Many of us have dreams of becoming a millionaire or making a million dollars a year. Well, I'd love to become a millionaire again after so many people showed so much doubt about my path to this financial milestone by 30.
In 2013, my overall income took a big hit. The glow of a six-figure severance paid out in 2012 was no more. Further, I didn't have a job to pay my bills. All I had was my passive income and a relatively small amount of income that was coming from Financial Samurai.
I've always thought I was way too lucky to deserve the income I earned during my career in finance. All I did was study hard, get on a 6am bus to a career fair in Washington DC, and interview well enough to land a job that paid well.
Nobody from The College of William & Mary, a non-target state school, gets a front office job at Goldman Sachs in their world headquarters. I've been very lucky.
No matter how many times you hear of high income earners going bankrupt, if you are making at least $100,000 a year, it's relatively easy to become a millionaire. At least that's what everybody thinks.
Working in finance almost felt like cheating. You not only gain extensive knowledge to make better financial decisions for yourself, you are also paid handsomely.
When I began looking for other employment opportunities outside of finance, I realized just how good the finance industry pays. It's very hard to find jobs in tech/internet that pay over $250,000 a year.
But in investment banking, practically every 29 year old Associate makes such an amount. Many CEOs in other industries doesn't even get paid that much.
Proving It Wasn't All Luck By Becoming A Millionaire Again
Many people didn't give me any credit for eventually becoming a millionaire while working in finance. “Of course Sam was able to retire by 34 since he made a lot of money in finance,” was a common retort.
“My situation is much more impressive and real since I've never made a six figure income,” is another frequent feedback. It's always been strange to hear people say their situation is more real than mine, like my experiences don't count.
It's true. I didn't come from a broken family, nor did I have to walk five miles to school each way in hand-me-down shoes, two sizes too big. I grew up middle class and was fortunate to have a solid foundation for growth. I'm glad my parents stuck together during through my high school years.
I'm also glad I went to public school for high school and college. As a father now, it baffles me that I could literally give my son a $1,000,000 check after college if he decided to go public grade school and college.
It's hard for me to shy away from a challenge. One of the reasons why I wanted to leave finance was to see what I could do with my own two hands. I've always had the entrepreneurial bug. There would be no cushy salary and no big brand name to lean on to generate business.
The only thing I could count on was my own creativity and work ethic.
Building A Multi-Million Dollar Business
I've been making money online since 2009. The combined operating income of these websites has surpassed my highest gross income year during my 13 years in finance as an Executive Director. All it took was writing 2,500+ posts and working 12,000+ hours. I have not failed at publishing 3X a week for over 520 weeks in a row.
I know I'm lucky to be able to have the endurance and ability to write consistently for so long. But I do encourage everyone who wants to build an online business or build any entrepreneurial endeavor to join me in being consistent for 10 years in a row.
It's very hard to fail if you don't give up.
I'm now at a crossroads because I don't feel like I've got anything left to prove after leaving my job and building Financial Samurai.
Taking Things Easier
I'm also a bit weary of continuing at an ever increasing pace since I'm now a dad to a lovely boy who needs me. Sure, there was still plenty of luck growing Financial Samurai into what it is today. But now that a good amount of time has passed, I think luck is playing a lower and lower percentage.
I've slowly been able to vanquish the guilt about making money in finance. Entrepreneurship is way more difficult than having a day job. The amount of effort to produce products, market, write, execute, sell, and maintain operations is brutal compared to just coming in, doing your job, listening to a micromanager, and then going home.
Add on the extra taxes you have to pay the government as a small business, and it's no surprise that many businesses fail.
A Tempting Exit
In mid-2018, I was approached by a publicly listed company to buy Financial Samurai for over $6 million dollars. I politely said no because you NEVER sell your baby, especially if it's a high margin cash cow.
But the offer was a wonderful validation that I could recreate millions of dollars in wealth through something other than my finance job.
Instead of buying Financial Samurai, XLMedia ended up buying three of my peers instead for $5.8 – $7 million. Not bad!
