Thoughts on my idea
Hello, I'm currently in college studying finance considering picking up a
double major in econ. I need the community thoughts on my ideas.
The whole reason I'm studying finance, and maybe econ, is so that I have the ability to create financial freedom for myself .Basically allowing me to live however I want to live such as vacations, life style etc etc. I plain to able me to do this by hopefully going in ibd after college and then pwm or hf. I feel after Im done with one of those roads then with all the experience I have I can create this "freedom" for myself.
Is this a common thing done by people? Can it be done? or is it unrealistic.
(I'm a sophomore in college)
I view this as better imo rather then picking a stem and living a "average life".
tl;dr is it foolish to think that through experiences in ibd and either hf or pwm that you can create your own retirement at a young age, 27-?
At 27...? Not in IBD, lol. Not even in PWM or HF. You'd have to be a really successful entrepreneur or be doing some really baller investments with badass annual returns.
You would need in the $40-50 Million range to retire at that age, and even then you would have to limit yourself to a moderate lifestyle.
LOL....I hope you're kidding. You could put every penny in SPY and earn $1,000,000 per year in dividends without ever touching principal if you have $50,000,000.
Where did you come up with these figures? You need to explain your methodology and logic. I would love to hear it.
Facepalm....
No real methodology, I just asked myself what I thought living an upper middle class lifestyle for 60+ years would cost taking into account a 2% inflation rate. I guessed around $40-50 million, and that figure is for the entire 60 years, NOT the amount you would need at age 27.
damn dude, you really have been smoking entire pastures...being the top 5% places you in the 150k+ a year bracket. So if we consider the upper middle class the top 5%, over 60 years of making 150k a year would net you 9 mil. Where the hell are you going to need 40 - 50 mil to sustain that lifestyle? If you are considering inflation rate, then you have to consider the investment portfolio you would be running with that 40-50mil, who the hell would just let it sit there? Even if you were a 1%ER (250k+), over 60 years you would make 15 mil, no where even close to the 40-50mil you are talking about.
+1 SB for proving me wrong with numbers
haha. Would definitely not hire you as my financial adviser. In response to your question OP, I would try to pick something you enjoy. If your good AND lucky then you can retire early. 27 is pretty young but maybe before 40. But it is a lot of work so just pick something you enjoy because that's all your going to be doing.
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