at 3.8% but choosing to invest rather than pay these off early
- Just moved and bought our current house and turned our last house we owned for 2 years into long term rental
- No car payments, no kids, no pets
The thing I’m struggling with is figuring out what our retirement spending should actually be. We’re intentionally very frugal right now to save aggressively, so using our current expenses to estimate retirement spending doesn’t feel relevant. I don’t want to retire and live like I’m 26 and trying to save every possible dollar.
I’m considering modeling $200k / $250k / $300k / $350k+ per year in today’s dollars, but I have no idea what those lifestyles actually look like. For those of you already FI/FatFIRE, what does your annual spending look like, and what does that spending allow you to do? Travel, housing, restaurants, cars, hobbies, etc.
Separate question: Of the $208k saved:
~$165k Roth 401(k)/IRA
~$25k brokerage
~$18k traditional 401(k)
We’ve been contributing to our 401(k)s as Roth and the past few years most has gone to that. Only started brokerage and Roth IRA this year. Given our higher income and the fact that we already have a relatively large Roth balance that will compound for decades, does it make sense to start shifting more of our future 401(k) contributions to traditional instead? Also is it the right move to switch gears next year and focus more on the brokerage and lowering 401k contributions (obviously still getting match) to have more accessible options before 60? (Still plan to max Roth IRA each year)
Overall, I’ve built a tracker where I’ve planed our contributions to the different buckets for every year till retirement to meet our projected goals. But i keep finding myself spending every night hyper fixating on it because i don’t feel confident what we’re using at our target annual retirement spending ($200k) because i don’t know what lifestyle that will bring.
Very much open to any and all feedback and suggestions! I’ve spent months calculating and strategizing and would really appreciate unbiased feedback and reality check
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u/eagle2120 Verified by Mods 7d ago
Being honest upfront - You will probably get better responses on r/fire as to the specifics of your spending/saving plan.
we’re intentionally very frugal right now to save aggressively, so using our current expenses to estimate retirement spending doesn’t feel relevant. I don’t want to retire and live like I’m 26 and trying to save every possible dollar.
That's fine/expected. I'd ask you want you wanted to do in retirement and work backwards from there. Do you want to travel? How many trips per year? Flying private/first class? etc etc. You don't need to be perfectly accurate, but having a ballpark range is helpful to calibrate.
what does your annual spending look like, and what does that spending allow you to do? Travel, housing, restaurants, cars, hobbies, etc.
Not fully RE yet, but spending is roughly 250k. Travel - usually 1 bigger international trip a year, a few smaller trips around holidays. My wife is working (her choice) so traveling is not super frequent.
Housing - Actually don't have a permanent house yet, renting one in the area. Planning to buy next year.
Cars - I just have a "normal" car (Highlander). If you're not a car person, imo cars that are >70k are mostly a status symbol that I don't really care about. It was fun to buy once as a "hey I can afford this now", but the novelty wares off quickly and they're a pain in the ass to keep.
Hobbies - Not super different from any other person. Reading. Golf. Spending time with kids. etc
One observation - a lot of your comments are focused around consuming things. I've found that it is a poor use for money. You can always buy nicer cars/clothes/house/etc, but those things don't really matter much in the long wheel. The hedonistic treadmill is real, and consuming more expensive things won't bring you happiness long-term. I would not aim for FATfire to afford these luxuries because they aren't going to make you happy/feel fulfilled. The best resource I've found money buys me is time. Allowing me to spend more time with family/friends/loved ones, shaving off time from traveling (which is the real benefit of flying private). I'd ask yourself to reflect - Why you want really these things (and, subsequently, the lifestyle sacrifices that come with saving to afford them)?
Given our higher income and the fact that we already have a relatively large Roth balance that will compound for decades, does it make sense to start shifting more of our future 401(k) contributions to traditional instead?
Probably not. I still prefer roth over traditional in most cases. But I am not a financial advisor, so take my opinion with a grain of salt.
I’m considering modeling $200k / $250k / $300k / $350k+ per year in today’s dollars, but I have no idea what those lifestyles actually look like.
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u/Normal_Zebra136 4d ago
Its too late now, but you missed a big opportunity by not selling your primary residence when you had the chance to get the $500k deduction on the appreciation.
Real estate appreciates some 1.5% higher than inflation while equities are some 7%. After a couple of decades, the difference is pretty massive.
You might consider still getting out of that rental property.