As I sit here more than four years later, I'm glad to have not sold Financial Samurai back in 2018. Interest rates have since plummeted, making cash cow businesses and assets extremely valuable. It takes a lot more capital to produce the same amount of risk-adjusted income today.
Let's forget about the revenue Financial Samurai has continued to generate since the tempting offer in 2018. Financial Samurai has provided me joy by giving me a creative outlet every day.
During the 2020 pandemic, Financial Samurai was like a trusty friend who was always there for me. Financial Samurai gives me purpose every day, which is a must for those who retire early.
The Plan To Become A Millionaire Again
Now that business is humming along, I'm thinking about lighting it on fire just like how I lit my career on fire after 13 years by giving it up. I started to really tire of the finance industry after 12 years. The year 2021 will be the 12th year of running Financial Samurai.
I have no doubt Google will one day turn its back on Financial Samurai, thereby demolishing all the search engine traffic and the advertising revenue that comes along with it. As a result, I figure why not start on the new millionaire journey now, before doom arrives?
The reason why I continue to encourage everyone to always save money and build passive income streams during good times is because the good times don't last forever. Darkness will come for us all, whether at work, in our health, or through our investments. We must cherish every single moment that we have.
Here are three of my strategies for becoming a millionaire again.
Strategy #1 For Becoming A Millionaire Again – Turn Funny Money Into Real Assets
A business is ephemeral. Because of innovation, competition, or some unforeseen event, few businesses last forever. As a result, it may be wise to aggressively convert online revenue dollars into investments or tangible assets.
I could use 100% of all retained earnings after taxes to buying more property, stocks, bonds, and private investments. By bleeding my company's finances dry, I can create a sense of urgency to not let it fail.
It's a similar concept to always having as little money as possible in your main checking and savings accounts to curb your spending and grow your investments.
By taking the company's income and diversifying it into familiar investments, the investments should grow to over one million dollars over time. Creating a real estate conglomerate is one such idea to make the business last forever.
My favorite real asset is real estate. Real estate is stable, generates rental income, and provides utility.
Best Private Real Estate Investing Platforms
Fundrise: A way for all investors to diversify into real estate through private funds with just $10. Fundrise has been around since 2012 and manages over $3.3 billion for 400,000+ investors.
The real estate platform invests primarily in residential and industrial properties in the Sunbelt, where valuations are cheaper and yields are higher. The spreading out of America is a long-term demographic trend. For most people, investing in a diversified fund is the way to go.
CrowdStreet: A way for accredited investors to invest in individual real estate opportunities mostly in 18-hour cities. 18-hour cities are secondary cities with lower valuations and higher rental yields. These cities also have higher growth potential due to job growth and demographic trends.
If you are a real estate enthusiast with more time, you can build your own diversified real estate portfolio with CrowdStreet. However, before investing in each deal, make sure to do extensive due diligence on each sponsor. Understanding each sponsor's track record and experience is vital.
Building New Assets Update 2024
I've done just this by buying a single family home in San Francisco in early 2019. I paid at last $150,000 below asking because I wrote a convincing real estate love letter, offered cash, and a quick close.
It is a wonderful house with panoramic ocean views on three levels. The property was rented out for $6,550 a month from 2020 to June 2022. Now, it's being rented out for $8,000 a month after I expanding the living area downstairs. Remodeling for more passive income is great! The property is worth about $800,000 more after my remodeling spend.
In 2020, also ended up buying another single family home on the west side of San Francisco with panoramic ocean views after the lockdowns began. I got the home for at least 7% below where it would have sold for before the lockdown started. I don't care too much about whether this home will appreciate because it is doing a fantastic job providing a better quality of life for my family. Having more space during a pandemic rocks!
However, I am bullish on all single family homes with ocean views in San Francisco, I believe they are the most undervalued real estate segment in the city. With more people looking for more interior and exterior space, there's a strong migration to the western part of the city.
