Introduce yourself
- Hi!
-Age / Industry / Location
- 28 yo male / Corporate Finance / Salt Lake City, UT (MCOL?)
-Target FIRE Age / Amount / Withdrawal Rate / Location
- Target FIRE Age is 35 / $1.0mil+ / SWR of 4% / Salt Lake City, UT
-Educational background and plans
- Currently have a Master's in Finance. Debating on getting a Masters in Data Science. Occasionally toss around the idea of learning to code to get that software developer salary.
-Career situation and plans
- Financial Planning & Analysis. I'm brand new to the job as of early April. I plan to stick with this job for at least the next 3 years.
- Current years of experience: 5
-Current and future income breakdown, including one-time events
- Current salary: $85k/year + 15% bonus
- I believe my salary caps at $120k total compensation (maybe I can land in 3-5 years?).
-Budget breakdown
- Car Insurance - $30/monthly
- Phone: $20/monthly
- Food & Beer: $400/monthly (I should consume less beer. Eating out with friends.. But I value the experience)
- Gas: $60/monthly
- Rent: $400/monthly (3 roommate life)
-Asset breakdown, including home, cars, etc.
- $6k: Hyundai Elantra. Will officially pay off loan next month, has another 100k left in it (although I crave an electric car)
- $124k: Individual Account
- $60k: 401k
- $12k: HSA
- $56k: Roth IRA
- ~$10k: Bitcoin
Total Net Worth: $268k
-Debt breakdown
- 1 more payment of $164 car payment :)
-Other info
- I'm burning out of my career. The passion is leaving me. I would love to be out of the 9 to 5 life in 3 years. Looking on networthify.com, I can FI in 3 years if I continue this $20k lifestyle, but I think It'll be closer to $30-$40k once a wife/kids pop in.
-Questions?
- Do I get into real estate? Seems to be a mix of a job & investing. Gets me out of the 9 to 5 soul sucking career life. I think I have the personality/work ethic to self manage.
- Everyone says market will burst soon.. But should we be trying to time the market? Maybe my first 2 properties are purchased at the peak... But not #3, #4, #5....?
- In Utah, it seems to be I can't get the 1% rule (monthly rental price / total purchase price). Seems to be around 0.8%.
- Do I get a second job (bartending/serving)? Make more money (~$20 an hour) to buy more stocks?
- Do I do a career change to something I *might* enjoy more, but will cost around a 50% paycut?
I'm not desperate to get out my job, but I can tell it's not something I can do long term. I do realize I'm getting a good salary doing this. I can survive for ~3-5 more years. I'd love an exit plan.
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