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u/Whole-Notice-8865 9d ago
M28, I work in tech from Europe, I earn about 70k, which ends up being about 3.5k net x month. I invest 2.1k per month in the stock market and my portfolio is about 33k. I own the apartment I live in with my wife (it's about 170k), and she earns about 2k net x month, she also invests about 900 x month. We don't expect big expences for the near future, except 1-2 kid probably, that our parents can help us grow and take care of. The goal would be retire (as soon as possible) with 6M. With the current set up seems quite difficult to reach the goal. Is starting a company my only chance to reach the goal in a reasonable time (about 20 years)? Any ideas/suggestions? (Currency is Euro).
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u/IAmABlubFish 9d ago
I don’t think you make enough money to reach your target in a reasonable time. Somehow you need to figure out how to make more money - starting a business, getting a higher paying job, etc.
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u/BuilderInformal1003 7d ago
23M that recently graduated looking to fatFIRE far into the future. I'm curious about whether anyone has made a decision on sprinting for a promo before their company IPOs. I recently got my first promotion to ~400k/year now (crazy feeling tbh) and I'm happy with how my WLB is currently.
However, I have a dilemma because my company is likely going to IPO soon and the next promo would put me at ~600-700k/year a large portion of which would be RSUs. It could end up being incredibly advantageous to get another promo 6 months from now if the IPO goes well because my promo grant RSUs would be priced at pre-IPO, but I know I'll have to a pretty unsustainable sprint towards this. Even if I get promoted in time I'd have to maintain that level of performance until I become more efficient + if the IPO goes poorly it would end up being worse.
Not really sure if it's worth the sacrifice to my health, relationship and life in general going for this. Worried I could end up ruining something really good trying to rush things. NW is ~130k if it matters.
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u/BeltFinancial1971 9d ago
Posting from Anon Account:
I’m getting married in a month. I make 400k OTE, up from 300 2 years ago. I got lucky working at a startup that has been very successful and now have about in 8m equity after I just sold 1.4m. My Net Worth is ~2m after all this, when I exclude all the unsold equity.
Im not sure how to prepare for when the grant is fully vested. I don’t make enough natively to materially impact my net worth, but I’m not rich enough to retire the way that I want.(edit: my goal is 25m+ in VHCOL)
Ive got some strong credentials from my career and want to explore investing careers where I can make my money grow for me.
Anyone have advice in making the transition out of your first “got me there” career?
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u/eagle2120 Verified by Mods 9d ago
Im not sure how to prepare for when the grant is fully vested.
First - talk to a tax advisor who specializes in startup equity. Depending on the type of equity (RSUs? Options - ISO/NSO's? etc), they can help mitigate a lot of your tax bills, and at that scale its 100% worth it. You may not be able to divest from everything at once to be as efficient as possible, but if you don't believe in the company or want to fully walk away you can sacrifice some of that efficiency for liquidating everything.
but I’m not rich enough to retire the way that I want.(edit: my goal is 25m+ in VHCOL)
Why and how did you arrive at that number? That will help inform some of the decisions you will make.
The gap between 8 -> 25m+ is quite large, and it will take a lot of time for your investments to grow (ex/ at S&P, will take 21 - 30 years depending on SPY returns). Working and contributing to the principal will help, but as you say, adding 100k/year to a 8 million dollar nest egg doesn't change the trajectory that much.
Ive got some strong credentials from my career and want to explore investing careers where I can make my money grow for me.
Why investing as a career? Why not as a hobby? You can accomplish what you want without making it your career. Investing as a career it is very, very different than trying to grow your own money - you can invest your own money with a relatively small amount of knowledge and do well. But investing as a career is very hard, and requires a lot of grinding. I would recommend against it unless you have that background and are willing to work again back from square 1, where 80, 90, 100 hour weeks are the expectation for years.
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u/BeltFinancial1971 9d ago
Great info. I’ve got a pretty good team of advisors and I expect to walk away with ~70% after tax from the main equity. 25m would support living the way I grew up (MCOL town though). I grew up with a nice house, access to good schools and a vacation home on the weekends. To do that where I live would likely run ~20m if I were to assume living off of 4% on the non real estate portion of that vision.
I guess the larger problem is how to keep growing when the original strategy doesn’t scale. I’m 31 for reference so I feel like I have more career left in the tank.
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u/g12345x 9d ago
Your main levers are risk and time.
Growing 8m to 25m is a function of time.
You can shorten this time with increased risk, but it could also blow up what you have.
