I am approaching $2M NW and 31 now. I just paid off my house this year. I realized I can never get to $10M before 55-60 with a 9-5 job. The only way to get to $10M+ while I am young is to start my own company.. no point having all the money if I am too old. I am thinking of quitting my job and just start companies.. I can live off my portfolio forever. Below is my liquid NW. no mortgage and only CC bill ($580). Edit: my house is 1M+ paid off and not part of 1.9M below
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Seriously thinking - I quit my job move to Latin America (low cost of living with hot senorita). And start as many online companies as possible to see which one sticks
If I was you, my last 1:1 will be next week
Ride that TC for few more years then quit
After that you will again find someone suggesting to ride the TC for few more years
OP has 2M, which is in FIRE territory but he can build a bit more cushion in case his spending in future goes up.
You can absolutely get to $10m with a regular job over the next 25 years
Isn’t it scary when a 10% market swing leads to 200k in net worth change?
If you are open to moving to Central America it means you are open to living on a modest lifestyle. So hunker down for another 2-3 years Stateside. Cut your living expenses and stack cash. At $500K TC/year you can add another $1M (after taxes) in the next three years. Get a little more breathing room under your belt. With a modest 5-10% annual returns you are looking at $3M NW with $150-300K a year in cash flow/dividends. That would be more than enough to self fund a Central American lifestyle AND provide some cash for your start up ventures. Play it safe mate. But play it hard. When the opportunity is there, jump at it. Give yourself 2-3 more years and stack cash. Congrats by the way!
Do you assume all $3M NW being in the stocks market for the mentioned cash flow/dividends? I would love to learn more on how this can be done. Not asking sarcastically, but with curiosity.
Is 10% achievable? It seems too good to be true. I think a realistic goal is 5-6%
You did NVDA calls I guess?
No options. Tesla stock is a large part of portfolio and fb stock vesting hit May 18th
TC: 500k. E6
> I realized I can never get to $10M before 55-60 with a 9-5 job. Very wrong. If you invest 61k/year for 20 years and you get 7% return you hit 10M at age 51. With your salary you should be able to so before 45. And why is 10M your goal?
10M is a figure where I can buy very nice things in life and live a rich lifestyle (lambos, penthouse, expensive vacations, fine wine etc).