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What happens when your career becomes your whole identity

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Re: What happens when your career becomes your whole identity

#211

Post by w-ll »

alecbenzer wrote: post #190
JMTQp8lwXL wrote: post #89

Earlier quoted context omitted.

The withdrawal rate isn't a fixed $40k. It's $40k, adjusted for inflation, annually. Year 1 is $40k, Year 2 is $41.2k (assuming 3% inflation). Purchasing power stays constant over time. Though I didn't specify the portfolio composition, most of my holding are US Large Cap, which are the 2nd best performing asset class below small cap: https://www.compoundvalue.com/wp-content/uploads/2013/10/IR_... , but both classes…

Taking out more than $40k/year erodes your principal though, I thought that was pertymcpert's point? Like, if you've got $800k and can reliably earn 5%, as long as you're withdrawing only $40k you're good. But if you withdraw $41k one year, your principal is now only $799k. Next year if you need $42k, the return from your $799k is only $39,950, so your principal goes down to $796,950, etc. From a quick spreadsheet, i…

Not taking a piss, could you share your spreadsheet?

Re: What happens when your career becomes your whole identity

#212

Post by PopeDotNinja »

pertymcpert wrote: post #85
JMTQp8lwXL wrote: post #76

Earlier quoted context omitted.

I went to my state's health insurance site. It took me about 3 minutes to pull a quote. If my income was $40k/year, I could get a gold plan ($0 deductible) for $4,300/year in premiums (about $350/mo). Bronze plans had $3,200/year premiums but a $6,300 annual deductible. To keep costs predictable, I'd choose the gold plan. If I chose to live fully off investments in early retirement, my taxable income would be lower s…

I see this all the time, trying to live off dividends or low returns off something like $1m or so. The thing is if you retire early in 30 years time you’ve spent all of your returns and now inflation has eroded your principal. I don’t see why you wouldn’t just keep working in a low stress easy job, part time or something, and continue to build savings.

One thing to keep in mind is the cost of healthcare dramatically outpaces inflation, too. It's not ridiculous to think that healthcare premiums alone could eat up most of the principal. And this is assuming that taxes stay low & good health.

Re: What happens when your career becomes your whole identity

#213

Post by cerberusss »

grecy wrote: post #128
0kl wrote: post #123

Earlier quoted context omitted.

What is your takeaway? What did you mine from really thinking about the meaning and direction you want to take with your life? *clarification: I mean it earnestly, as I have not done anything that you have.

My takeaway is that I must make decisions and take action if I am to live the life I want, in a manner that makes me happy. Nobody else will do that for me, and if I live my life on autopilot I will be extraordinarily disappointed when I look back over my life and see that I never took life by the horns and charted my own course. It's on me, and that is equal measures exciting and (some days) terrifying. I lost my Mu…

> Money is not the path the happiness, and I don't ever want to fall into that

Oof, that is a very uncomfortable statement for me to ponder upon. For the last couple of years, I have been focused on saving, saving, saving. Your comment makes me think about whether that's wise. Thanks for sharing that bit of wisdom.

Re: What happens when your career becomes your whole identity

#214

Post by winfred »

o-__-o wrote: post #202
eanzenberg wrote: post #191

Earlier quoted context omitted.

Until it dont

Limit your drawdown to 4% (3% during recessions) and you’ll have money forever

Harder than you think. It means you need consistent 6% returns (2% inflation, 4% return).

There's nothing out there that I know that gives you a consistent 6% return and the stock market is a fickle mistress. 2007 to 2009, VTI dropped over 50%. That 1% reduction in drawdown isn't going to be of much help much when your $1M turned into $500K, you'll need a job.

But you stopped working for a while, so now your resume makes you less desirable than the competition and exactly when you need more income (at the bottom of the recession) the job market is at its worst. Likely it took you a few years to get that $1M and age discrimination is rampant in IT, further decreasing your odds of finding that job.

I think realistically, you need a significantly lower drawdown, more likely in the order of 2% or less to weather economic downturns. Without subsidized healthcare, that's going to be very hard to do with $1M, but I think it's doable with $2M.

Re: What happens when your career becomes your whole identity

#215

Post by csallen »

alisonatwork wrote: post #206
blueboo wrote: post #130

Earlier quoted context omitted.

All very impressive -- hope this guy is as happy as his scrupulously cultivated brand requires and celebrates. But I wonder if this represents a cautionary tale -- someone who took their non-"desk job" and assiduously commoditized their adventures. The 110% workaholism never stopped. Click here to buy the book, follow the instagram, subscribe to the YouTube. Or maybe this is what can happen if you don't indulge your…

This is how i see travel bloggers too. Constantly updating the world about your whereabouts, framing every experience as something to be shared, it sounds exhausting to me - just like work! I don't begrudge them, though. If this person ever needs to go back to work "in the real world", they've kept a brand going that proves they have a work ethic. And if they don't, then presumably at least they've found a way to ear…

Why not make it your goal to find a goal?