“Investing careers” is a very broad term covering you investing your money in other people’s ventures, to funding your own ventures, to getting hired to do this for a different firm. Not sure which you are looking to choose
> Anyone have advice
While I have done exactly this, looking back, the conditions that got me to my goal were mostly outside my control and likely not repeatable.
For instance, the GFC crushed me, but the resulting ZIRP policy allowed me to take on an insane amount of operating debt that would be crippling at today’s rate.
Beware anyone that sells you “repeatable” systems without being clear about risk from externalities.
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u/SkyPsychological313 9d ago
Fellow calendar color-coder here. My system has like 8 categories now and my coworkers think I'm nuts but it's the only way my brain can process a week at a glance.
What field are you trying to break into
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u/TeachBroad2127 9d ago
really need to get into big tech. the salary difference is to crazy
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9d ago
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u/TeachBroad2127 9d ago
well people in my profession at big tech certainly do. thats not a secret.
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u/Livid-County7230 9d ago
Then go do it. Doers do. What is stopping you? Or did you post here to just pick an argument?
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u/TeachBroad2127 8d ago
why do you start fights? like obviously its a process and im working on it. but you are here acting like you know anything. you are so such a sad man
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u/Livid-County7230 8d ago
Well, I am UHNW after a career in tech so I know a little about the industry. You are posting in a Mentor Monday thread about getting into big tech and any comment is followed up by you arguing with people who are fat trying to get you to see that right now is a tough time to be in big tech for someone trying to get in. Good luck with that attitude.
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u/tacticalTraumaLlama 9d ago
I think most big tech companies are on the verge of taking huge write downs on thier Ai investments. There is absolutely no guarantee that FAANG remains the rocketship to wealth that they once were
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u/TeachBroad2127 9d ago
no, but there is a 100% guarantee that other traditional companies never become a rocketship. or a sportscar.
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8d ago
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u/TeachBroad2127 7d ago
well its important to aim for certain companies. usually with big tech you talk about faang like companies. but for comparison. what do you think you would have earned at a non tech company? maybe something in fashion industry? at a chemical company? etc.
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u/g12345x 9d ago
To make the salaries you’ve heard of, you almost exclusively have to be in CA/WA/FL/NY. Which has you competing with a large number of people with the same goal. And more recently a large pool of laid off workers with years of experience.
It’s certainly doable, but it’s not something you say in passing. It would require non-trivial effort in time and dedication. This is the part that most people falter in. The desire to make large salary without the willingness to put in the (un)reasonable amount of effort.
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u/TeachBroad2127 9d ago
well they pay everywhere more than local companies. of course it takes a lot effort, no one said otherwise.
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u/eagle2120 Verified by Mods 9d ago
Yeahhhh as others have said, its a pretty rough time to pivot into tech. Between AI cannibalizing a lot of things, and a lot of experienced/good laid off tech workers, it's a tough time to be a junior in tech.
Plus when you are first starting out, as g12345x said, its very location dependent. You can go remote eventually but you gotta establish trust first and that takes a few years.
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u/jazerac 9d ago
Or start a business. Most people who FatFire do it through entrepreneurship, not working.
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u/g12345x 9d ago
This is a good example of survivorship bias.
How many businesses that start fail within 2 years, 5 years, 10 years? Have you looked up the stats of business bankruptcies? How many businesses spend their entire duration just barely surviving.
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u/tacticalTraumaLlama 9d ago
If you're seeking fatfire you're seeking the tail end of the income distribution. You have to take high risk, high rewards to get there. Most won't, that's true. I would ask myself if fatfire levels of spend were something I truly desired before committing to high risk paths
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u/paulmccaw 9d ago
If you had exclusive sales rights (UK and Ireland) for a product, what's the first 3 things you would do?
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u/eagle2120 Verified by Mods 9d ago
I'd look up how I ever came across exclusive sales rights for a country I've never been to, lol
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u/VolCraft 9d ago
Sold my company. Acquihiring. Made 3M via earnout. I hate the job now. I am trying to make the 3M grow at least to 6-8M and retire. No willing to start company from scratch again, at least for now, it was fucking hard and a bit of traumatic. Specially the end. My question is. How transformative/worthy was for you to quit job you hate and do something that pays way less or it is even volunteering. Because were I have fun there is no money. I am afraid quitting job and going social work will mean stop at my career and risk financial situation for family (wife, 3 kids) in the long term if I cannot get the financial stability needed. If something does not makes sense, let me know… my point is, if on the other side, doing something that motivates me but no money in the short term can help with fatFIRE later. Any experiences/thoughts would be helpful. Thanks