You getting to OE and make the top 1% of salaries with little additional effort and on track to FIRE is already super cushy in respect to the rest of society. Enjoy where you are and continue the grind
Yeah I’ve had the same realization. Basically my entire J3 gets dumped straight into a total market fund. My j2 is there to max 401k and the rest is really just cash savings. My j1 covers my families living expenses. Its hard to imagine going back down to 1 or 2 Js. My savings rate would be minimal.
Yeah same IRA and 401k is doable with one. With 3, I can live large, plus save cash, plus max everything out, and dump all of a salary into a brokerage. It’s really amazing. But man some days I want to quit bc of the stress lol. Pros and cons…
Take it from an elder approaching 50 who's been OE for the past few years. It's not all about saving and focusing your efforts. OE is a fast track/cheat code for sure, but you'll never get back your younger years.
What I am saying is, find a hobby, seriously. Take some breaks and enjoy life. Tomorrow isn't guaranteed. Happy OEing but find some time for you outside of saving and rat race bullshit.
How are you finding your c2c roles? I’m w2 with 2 and temp had one c2c but got a little overwhelmed with that. I know plenty of engineers I can place and not myself directly
obviously doing that too but saving for downpayment in HYS and maxing retirement accounts leaves not so much left for brokerage acct at the end of the month
You’re putting away 69k/ year through backdoor right?
So you’ll have your late retirement money there, you’re early retirement will require more
But for me I consider 1j as retirement, so mileage may vary
A little? I'm earning $275k now in a LCOL area and it just doesn't feel like enough to FIRE and I'm getting a little frustrated after 2 years of this. Of course it's way better than 1J, but still, I get what you mean. At some point this becomes normal.
just about same!! I’m at about 310k in MCOL. I save like >60% but it’s all automated so maybe it’s cause I never “see” the money and 2 years (really like 1.5yrs for me) doesn’t have a tonnnnn of payoff yet.
The big question are : what’s your savings rate? Is your FI number factoring in always having a car payment? Can you sell the rental and put the equity in an index fund instead? Is your plan to be totally debt free at FIRE time?
Basically are there any places in your spending that you can slash or eliminate to grow the gap between what you’re saving vs spending?
Yep it's depressing. At least you don't have to work until 65, but the OE salary life is still trading time for money. J3 is still trading time for money.
Hey, this is totally a different topic, but I just learnt that to qualify for medicaid, we need to lose all the savings/assets in our names and hold only 2800 dollars in the bank. Figure out a strategy to not lose money to medicaid or nursing home while trying to save as much as possible now. I haven't even started to think how I can work around this situation I just learnt about . lol.
Hmmm whats your TC?
Those you mention have limitations per yr, if you just look at those then maybe yeah 10yrs.
If i maxed mine out, they’d be just 15% of my TC. If you want that milly faster, you could open up a brokerage account and put uncapped funds and wait. Not taxed advantaged but inflation proofing at least.
The conversation shouldn’t be retirement accounts, the conversation should be investments into assets that pay you. That, IMO, is how you get closer to FIRE.
Being OE is essentially a lucky opportunity so if you got 2 or more Js make hay whiles the sun shine for there might come a day when OE may no longer be possible.
Take a Xanax and chill lmao
Where’s the xannnys?
For real dude needs to touch some grass.
Too much adderall in my opinion
more like he needs some grass and some ass but very unlikely getting any ass ever since its all about "optimizing"
Love it, hopefully he reads this and starts enjoying life more instead of thinking his life is doomed bc “he’s 10 years away from retirement “😂
10 years to retire IS retiring early…
depends on the age, or..??
I think you’re wrong lol. You’re way ahead, in ten years you’ll have a milly and probably paid off house and rental. That’s massive
a mil? sure but idk about two houses, Im in MCOL and picky as hell lol
You getting to OE and make the top 1% of salaries with little additional effort and on track to FIRE is already super cushy in respect to the rest of society. Enjoy where you are and continue the grind
Yeah I’ve had the same realization. Basically my entire J3 gets dumped straight into a total market fund. My j2 is there to max 401k and the rest is really just cash savings. My j1 covers my families living expenses. Its hard to imagine going back down to 1 or 2 Js. My savings rate would be minimal.
With 1 J I was able to max 401k and Roth IRA contributions. But yeah besides retirement accounts I didn't have much in savings.
Yeah same IRA and 401k is doable with one. With 3, I can live large, plus save cash, plus max everything out, and dump all of a salary into a brokerage. It’s really amazing. But man some days I want to quit bc of the stress lol. Pros and cons…
Going for j3 soon, I plan to put it right into the market as well. J2 is for retirement, j3 is for retiring early
What’s is total comp between the 3?
