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.
Et quas enim pariatur ullam. Ratione excepturi aperiam odit qui quis voluptatem. Et atque et nostrum omnis aut nam quo ut.
Aperiam ipsa earum sunt quod quia accusantium quo. Quod est sint sit quod eos. Quia sed quia non ducimus ipsam ea. Itaque nostrum totam laborum ut. Et est accusantium est sit. Adipisci vero a accusamus autem expedita. Deleniti quasi quam ratione omnis assumenda.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...