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You're still far ahead of the vast majority out there salary wise. The economy is cyclical--always has been and always will be. There were periods of heavy inflation in the 70s and 80s, and recent periods with low inflation. At the end, it will all even out and you will be fine, especially if you can stay out of debt. If you're commission based, you know how to plan for slower months. Do the same during periods of a bad economy. You'll be better off staying there making that kind of money, saving and investing, than jumping into something else. I wouldn't worry about inflation. It affects everyone, so there's nothing you can do about it except control your spending.
I've got about 220 between savings and investing. I should be able to save a lot more money once my girl is done with school because we'll prolly file separately and she will get taxed a lot less. I'll be able to stuff an extra 40K in savings
We do live kinda extravagant. I bought my car and her car for about 80K total - mine is paid off, hers has like 37K left on it. I bought her a 14K wedding ring, nice purse, big house, etc... We've gotten used to that kind of lifestyle
I've got about 220 between savings and investing. I should be able to save a lot more money once my girl is done with school because we'll prolly file separately and she will get taxed a lot less. I'll be able to stuff an extra 40K in savings
We do live kinda extravagant. I bought my car and her car for about 80K total - mine is paid off, hers has like 37K left on it. I bought her a 14K wedding ring, nice purse, big house, etc... We've gotten used to that kind of lifestyle
You'll need to stay where you are, then. I have a relative that's a GSM with several kids and only a high school education making some insane figure. He's stuck too. He'll never make that anywhere else.
There’s no way you know much about the role of an advisor. Being good at selling cars in now way prepares you for making it as an advisor. A stunningly terrible suggestion
I don’t know, both are really sales positions at the core and you need to be good with people. It’s true financial advisors need to get licensed and have some degree of financial knowledge, but it’s much less than most people realize. A lot of financial advisors turn the investment management portion of their job over to a TAMP so all they do is focus on sales and maybe some financial planning.
I don’t know, both are really sales positions at the core and you need to be good with people. It’s true financial advisors need to get licensed and have some degree of financial knowledge, but it’s much less than most people realize. A lot of financial advisors turn the investment management portion of their job over to a TAMP so all they do is focus on sales and maybe some financial planning.
You don’t know what you are talking about, you made a terrible recommendation at the end of the day.
I’ve been in the business a long time and you have no idea what you are talking about here
Well, I know you have to be a pretty slick salesman to convince clients taking 1% of their assets annually is somehow in their best interest.
Actually there have a been a number of well documented studies that show it to be true. But none of this is applicable to just being a good car salesman
Years ago, I worked with a tax attorney who spent his 20's being the "finance guy" at a car dealership...he made bank until the 90's recession and then went back for his law degree. He didn't say he made more money being an attorney (kinda negative if you factor in the law school cost), but the stress of hitting financing numbers got to him and he couldn't see himself working at a dealership for the rest of his life.
So OP, if you enjoy what you do I really don't see the point changing a career for the sake of it, BUT the world changes. Who knows if selling cars will be the same 20 years from now. Maybe the business model changes, maybe it doesn't or maybe you get sick of selling cars. Short of being a cardiac surgeon, we all cannot predict whether our skills will be wanted over our working life.
-- You're 32
-- Make about 200K a year (210 this year, 160-170 consistently)
-- Make more than your boss (who I would imagine has more responsibility)
-- Love/like the job.
-- Haven't made less than 100K since you were 22
-- Have a nice house with 160K equity and about 220K between retirement and liquid cash.
-- 2 cars (about 40K each) - one is paid off which is your's and one is not paid off (fiancee's car).
-- Fiancee will finish nursing school in 1.5 years and so add 60-70K added to the household.
(Fiancee situations can change so while that's a consideration now. Technically, that's not your personal issue at this time)
-- You admit that you're used to a "nice lifestyle"
I'd say you're already way ahead of most people your age. Heck, you're ahead of a lot of people twice your age. That may not enter into your thinking. But it is some perspective.
-- You spent 14K on an engagement ring! and you're worried about inflation?!
I'd take a hard look at your spending. You could have been twice as far ahead financially than you are. And you wouldn't have had to eat rice and beans to do it.
So, since you asked: what do you do?
-- Do I just try to live smart financially next 20 years? Duh, yeah. Everyone should do that.
-- Save enough money to retire? Yeah, if you eventually want to retire. IF you'd already been more "smart financially" just think of how much closer you'd been to that goal already.
-- Think about a different career? You don't seem to really want to do that.
I wish you the best of luck, you make good money and are doing well. You could be doing better and great/fantastic/awesome!
I'd suggest a reality check. (and less spending/more saving/investing)
It's property simple. Knock your spending down and invest. Your investments will beat inflation over time.
For crying out loud it really is that simple.
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