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You are making 200k at 27 and your retirement goal is 1mm, are you going to retire at 35? Are you the one who's girlfriend travels with them and a large 50%+ of your income is perdiem?
Not 50%, maybe 25% or so, and yes to the rest.
I make this kind of money as a contractor traveling. Once I quit my income probably will be cut in half. Once I have kids and they start school I have no desire to continue this lifestyle. So if I can be at the point where I can withdraw earnings and still travel 2-3 months a year, I'd rather do that then getting it stuck to by the man for 12 months a year at half the pay rate of what I make on the road.
And I hope to semi retire to that point of a few months a year or starting my own small side business between 35 and 40 years old.
I make this kind of money as a contractor traveling. Once I quit my income probably will be cut in half. Once I have kids and they start school I have no desire to continue this lifestyle. So if I can be at the point where I can withdraw earnings and still travel 2-3 months a year, I'd rather do that then getting it stuck to by the man for 12 months a year at half the pay rate of what I make on the road.
And I hope to semi retire to that point of a few months a year or starting my own small side business between 35 and 40 years old.
I'd have to go back through old post but your salary was closer 80k with a lot of perdiem which was a ton of nontaxable income. You either changed your income structure and/or got a healthy raise. Still 1mm goal seems lite given your current income
I'd have to go back through old post but your salary was closer 80k with a lot of perdiem which was a ton of nontaxable income. You either changed your income structure and/or got a healthy raise. Still 1mm goal seems lite given your current income
You are correct, it was closer to 100k with a lot more tax free income. Good memory.
I left that job earlier this year. For the last several months my pay has actually been closer to 300k however I refuse to calculate as the "average" moving forward. Unsure how long it will last but riding it out while I can. Maxing out my 401k with a 4% employer match, and been saving about 10,000/mo after taxes.
The good thing is now that I have enough cushion built up I can be pickier between jobs as when one contract ends I won't feel obligated to take the first semi decent job that rolls around.
* I should add that's also working 70-80 hr weeks, so a lot less glorious than if it was 40-50
Last edited by houstan-dan; 10-04-2015 at 04:43 PM..
You are correct, it was closer to 100k with a lot more tax free income. Good memory.
I left that job earlier this year. For the last several months my pay has actually been closer to 300k however I refuse to calculate as the "average" moving forward. Unsure how long it will last but riding it out while I can. Maxing out my 401k with a 4% employer match, and been saving about 10,000/mo after taxes.
The good thing is now that I have enough cushion built up I can be pickier between jobs as when one contract ends I won't feel obligated to take the first semi decent job that rolls around.
* I should add that's also working 70-80 hr weeks, so a lot less glorious than if it was 40-50
What exactly is it that you do? I know you do something in the oil industry, but what exactly?
You mention contracts, but you get a 401k? Contract jobs are 1099, are you a 1099 contractor or a w2 employee?
What exactly are you counting into your 70-80 work week? Commute time? Lunch? 80 hour weeks means you are working 16 hours a day, five days a week. It doesn't seem feasible at all.
What exactly is it that you do? I know you do something in the oil industry, but what exactly?
You mention contracts, but you get a 401k? Contract jobs are 1099, are you a 1099 contractor or a w2 employee?
What exactly are you counting into your 70-80 work week? Commute time? Lunch? 80 hour weeks means you are working 16 hours a day, five days a week. It doesn't seem feasible at all.
I work in the construction industry, oil, chemical, power, etc. I'm not saying what I do on a board full of people wanting a new path in life. Most could never handle what I did to get here or what I do now, but still.
My 80 hr work weeks consist of 12's m-f, and 10's on the weekend. Every other Sunday off, sometimes every third. While 80's is rare. 50-60 it typical bare minimum standard for the industry.
I've done 1099 but this is W2. They hire me for a set duration of time, sometimes can last longer or shorter. I get free blue cross blue shield health insurance, matching 401k vested from day 1, $500/mo trip home allowance, per diem, etc.
Most could never handle what I did to get here or what I do now, but still.
From my experience on this forum, You would find a lot of folks with a pretty solid work ethic. You may be surprised how much they could handle. One of the reasons I am here is to hear others' financial journeys. People make it in many different ways.
From my experience on this forum, You would find a lot of folks with a pretty solid work ethic. You may be surprised how much they could handle. One of the reasons I am here is to hear others' financial journeys. People make it in many different ways.
You don't spend enough time in the work and employment forum lol. Biggest whiners ever, not all, but the ones who aren't happy with their jobs.
Plus, I've seen my career path mentioned on this board before and a lot of people have specifically said they wouldn't do it lol.
I work for a hedge fund manager (My Uncle). I make about $300k a year off of commission of a completed transaction. I am based out of FL. I don't really "live" anywhere as my need to travel for business is so extensive. I can never justify having a home or paying rent for a place that I won't sleep at for more than about 3 months total throughout the year. As I'm in and out of the country routinely to different cities and countries in the world. Wake up in FL, spend a week in Cali, spend a month in Brazil, few weeks in the Islands, then off to Europe or Asia. It can be exhausting!!!
We manage about $1.6 billion at our FL office with offices in many other U.S. cities and cities throughout the world. I fly to check on our different offices and gain new potential partners. We trade oil and though I'm not the trader I bring in clients to invest and my uncle gives me about 10% of the transaction. 1 million dollar deal = 100k check for me. 100k deal = 10k check for me.
Our minimum investment requirement is $200k. I have learned to never judge people in this finance world. At one office that we have our janitor came in one day to sweep the floors and asked me what we do. I showed and explained it to him. The next day he wired $250k into a trading account and is still one of our partners today! The damn janitor!
So I never judge folks when I see them anymore you never know how much capital an individual is working with.
I work for a hedge fund manager (My Uncle). I make about $300k a year off of commission of a completed transaction. I am based out of FL. I don't really "live" anywhere as my need to travel for business is so extensive. I can never justify having a home or paying rent for a place that I won't sleep at for more than about 3 months total throughout the year. As I'm in and out of the country routinely to different cities and countries in the world. Wake up in FL, spend a week in Cali, spend a month in Brazil, few weeks in the Islands, then off to Europe or Asia. It can be exhausting!!!
We manage about $1.6 billion at our FL office with offices in many other U.S. cities and cities throughout the world. I fly to check on our different offices and gain new potential partners. We trade oil and though I'm not the trader I bring in clients to invest and my uncle gives me about 10% of the transaction. 1 million dollar deal = 100k check for me. 100k deal = 10k check for me.
Our minimum investment requirement is $200k. I have learned to never judge people in this finance world. At one office that we have our janitor came in one day to sweep the floors and asked me what we do. I showed and explained it to him. The next day he wired $250k into a trading account and is still one of our partners today! The damn janitor!
So I never judge folks when I see them anymore you never know how much capital an individual is working with.
LOL... sure...
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