What's your number?
I was doing some math yesterday at lunch to calc how much I'd need to just say F it and finally have it in me to walk away from this line of work, and I came up with 4.2MM in today's money. This would allow for a million dollar home, fun car in addition to a daily driver, and enough to coast on if I keep doing odd jobs / whatever without inflation destroying the capital.
Has anyone else put serious thought into this? I didn't notice until recently, but I never really had a number.
$50M, cuz that's my friend's trust fund.
He's a really chill and humble guy tho
Enough to open a nightclub and still have enough saved for all the stuff you mentioned. Otherwise I think I'm stuck here.
Do u need a business partner bro?
Maybe if you leave and hustle you will find another way. Actually, there is always another way.
$50 million. $25 million into passive income investments (structured notes based off indexes, dividends, private REITS) to make solid cash flow. Move to the UAE buy a villa (nice one is around $3 million) so you get a PR card - give up Canadian permanent residency so I pay no taxes - $18 million into PE/Angel/VC/Private placement/ deals with equity/convertible debt and maybe take a CFO or CEO position at one to grow it out and just have something to do. Or start a family office. $5 million for a boat/car/ and vacation house in Europe
You’re short a mill
I can't math. Idk maybe just buy random stupid stuff and make a cool man cave lol
Mine was as little as possible haha. Once I had an opportunity to find something better, I went for it and figured there is life outside of Wall Street… has been great TG :)
at the time I just took whatever money I had already and did my best to make it work. Still have been doing that more or less…. Would definitely make the decision again, hey, maybe even sooner if I could have lol :)
What do you do now?
At this moment mainly family stuff, job searching, etc
What odd jobs are you gonna do? Finance dudes are all ego no real world skills.
Ignoring the unnecessary passive aggressive tone, I already do side jobs building software and apps for companies, I plan on continuing this regardless just because I enjoy it.
How did you get into that?
The fuck would a company want some random finance bro making their apps? Or are you in tech
omg it's almost like this moat that tech people think they have doesn't exist. Studied physics in college, and I can tell you, I was not impressed by the knuckle draggers in the CS department. Stackoverflow + a few braincells = you can learn any programming language and apply it assuming you also have an understanding of basic data and logic principles. No, I don't work in tech, my finance manager job working max 25 hours a week building financial models, and discussing the corporate LRP is more intellectually stimulating than trying to build an algorithm to save an extra nanosecond between the time you click a button and place you're order on amazon.
100k
The answer I was hoping for.
well yeah I'm just stacking up more cash right now and then I'm going to buy a small unsexy business at some point probably in about a year maybe a bit longer depends on how my stocks perform
Good luck :)
This is a good answer. I want to start/purchase a small store/business and generate my own worth from there. Little risky on my end but I already know from a hiring standpoint it would be tougher for me to find work as opposed to building a business.
70k is my number, but I am starting from the 1k per month mark to save up.
I feel like this is so dependent on market returns moving forward. I don’t know what or who to trust in this market. I’m fully exposed and in regardless. Really annoying time to be a young guy entering the markets now or getting your first big bonus.
I disagree, being young right now is great, because either the market crashes soon and we continue to dump money in which will average our cost basis way down or the market continues to go up and then no issue. I guess the market could get into some long term depression thing where it crashes and stays down, but I have faith the American economy has plenty of decades left in it of innovation.
I just put my first year bonus all in the market (albeit safe indexes like VOO VTI). I don’t have dry powder now to invest in a crash so please no.
.
4.2 mil after tax? You’re in for a long ride my friend
I mean, maybe like 15 years, that's not forever though.
20ml. I'd be very comfortable with this
I have come to the conclusion that roughly $18.5mm is the amount that I would need to retire happy. Granted If I am able to save roughly $5m by 35, which should be doable with ~10 years of IB/PE/Consulting work. I can compound that into that amount by age 55. If I keep working then that just keeps moving up. Ideally retiring or Pseudo retiring in the late 40's would be ideal.
$100 million
More or less setting up your family for life.
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