Due to hedonic adaptation, the journey of working toward something is usually more rewarding than reaching any particular destination, especially if you're getting lots of feedback along the way.

Also, I've spoken with literally thousands of entrepreneurs, and most don't have what I'd describe as "killer instinct." Many of them gained a purpose through their business, rather than starting their businesses to satisfy some pre-existing purpose. It's a bit like how people find a new mission in life once they have a child.

What we think impacts what we do, but perhaps less obvious is the fact that what we do impacts how we think. Sometimes the first step is to throw yourself into a situation and then allow the motivation to come.

Finally, I'd say I'm an abnormally driven and goal-oriented person, and even I often think about my inevitable death and the purpose of it all. I think it's just part of being human and thoughtful.

I've come to the conclusion that living a good life is largely about being proactive. We like to think that given enough money and freedom we'll all do things that make us happy, but instead we tend to stagnate. It's easy for anyone to settle into simply letting the days pass: whether you're single or in a relationship, an employee or a founder, traveling or stationary, it doesn't matter. You can get into a routine of simply doing the least effortful thing.

For most of us, being proactive about living your life in a fulfilling way requires effort, the same way work does.

Re: What happens when your career becomes your whole identity

#216

Post by cerberusss »

idclip wrote: post #113
nugget wrote: post #64

Earlier quoted context omitted.

Ignorance may be bliss, but only if you can remain ignorant until the absolute end. I see evidence of a paradox whereby the most powerful analytical minds are able to most effectively construct defensive counter arguments to their own inherent existential needs, allowing them to defer these needs until a criticality is reached and existential crisis manifests as a state of limbic terror which is impossible to ignore.…

After nearly 500 hours of meditating in relative isolation, i promise you, the collector collects. Something inside us, wild and free, wants to be happy, and we stand in its way.

Beautifully said.

Re: What happens when your career becomes your whole identity

#217

Post by cerberusss »

turk73 wrote: post #75
momokoko wrote: post #45

Earlier quoted context omitted.

I am in exactly the same boat. Could not have said it better myself.

Me too, but I need help. I have been working on ideas for my "2nd career," well, really it will be my 3rd, but that's beside the point. I need a way out of tech. I have enough money already, I just need a freaking path to another kind of work. It's not been easy. It's either I do what I am doing or it's $15/hr Target cashier type of job. Not bashing the Target cashiers, just making a point.

Have you thought about entrepreneurship? Building a product? That's normally fairly risky, but it seems to me that it's entirely worth a shot if your wealth provides the basic necessities.

Re: What happens when your career becomes your whole identity

#218

Post by tempsy »

winfred wrote: post #214
o-__-o wrote: post #202

Earlier quoted context omitted.

Limit your drawdown to 4% (3% during recessions) and you’ll have money forever

Harder than you think. It means you need consistent 6% returns (2% inflation, 4% return). There's nothing out there that I know that gives you a consistent 6% return and the stock market is a fickle mistress. 2007 to 2009, VTI dropped over 50%. That 1% reduction in drawdown isn't going to be of much help much when your $1M turned into $500K, you'll need a job. But you stopped working for a while, so now your resume m…

It’s up 30% this year and we’ve been in a 10 year bull market.

Index and real estate funds pay actual dividends, which you didn’t mention, outside of just relying on rising share prices.

There are some slightly more advanced ways to generate income like selling options premiums that can generate income when prices are relatively flat.

Re: What happens when your career becomes your whole identity

#219

Post by taurath »

tempsy wrote: post #197
alisonatwork wrote: post #194

Earlier quoted context omitted.

Why does traveling non-stop make you feel like you're side-stepping your role in society? One of the things i like best about traveling is that i have the time and mental energy to engage with the people around me. I eat at restaurants, i go to bars, i listen and share stories, i'll contribute to the local economy and perhaps put a smile on someone's face. When i am working i suppose you could say i am contributing t…

Solo travel is an inherently selfish pursuit. You are just consuming, and not creating anything of value for society.

What a pessimistic, consumeristic and consumable view of travel. Are stories of travels not value? Are people who's lives you touched not made greater for a friendship, even if for a short time? I'm not saying theres not a way to be a total consumer and a net negative on society as a traveler, but I'd rather society be filled with thoughtful people who've met and made relationships with people of other than someone who slaves away all day at a draft board creating the next phone with 5 more megapixels.

Re: What happens when your career becomes your whole identity

#220

Post by taurath »

o-__-o wrote: post #203
wgaf wrote: post #188

Earlier quoted context omitted.

I wholeheartedly agree. I'm currently into my third year of traveling and third new country. I'm getting pretty exhausted of starting again (new engineering job, new environment and new friends) and I'm starting to yearn for roots. It does take it's toll on you as now nowhere feels like home.

Then you settle down and the yearn to travel again takes over. It never really settles until you have kids.. and then I wonder if it’s only temporary (really want to travel now but the little one won’t remember it, so I’m rooted to his hometown)

FWIW I don't think it dies down. RVs are a huge thing amongst older folks for a reason.
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