Strategy #2 For Becoming A Millionaire Again – Become An Inventor
Being a successful inventor of a physical product that generates enough to live on is such a long shot. But I've always wanted to be an inventor of a product that helps improve lives. With an online platform in place, surely there's some advantage.
The invention I have in mind has the following attributes:
- Injury prevention
- Relevant to the entire world's population
- Low price at under $20
- Low input costs: 70% gross margins, 30%+ operating margins
- Can be easily mass produced
- Easy to use
I've been telling myself that if I can invent a product that has at least five of these attributes, I should be able to hit it out of the park. Not only will I come up with a prototype and raise money through a social funding company like Kickstarter, I'll also market the product here.
Alas, the easiest thing to do is to create online products. I've published, How To Engineer Your Layoff, that now regularly generates about $50,000 a year in revenue. You need $1,000,000 in capital generating 5% to get this type of return.
More recently, I wrote and copyrighted a new baby lullaby called Cutie Baby. Now it's time for me to market the song to music and movie studios, while also creating a story around the song just like the book, Boss Baby. This one has a millionaire dollar potential!
Inventor Update 2022
I have failed to invent anything new. I was on the path to finishing a traditionally published book by the end of 2020, but my co-writer couldn't make things work due to the pandemic. Let's see if I can publish the book in 2021! Oh, and I still need to create a new song for my daughter.
Strategy #3 For Becoming A Millionaire Again – Scale Up The Online Business
Living in San Francisco has made me nuts about entrepreneurship. It seems like everybody I meet works at a startup, has a startup, is a startup flameout, or a startup multi-millionaire. You can go to any coffee shop in town and there will be folks, with headphones on, pounding away on their laptops.
Right now I've got a lifestyle business that gives me maximum freedom. The business is private and answers to no one. But I could leverage the Financial Samurai brand to create new courses, new products, and new consulting opportunities. Think about what Robert Kiyosaki did with Rich Dad, Poor Dad and all his speaking seminars.
To make mega-millions, I've got to scale up the business by spending more and perhaps finding investors. Unfortunately, I have no desire to be famous. In fact, it's much better to just be rich and not famous in order to live your life in peace.
I want to slowly build up Financial Samurai at my own leisurely pace. As soon as Financial Samurai turns into a big business with investors, clients, and so forth, I will no longer have fun.
In 2018, I started the Financial Samurai Podcast and launched the Financial Samurai Forums.
In 2019, I'll probably produce another product and perhaps create an online course. Leveraging the brand after 10 years is a no brainer.
Online Business Update 2023
I've continue to record my podcast, which now has over 200 episodes (main milestone). But I've neglected the FS Forum, even though more people have signed up. Hopefully, people are talking amongst themselves. Because I've continued to publish 3X a week, traffic remains strong.
2020 and 2021 were record years for online revenue because I focused more on business development. But the interesting thing is, I'm not happier making more money. In fact, I'm more annoyed because there's more work to do. There's also more self-imposed pressure to perform.
Strategy #4 For Becoming A Millionaire Again – Publishing A New Book
My new book, Buy This, Not That: How To Spend Your Way To Wealth And Freedom is a bestseller. If it becomes a huge bestseller or an international bestseller, there is a chance the book could make me a million dollars through royalties. But in addition to earning royalties, I can raise my brand ambassadorship rates, and earn money through speaking.
Although it's scary and hard to try new things. I'm very excited about my books potential!
Strategy #5 For Becoming A Millionaire Again – Invest In The Next Unicorn
Companies are staying private for longer, as a result, more gains are accruing to private company investors. Finding the next Google or Apple before going public can be a life-changing investment.
Check out the Innovation Fund, which invests in the following five sectors:
- Artificial Intelligence & Machine Learning
- Modern Data Infrastructure
- Development Operations (DevOps)
- Financial Technology (FinTech)
- Real Estate & Property Technology (PropTech)
Roughly 35% of the Innovation Fund is invested in artificial intelligence, which I'm extremely bullish about. In 20 years, I don't want my kids wondering why I didn't invest in AI or work in AI! Investing in AI today could easily make me another million dollars.
