91–100 of 175 posts
I just quit a $1M a year job at 45 years old, moved out of the city into the country, am working to bootstrap something from scratch, and am the happiest I've ever been. (That said, I'm one week into my "retirement", so time will tell.) I did the math and realized that I had "enough"; anything more would just be working to enlarge my kids inheritance. So there was nothing really stopping me except peer pressure. Give…
Don't... Most jobs suck. There's no way around it. Most jobs have aspects that you just don't want to do. That's why you get paid rather than you pay. You need to figure out how to make your current job fit your needs, financial and psychological. One thing you can do is to decide how much it takes for you to retire in a more affordable part of the country and work until you reach it at the fastest rate. Starting a s…
Before you do this (quit to start your own company), consider FIRE -- financial independence, retire early. With a 500K salary look at reducing your expenses to bare minimum for the next 2 - 5 years, and see if you can build up your investment portfolio to a couple million -- that would give you 80K a year (using a safe withdrawal rate of 4%) to live off of. (Remember that income from long-term investments is taxed a…
Having the freedom to do your own thing is amazing. You will love it. But you need to switch from an employee mentality to an owner mentality.
Assume you're not going to make $500k a year in the first few years (if ever). The main advantage you get is that you build up assets; say you create an app that nets 200 or 300k in income a year and run that for a few years. You can eventually sell that for a 2 to 5x multiple depending on the space it is in. Those gains are then generally taxed as capital gains, meaning you pay (lower) tax on them. Self employed people can take more deductions and pay less overall tax -- look at after tax income.
Another thing to consider is, if your current compensation for a large part comes from stock based compensation, that these stocks will not keep going up forever. If you've been at Facebook for years and received stock at $20, it's not going to go another 10x in the next 2 to 3 years. Meaning you won't actually make 500k/yr (should that be the case)
You will also need to learn how to invest. I don't think there are many entrepreneurs out there who don't invest their money. You're leaving a ton of money on the table and honestly, there is no excuse to have $1.1m sitting in cash in a bank account. But at current valuations perhaps wait until the stock market has a proper correction.
Also, mobile games are hard. I know how to make money from apps, but games are insanely competitive. Have you considered looking into other things?
Quality of life is worth more than anything, in my view. My father died at 55. Even though I've done well for someone in his late 20s, living and enjoying life / family is more important than money. Taking a moderate risk (on a 'lifestyle' business) might be enough -- there's no rule saying you need to shoot for the moon.
$500k per year?! You would be insane to walk away from that. Keep it up for a decade, save as much as you can, and retire in your 50s.
$500k a year Cali translate to $100k a year where I live. Cost of living in Cali is crazy expensive.
i'm not trying to tell you what to do or scare you... follow your dreams if that's what you want to do, it's your life. just look at the WHOLE picture first, both achievements and consequences that your decisions will bring. a wise man told me, "you can do anything in life if you are willing to accept the consequences".
remember that your family are the ones that will have to go on this journey with you, for good or for bad, the people on this forum aren't going to be there if things go south no matter what they might want you to believe.
Earlier quoted context omitted.
Isn't anything bad by definition when "too many" people do it?
This is also morally suspect. You're putting extra load (taxes if anything) on people while you're not working. If you think you can repay this cost to society with volunteer work or otherwise, this might work.