4 ms·

I'll admit 5 years was hyperbolic and unrealistic, perhaps something reserved for the most promising workers at those FAANGs. But if you are 10 years into your

by Bakary 4y ago

I'll admit 5 years was hyperbolic and unrealistic, perhaps something reserved for the most promising workers at those FAANGs. But if you are 10 years into your FAANG career, you should be earning at minimum in the 300K net/210k take home range, and have done so for years. At this point you must be trading freedom for creature comforts or status goods if you are not financially independent.

ninkendo 4y ago
What’s financially independent mean at age 35? Say you saved 200k every year (which isn’t even technically possible given that the typical tax rate for 300k means a smaller net than that.) You have 2 million in the bank. Can you live off 2 million for 30 years (social security age) while supporting a family as the sole earner, for that long? You gotta be really confident in your investments to take that plunge.
- Bakary 4y ago
  Well it depends on your personal circumstances. As per the 4% rule, you can definitely live off $80K with a family. That's above the US median wage by a large margin. You could live on $40K too, which is terrible if working but completely different if not. Again, this will depend on what you value in life. Think about what not having to work actually means. There's a list of advantages that is too large to properly enumerate. Being able to see your children. Eating correctly and cheaply. Engaging in intimate relationships with vigor, time and energy. Being in great health. Fixing maintenance problems yourself. No career forcing you to live in a particular place. Traveling inexpensively when you want. Less obesity, stress and copium. Have hobbies and self-actualization. All of this in years that still qualify as your prime instead of when your body is failing you. The same salary when not working is like operating in a different world. And ironically this would also give you the time to pursue entrepreneurship or any number of money-making ventures if you are so inclined. Heck, just go part-time if you miss it. If you are a FAANG person you can have a higher salary than people's full time. Most people will not have that opportunity. I certainly won't, barring some miracle. But you have it. What will you do when you retire at 55 and realize that pretty much all of the really healthy years of your life have been spent in an office? Great, you've got a comfy retirement but it's too late.

by Bakary 4y ago

ninkendo 4y ago

What’s financially independent mean at age 35? Say you saved 200k every year (which isn’t even technically possible given that the typical tax rate for 300k means a smaller net than that.) You have 2 million in the bank. Can you live off 2 million for 30 years (social security age) while supporting a family as the sole earner, for that long? You gotta be really confident in your investments to take that plunge.

Bakary 4y ago
Well it depends on your personal circumstances. As per the 4% rule, you can definitely live off $80K with a family. That's above the US median wage by a large margin. You could live on $40K too, which is terrible if working but completely different if not. Again, this will depend on what you value in life. Think about what not having to work actually means. There's a list of advantages that is too large to properly enumerate. Being able to see your children. Eating correctly and cheaply. Engaging in intimate relationships with vigor, time and energy. Being in great health. Fixing maintenance problems yourself. No career forcing you to live in a particular place. Traveling inexpensively when you want. Less obesity, stress and copium. Have hobbies and self-actualization. All of this in years that still qualify as your prime instead of when your body is failing you. The same salary when not working is like operating in a different world. And ironically this would also give you the time to pursue entrepreneurship or any number of money-making ventures if you are so inclined. Heck, just go part-time if you miss it. If you are a FAANG person you can have a higher salary than people's full time. Most people will not have that opportunity. I certainly won't, barring some miracle. But you have it. What will you do when you retire at 55 and realize that pretty much all of the really healthy years of your life have been spent in an office? Great, you've got a comfy retirement but it's too late.