The investment minimum is also only $10. Most venture capital funds have a $250,000+ minimum. You can see what the Innovation Fund is holding before deciding to invest and how much.
To Become A Millionaire, Just Keep On Going
So much about creating the life you want is about having the right positive mindset. I continue to come across people who defeat themselves before they even begin because they don't understand their own potential. What a shame.
One of my personal finance consulting clients recently engineered her layoff to pursue her own business after 10 years. At first, she didn't think it was possible to get a severance package as a valuable employee. But she did.
She then started updating her About page for her business and realized she wrote the following line in 2013, “In two years, I plan to leave my job and finally become an entrepreneur.” It is uncanny what can happen if you create goals and believe in yourself.
I firmly believe every single one of you will become a millionaire in your lifetime if you just stay the course. You can go the traditional route or a more unconventional route. There are so many ways to build wealth for you and your family. Don't let your internal naysayer get you down!
Thoughts On Becoming A Multi-Millionaire
1) Believe that you deserve to be rich
2) Think about ways in which you can scale your skills and/or product as much as possible
3) Let your income inflate at an accelerating rate compared to your spending
4) Stick things through long enough to let things gain momentum
5) Identify all the rocket ships around you and do your best to get on one
6) Maximize every opportunity to the fullest when times are good
7) Consistently take calculated risks
8) Make sure you surround yourself with good people who are supportive
9) Take advantage of every single government retirement plan possible for as long as possible
10) Recognize problems and solve them
Becoming a millionaire takes time and patience. As my favorite Chinese proverb says, “If the direction is correct, sooner or later you will get there.” Good luck on your millionaire journey!
Once you become a millionaire, I'm certain you will not be more happy. Therefore, make sure you always have a purpose.
Strategy #2 with the points you mention has to be like a vaccine for some common illness likely in developing countries (lex malaria). Rather than invent, you just need to invest in the next legit Theranos…
Sam, your not lucky with your blog, you are talented and smart and incredibly energetic. You are by far the best personal finance writer going. The only one I read. Your posts are fresh, always contain new topics, always well-written, well-researched, and full of personal detail. You attract great comments (always read those too). I like the updates on old articles too. You can tell you love writing because you keep getting new ideas and producing. Glad you have not sold FS so we can keep reading.
It is frustrating when people say you had it easy or had good luck. I get the same. I get no credit for being fit, healthy, and looking younger than my years. No credit for financial success. No credit for a great life and happiness. Even when I have suffered and struggled for years, people have said “it’s easy for you.” For everybody else it is impossible, they say.
Thanks Dunny! Appreciate your kind thoughts. Blogging definitely takes a lot of work, but I enjoy it.
I’m excited to have started the FS Forum, and I think you might enjoy the banter. It’s very lighthearted and full of topics. I plan to hang out there a lot and build up the forum into something really great.
Stop on by if you get a chance!
Robert,
I wonder if you ever feel sharing your plans here might create a disadvantage to your ambitions .I mean if people who are jealous or feeling they are competing can use your ideas against you or steal a brilliant idea might that take away from your plans? Maybe I am too mired in dependent employment where this happens often to realize your independence from that plus you are probably smart enough to know what to not share, since your ARE rich!
I just copied the tips and sent them to my daily reading email (stuff I look at everyday to stay on track). I really like #4- it’s something that I am finally seeing the fruits of too, I have an online business (not blogging!) and I’ve been selling products since late 2011. It’s finally grown to the point where it’s no small number each month, and I know that I have a considerable source of income outside of my job. In working, I’ve finally gotten a job (been here almost 2 years) that pays me based on what business I bring in, and issues stock as compensation too, which can signficantly increase total comp. For a long time, I didn’t really dream of being rich, just making enough to provide for my family and afford my lifestyle. Now that I’ve ahieved that, I’ve finally committed internally to being rich and I am focusing on exponential growth that can grow my assets and net worth to that 7 figure range. Before I was scared to say I wanted to be a millionaire because I didn’t know if I could make it. Now I know there is no reason to be scared and it’s an important goal that I can achieve, and soon!