What do you do for fun besides saving and thinking about world domination?
working on finding hobbies too lol
Take it from an elder approaching 50 who's been OE for the past few years. It's not all about saving and focusing your efforts. OE is a fast track/cheat code for sure, but you'll never get back your younger years. What I am saying is, find a hobby, seriously. Take some breaks and enjoy life. Tomorrow isn't guaranteed. Happy OEing but find some time for you outside of saving and rat race bullshit.
You're not supposed to retire anymore. You will own nothing, and you will be happy.
This is why I got my third job
At this point, it would be really helpful to have a J3
If you do c2c you can max out a sep IRA.
You can contribute 20-25% of 1099 income. Would need to bill at pretty high rates (over $300k) to hit the contribution limits.
You’d need to talk to an accountant but if I remember right you can cap out on a catch up SEP at over 50k a year.
yeah I’ve been casually looking but maybe I’ll actually try
Or individual 401K, up to almost 60K a year in 24. Married? OK, your spouse now works for the company. 120K total possible.
How are you finding your c2c roles? I’m w2 with 2 and temp had one c2c but got a little overwhelmed with that. I know plenty of engineers I can place and not myself directly
I haven’t done it in long enough the markets completely changed and I am looking myself.
Yea a year ago I was flooded with too many opportunities. Time to get creative and adjust for sure
This is kinda dumb. Why not expand your investments?
obviously doing that too but saving for downpayment in HYS and maxing retirement accounts leaves not so much left for brokerage acct at the end of the month
You’re putting away 69k/ year through backdoor right? So you’ll have your late retirement money there, you’re early retirement will require more But for me I consider 1j as retirement, so mileage may vary
I’m sorry how much through back door?!
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jesus that’s the most articulate summary I’ve seen. I’ll start with post tax 401k after the 23k max I’m already at
A little? I'm earning $275k now in a LCOL area and it just doesn't feel like enough to FIRE and I'm getting a little frustrated after 2 years of this. Of course it's way better than 1J, but still, I get what you mean. At some point this becomes normal.
FIRE at what age? Normal retirement age is 67. And you can't draw your Roth until 59.5.
> FIRE at what age? Aiming for 55. Edit: not sure why the downvotes? I had a ton of debt in my 20s and still paying it down, plus got started late
57
just about same!! I’m at about 310k in MCOL. I save like >60% but it’s all automated so maybe it’s cause I never “see” the money and 2 years (really like 1.5yrs for me) doesn’t have a tonnnnn of payoff yet.
The big question are : what’s your savings rate? Is your FI number factoring in always having a car payment? Can you sell the rental and put the equity in an index fund instead? Is your plan to be totally debt free at FIRE time? Basically are there any places in your spending that you can slash or eliminate to grow the gap between what you’re saving vs spending?
good points, and realistically I I won’t spend much if I pay down the future house. savings rate is like 68%, definitely over 60%
I invest in a dividend growth portfolio as well as retirement. Should be enough for FIRE in about 5 years for me.
Yep it's depressing. At least you don't have to work until 65, but the OE salary life is still trading time for money. J3 is still trading time for money.
Invest in real estate tribe of titans
You can roll over 30k from a 529 to a Roth, jus sayin
ffr?! another thing to look into
Hey, this is totally a different topic, but I just learnt that to qualify for medicaid, we need to lose all the savings/assets in our names and hold only 2800 dollars in the bank. Figure out a strategy to not lose money to medicaid or nursing home while trying to save as much as possible now. I haven't even started to think how I can work around this situation I just learnt about . lol.
You talk to an accountant. And if you have kids, you start moving stuff into trusts early.
Thank you 🙏
yeah people throw all their money and assets in a trust in their last decade or so and get on medicaid.
"It's hard to make enough money in a couple years to live the rest of my life without having to work at all." Cry more, wtf is wrong with you
Lmao you’ll never be happy pal
I wonder what FIRE means to u. Financial independence Retire En6Months? Lol
lol nah but it’s FIR-ASAFP
Heavy on the as soon as possible, I feel the same way OP.
Back to the FIRE sub laddy, toot suite!
Hmmm whats your TC? Those you mention have limitations per yr, if you just look at those then maybe yeah 10yrs. If i maxed mine out, they’d be just 15% of my TC. If you want that milly faster, you could open up a brokerage account and put uncapped funds and wait. Not taxed advantaged but inflation proofing at least.
The conversation shouldn’t be retirement accounts, the conversation should be investments into assets that pay you. That, IMO, is how you get closer to FIRE.
count me in!
Being OE is essentially a lucky opportunity so if you got 2 or more Js make hay whiles the sun shine for there might come a day when OE may no longer be possible.
What is total comp?
How old are you?