Quote:
Originally Posted by johnny_on_the_spot
What are you doing with all of the 6 figures you're getting paid through the year? if you can't build financial independence with a 6 figure job, no spouse, no kids, you have some major life leaks. Playing poker will not change that, it might only exasperate the situation.
To just go over some of the rough math:
$31,500 - Pretax amount to max out my Roth 401k / Roth IRA
$19,200 - Annual pretax amount to cover fixed monthly expenses (rent, student loans, car insurance, phone)
That's $50k right there accounted for that doesn't even touch a checking account, leaving $50k discretionary. Now some of that $50k is a guaranteed end-of-year bonus, but I'll ignore that for the time being.
$27,000 - Pretax amount required to save $20,000 in a taxable brokerage account
$23,000 - Remaining pretax amount that can effectively be used for discretionary spending (food, gas/transportation, entertainment, etc.), which amounts to roughly $1500/month after taxes.
So yah - I save a lot. If I were to quit to go pro, the first thing I would cut would be the $31,500 going towards Roth retirement accounts that I can't touch until I'm 59.5. Those are my "if everything else goes wrong in life, I have these to fall back on" rainy day investments. But they are a luxury that gets cut if I'm not working full time.
I don't know how people with kids make ends meet. My childhood friend just had his second kid (with a girl that has three previous kids already) and they don't make much money. I have no idea how the hell they are going to get through the next 18 years. Scares the hell out of me to ever have kids.
To me the timeline looks like: Achieve financial freedom --> consider settling down/having kids
Not the other way around.
Quote:
Originally Posted by bigmuff
I highly doubt he is actually making six figures. The average starting salary in finance is $40-50K and a Financial Analyst II only makes on average $65K. Unless he is an investment banker living in New York, which is highly unlikely, or somehow more successful than 95% of the population of mid-twenties people in finance, his claim of having a six figure job with great benefits sounds a lot like those my winrate is 25 BB/hr brags.
Why is this "highly unlikely?" I don't work in corporate finance bruh.