Nice work Sally! More than half the battle is believing that you too, deserve to be rich! Good luck!
[…] my guns, you don’t want a new career/job… You are simply bored. This is why we chose the “start a product company” option from one of your posts 1-2 weeks […]
Hey Sam,
Ever think you would consider chatting/consulting with people who have ideas for inventions? I have an invention but haven’t bounced it off someone and think you could be a good resource. Send me a private email if interested.
Thanks
Hi Sam,
If you decide to take a physical product to market, I’d be willing to contribute my skill set to your team. My background is in development and release to market of medical devices. I moved to the Bay to gain experience and connections with the intention of one day starting my own business. While I don’t yet feel confident enough to do this on my own, I would love the opportunity to work through the challenges of bringing a new product to market with you!
Thanks for the offer! My product is pretty low tech, but could be very good! Will let you know. Thx
Sam,
You retired at 34? I did not know that (I knew you retired young, just didn’t realize THAT young) and can I just say WOW. Was your salary consistently high throughout your pre-retirement career? (adjusted for inflation etc etc)
Hi Tamara,
Yes, 34 years old and 9 months. My salary was always relatively high given finance paid relatively well. It did get crushed in 2003, and again in 2008 and 2011. Finance is very cyclical (30-50% swings are common), but it was always pretty decent.
Here was my announcement post: Taking A Leap Of Faith And Retiring On My Own Terms
And a follow up post three years later: It’s Impossible To Stay Retired Once You Retire Early
The one consistent takeaway is to enjoy the journey, no matter where it takes you.
Here’s one more for good measure: How To Retire Early And Never Have To Work Again
[…] own product is time, ego, and a little bit of money thanks to the internet. As I discussed in my Sweet Dreams Of Becoming A Millionaire Again post, one of my thoughts is to invent a viable consumer product. Yet, only 6% of you said to go […]
I like all of your ideas. Perhaps you can dabble a bit in all three. Becoming an investor sounds challenging but it could be quite a fun learning experience. The success rate is tough, but you never know unless you try. You’re right about entrepreneurship being super hard but you’re doing great at it so far. Keep up the good work!
Luck lol, just ask someone making minimum wage or close and see how many of them tell you how many times they have work for over 100 hours a week? They literally will ask you why in the world would you work 100 hrs in a week, i have a life …
The good thing about hard work is that it needs no luck or skill. I don’t understand how there can be people who work less than 40 hours a week and complain why they can’t get ahead. It’s irrational, but it’s also very fun to talk about.
Hard work is an after thought. Everybody works looooong hours to try and make something special. If someone is going to argue about hard work and talk about “living life” and all that stuff, you know there’s a good chance they’re making an excuse.
Sam,
If you get to know more about inventing a product please do share it. It have been my intentions for the past 2 years. Like you say to patent is like 2k to 5k in lawyer fees, then make the prototype… travel and also how to market it.
I think buying any business making more than 100k a year on profits for less than 20x what they make a month makes sense. Someone have been trying to buy me out but, thanks that i didn’t accept.
Excellent tips to become a millionaire, Financial Samurai. I have lived my life on some of them and will have to work hard to get the rest to be achieved.
Cheers,
BSR
Sam – you say you don’t have anything to prove, what were you trying to prove before by joining GS after college or creating a successful PF website?
None of those achievements were incremental changes, which options #1 and #3.
What you regard as your biggest successes are kinds of ‘moon shots’, somewhat unlikely but eventually very rewarding, which makes me believe #2, the inventor, is what you’d enjoy most.
Assuming you can’t do all 3 options, if you can imagine yourself in 30 years, out of the 3, which one could you see yourself regret NOT having tried?
Nick
I loved the stock market, so joining GS in Equities was a no-brainer. At the time, all I wanted to do was prove to myself and to my parents that I could get a job and utilize what I learned in college so not all that time and money spent was for not.
