33 Comments

I consider the idea of “done by 40” as more of a “the snowball should be well on its way, giving you flexibility” not “must hit number by then, never going to make another dime after that point.” In fact, seems like if you’re doing things right, the likelihood of real hockey stick moments occurring after 40 are high.

But all of that is predicated on 1) having built the foundation, skills, networks up to that point and 2) the fact that you won’t be serving gelato in a beach town somewhere

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Thank you Bull, its nice to hear that the best is still to come. Been stressting over scaling my wifi biz and getting frustrated but its nice to know that good times are *likely* ahead

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Apr 4, 2023·edited Apr 4, 2023

Ha. Agreed re hedonism stage being mandatory. The first time my income jumped 2X, I spent 5K on stupid assorted consumerist garbage. Then I realized I was burning freedom. Lucky it was only 5K and learned lesson early.

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I need to start a Wi-Fi business,I’m behind the curve. What post would you recommend for how to determine your niche and guidelines on execution from there? Post made me realize I’m probably NGMI on my current projection.

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Hahaha this is all spot on.

Pro tip: if you’re exiting and you’re gonna do the hedonism thing full degen, lock up a bunch of that money into something illiquid that you won’t be able to liquidate until you’re sober or ready to move onto the next leg of the game.

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Lifestyle inflation *is* a killer. Same for taxes. I find it helps to set a reasonable budget for living and fun and stay under it. Then I don’t feel guilty when I splurge on something.

Gotta find a good accountant for tax and estate planning. BTB, you mentioned hiring a CPA who worked in the IRS. Any other tips? Lots of CPA scrubs out there.

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Apr 5, 2023·edited Apr 5, 2023

Bull, longtime reader on WSP and BTB and always appreciate your wisdom. I studied maths in college and earned a trading seat on Wall St. Am ~25 now, 200k nw (liquid) and on track to increase YoY comp again under decent conditions (assuming I am not axed; I am a top performer but macro has me concerned). My focus out of school was to establish myself as a top performer on the desk because I wanted the right tail of comp (it is fairly meritocratic) and I have done so. I now want to begin focusing on the WiFi monies but lack the imagination to determine what I should create. I have thought of (serious) courses on pricing, building trading infra (python), and the like. I recognize I've probably put too much into the corp grind upfront, but I'm looking to rectify that and humbly ask for your advice or any insight on my situation if you or others on the forum have the time. Thanks Jungle.

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OK im fucked lol

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How does this change if you are in a career that isnt going away? Maybe your upward promotions stop at 45, but you can plug away with 2% raises for 20 years (ie-already have the long tail)?

Obviously everything about getting a big payout cutting your time to 'financial freedom' holds true, but does it change the calculus since you don't need to worry about making it to the end table?

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This is 100% true. I'm 38. Avg income is $200k. Had some banner covid years and it jumped up to $500k+. I did a decent job saving during those years (about 50%), but could of done better, lots of mindless spending. Now income is back to $200k and I learned a hard lesson that I could of been way ahead of the game if I was smarter during boom years. DO NOT OVER-INDULGE DURING BOOM YEARS! I was under contract for a couple of $1MM+ houses but we backed out. Grateful that we did. Some I know did not and now are running up HELOCs to make ends meet in hopes that we hit another boom.

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founding

Man, those savings rates charts are straight outta the FIRE world. What’s going on here?! jk

Appreciate the post. Although no longer a FIRE type, I still stick to the 50% rule. No matter how much I make, half must go to savings/investments. Keeps me humble

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love the poker analogy. fits my niche so maybe i need to write up my thoughts on that in a post. unfortunately us degen gamblers are probably most subject to that hedonism stage. 🤦🏾‍♂️ sometimes takes a while to learn good lessons lol

good luck and good skill out there, anons.

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Your stance on 401(k) is a little foggy after reading this. Sounds like you are discouraging it but not fully ruling it out as a useful tool?

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What website did you use for the calculator showed in this post?

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Love it. Brutal.

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Currently 24y/o, 40k/year at job in medical field, wouldnt consider it a "career". Believe im a natural introvert. So of the three recommended options, assume going tech is my supposed best career route.

Do you recommend to stick to the "job" and start the second income now?

Quit it, begin to work several remote "jobs" then start the secondary income?

Or Secure a "career" in tech, then start on the secondary income?

Thanks!

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