Wealth goals?
Do any of you have goals regarding wealth? i.e. a certain monetary target to hit and then after that you will consider winding back from your career and into something else
I know this is may be a bad way of looking at things, that you should choose your career because you love it etc. but I do think having some milestones/loose goals may be helpful.
I’m also partly looking for advice. I’m an ambitious student looking at beginning my career soon and I’m looking for direction/goal and I can’t decide between a) choose a satisfying goal of a few $mn (career banker/consultant/exec) low risk or b) go for broke and aim for $bn (entrepreneurship etc.) - high risk
More.
I like your attitude. But how much more? Do you think you'll ever stop looking for more?
Eight figures is generational wealth.
8 figure net worth?
Yes
If i can't bribe my kids into Harvard or Oxford, I don't have enough $$$
Haha. How much do you think that costs?
If i had to guess, high 8 figure net worth with connections to various political leaders and a bribe or two for 7 figures to the account of the Harvard/Oxford admin. Potentially blackmail if that is what it takes ;)
It depends on who you are
Mate what about Cambridge? It has the same name recognition in the world as Harvard/Oxford?
10 million always seems like a solid target. You can get a couple million from a lifetime of achievement and savings, but 10 million is very strong.
If I ever get to 10 million, though, I'm sure 25 will look even stronger.
Agree here. I think the idea of a walkaway number sounds nice, but it's likely if you get used to putting in the work required to reach a walkaway number, you're likely going to go crazy sipping Mai Tais at a beach for more than a year.
I want everyone to fuck right off over theeeeeeeeeeeeeeeeeeeeeeeeeeeere Right now, everybody is all over thereeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeereeeeeeeeee I want them over theeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Let me tell you something, ambitious student. You ain't never flip a zip, sell a pak, none of that, you ain't ambitious.
Buy a 50 pack and don’t even stretch it. Head down south and pass out testers. Matter of fact, leave it raw and hit it as you sell it. Steal a brick and sell it back that’s a roll back. I’m about to press this brick I need a floor jack.
To pay off half of my student loans
Would like to hit $1M net worth by 40. Should be able to accomplish that with some change. Beyond that, no specific wealth goals.
when I was 10: a billy
20: 50 mil
30: 10 mil
almost 40: I want to die with zero and have to get a new passport before it expires bc there's no more room
If I get to $20mm it means one of the following happened, only a couple of which are desirable
My son/future child became a billionaire so my angel shares went parabolic
Wealth isn't the goal, a full life is
Thanks for sharing.
This is changing the topic a little but I'd be interested in hearing your thoughts on investing with leverage (3x S&P 500).
There are many ways to go about it obviously but even as a percentage of a portfolio (and buying into dips or at least being very confident the next 3-5 years will be bullish) do you think it makes sense?
in a word, no
In a perfect world 5-10mm
Excellent take. That with a paid off home +- a vacation home is enough.
$30-$50M. I think at this level you can live a really nice life WITH a family completely passively if you want to, if you assume 4-5% withdrawals per year.
This is my ultimate goal. I fucking hate working in finance but am going to keep doing it until I reach escape velocity in my investments which I think I can hit in the next 10 years (I am 28) if everything goes kind of okay. I define escape velocity as when it doesn’t really make sense to aggressively save anymore because the principal is growing much faster than the theoretical contributions. I am basically levered long tech beta and keep dollar cost averaging in.
In TQQQ we trust. Hate all you want but this shit works if you have the stomach for it.
3x ETF's = IFYKYK
Short term - Trying to get to $2M asap and would love to get to $5M in the next 7-10 years.
Long term (20-40 years out) $30-100MM.
My initial goal was $5m, then $10m and now I think I want ~$100m so I can try a few different business types out that I've wanted to. I've also discovered I like doing certain things more than I thought I would. For example, I like flying private, especially now that I have a kid. Post-kid, I can see myself spending way way more than I could before lol.
I will say I am not any happier though with more money.
Mostly I just have fun making it + meeting the people it comes with + being able to make life "smoother". I'd say around $5m - $10m depending on COL is where you'll get most of the utility out of money. If you have poor parents/family you want to help, maybe you need a little more too. The people I get to meet and learn from is BY FAR the best part. I just spent a week with a bunch of friends at a nice hotel where most of them have NW > $100m. I love learning from them, hearing their stories, and spending time with them. I try to fly out to hang out some of them on a quarterly basis.
Since I am old now (elderly ape!), my advice to people on this forum is NOT to let making money stop you from having kids.
Aim to have kids by 30 ideally... I wish I had mine sooner. I wanted to wait until 33 or 35 but my wife convinced me to have kids sooner and I should have listened to her more and had them around ~28 tbh.
I see a lot of people here also working jobs they hate for long periods of time. I think this is OK to do for ~2 - 5 years to build up a great skill set + pain tolerance. But working in a career you hate is not good for the mind...and eventually body.
Work won't be something you love 24/7 but you should not dread mondays, and you should crave it when gone on vacation after a day or two...
If you're smart enough to be on this forum, you are smart enough to figure out how to make money doing something you enjoy, FWIW...
Crave work while being on vacation after just a day or two? There is a difference between living comfortably / working hard and being a workaholic...
lol yeah he lost me when i read that line.
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