Regarding starting a PF website, there was no real goal. I just had a lot of fun, and kept on going. But in 2012, my goal was to prove that I could generate a livable income stream.
#2 definitely sounds like a good challenge.
“I love you people! You pay my rent!” – Eddie Van Halen
FS, you have accomplished so much, and I have loved reading your journey (and will, as long as you want to share it). But if I may offer a thought, it might be wise to stop before you hit the “tipping point” and despise the “shackles of your own created bondage.” It happens everywhere. Comedians hate the audience. Pro athletes hate the fans. Attorneys hate the clients. Landlords hate the tenants. Politicians hate the constituents and donors. Anyway, nobody likes to be beholden, whether it is to readers, advertisers, Google, or the ever-present grind of generating material. So your restlessness is understandable.
The question of “what to do next” is separate, and will answer itself in time. One question you may ask yourself is “what do I want to be in 10 years? 20 years?” and maybe that will help. The hours and effort required to move from a 4.5 to 5.0 tennis skill level can be roughly quantified. Fortunately, you have the desire to put in time and effort. But once you achieve a 5.0 rating, what about the hours (including travel time, arranging practice partners, tournament prep, etc.) required to maintain it? Are you willing to invest that time? What will you receive in return? If/when you drop back down to a 4.5, will you be content? Or will you be restless?
As for ‘haters’, they will always be out there but are less vocal at the moment. You can take satisfaction that you have “showed them” and taken motivation from doubters and those who resent your success (or even attempting success) because it reminds them of what they truly are. For those interested, you can search for a Tim Ferris has a great 30 minute TED Talk on “Haters.” In the end, what matters is what you accomplish; if you give the haters too much power in the equation, you may not enjoy your accomplishment because it will not convert those haters or make them believers. They will slink resentfully into obscurity to find their own “next chapter in their search for objects of hate.”
Maybe your next chapter will involve some more personal experiences with family and those you will keep close for the rest of your life, and theirs. For myself, I have been committing a lot of time and energy to those things and found it to be very rewarding. There is not a lot of glory or glamour, and the metrics aren’t as clear as dollars, clicks, or W-L records. But it has turned out to be the most enjoyable pursuit for me in many decades; at this time, I am needed and can help. I highly recommend it to anyone, and wish I had pursued it much earlier. In any event, I have no doubt your upcoming decision(s) will absolutely be the best thing for you. Continued success to you, Samurai!
Feeling needed and having the ability to help is a powerful motivator.
I’m really a 4.5, not a 5.0, so I fully expect to drop back down within two years after compiling a horrible record. But, b/c I know I’m really a 4.5, I’m giddy ecstatic knowing that I made it even for just a short period of time. Congruency with reality and not being delusional is key!
There’s not a lot of haters anymore, even though the site has grown. I enjoy the motivational aspect of having detractors. They make me a better person.
Family first!
That is great, FS. Just to clarify, your rating was not my point (my congrats to you on such a high rating, the pyramid tapers off quite a bit at your level!). My incomplete attempt was to say that the sheer hours spent on tennis (and I know it has been 10,000+ to date, and will be hundreds-per-year from here on out) is subtracted from your zero-sum. For myself with tennis specifically, I spent years and thousands of hours and a lot of emotional investment; in the end, I got as good as I was going to get and the incremental investment of even one more hour was not worth the reward. I quit playing; it wasn’t enjoyable because I wasn’t playing at the level I wanted and the people/experiences were unpleasant. In the end, I was left with nothing for my investment of all those hours. And that is the way it turns out for 99.9% of serious players.
Whatever your W-L record turns out to be, please remember that it doesn’t reflect on your value as a person. I hope you will enjoy it as long as you want!
Sam, I LOVE your site! It has inspired me to reach for more and create passive income. Just reached my mid 30s and just bought my second rental property. I am now trying to educate myself as much as possible on finances and investments so I can retire early as well.
Thank you for your direct, no BS approach!
Thanks for reading Sarah! Congrats on your second rental property. May your tenants take care of your place and pay on time!
If you are good, you will be good everywhere, no matter what you do. You’ll find a way to shine in that department. I’m sure you were great at GS, and now you’re a PF blogger, you outshine many!
Thanks Vivianne, but I think I was bottom tier at GS. If I was top tier, they would have enticed me to stay! Everything is rational, despite the dotcom bust. This is why it always feels so sad to split with an employer or client. If things were amazing then you would never leave.
It’s like my Dark Side Of Early Retirement post. Nobody retires early from a job that is absolutely amazing.
But thank you for your vote of confidence!
You could always list your site on Empire Flippers and get 20X your monthly net profit.
I think number 11 on my list would be:
Embrace and lean into the inevitable dip, large rewards await you on the other side. Most people give up way to early.
20X monthly net profit is way too cheap. The buyers of sites at this valuation are going to do extremely well down the road imo.
Whatever you do next, I hope you will still write about it on your blog! You have the best personal finance blog I’ve found.
Thanks BH. Will do!
Sam,
I haven’t commented in quite sometime now, but I think you and I are feeling somewhat the same. I figured out that early retirement, for me personally, is overrated. I’m actually searching for a job right now. I wrote a post today that talks about the importance of believing in yourself. I hope my story, conveyed via a letter to “Millennial Millie,” a young woman on the verge of graduating college, will inspire just one family to start a dialogue about finance. It happens to be my personal finance story–how it all began–told to a fictional character, who in my opinion, represents a large majority of the young people today. Becoming a millionaire is not easy, for anyone, and especially for someone who is faced with the challenge of being a single parent, like I was.
Maybe we don’t have anything to prove anymore when it comes to having the ability/drive to make money, but certainly there’s a story or two still within us that may just inspire someone else to pay off their debt and start investing.
You’ve been an inspiration to me and so many others. You are the master of the finance universe. I’ve said it before to you . . . we need to start a meet-up group for young retirees (okay, relatively young on my part). Imagine the fun we’d have!
A meetup would be fun! I’m happy to attend if you’d like to organize one :)
Generally, nothing good comes easy unfortunately. But it makes the achievement all the sweeter!
Sam, are you going to stop posting? I will miss your posts because I learn so much from them! I think you should go for the “invention” option. Why not? At the very least you will get some fun trips to Asia out of it, right?
Hi Mina, I don’t think I’ll ever stop posting. Maybe the frequency will change if I go the inventor option, but I enjoy writing and connecting too much to stop, so don’t worry!
Yes, I’ll definitely make my trips out to Asia for sourcing a business trip. I need to also learn 100 hours of Mandarin, so that’s another good synergy.
The thing about becoming a millionaire or any other accomplishment is that somebody is always going to tear it down no matter what you say or do. If you make a 5 figure income, someone will say “Oh but you are a loser with no life because you scrimp and save every dime!”. There is no convincing these people because they have already made up their minds before you say a word.
Probably right, but it’s fun to hear someone tear you down no? So motivating!
As someone who worked in high tech all his life, but have also become interested in finance, I have wondered why the finance industry paid its employees so generously compared to other industries. Most big finance firms are public companies these days and have shareholders to answer to, but seem to share much greater portion of its profits with their employees. Imagine if Apple decided to dole out much larger portion of that 170 billion cash hoard to its workers.
Interesting, isn’t it? Working in finance is great. Being a SHAREHOLDER of financial services companies is not so great because so much of the revenue is paid out in compensation. There’s always a Yin to the Yang.
Good example on Apple. But, I’m sure a lot of these successfully tech companies have made many employees rich through their equity RSUs and options.
The stock of financial companies have sucked wind for 15 years.
Your 10 pieces of advice at the end of your post are pearls of wisdom. Before I put this in my Evernote, I’m adding an 11th: “Maintain a consistently positive mindset and recognize that setbacks are temporary and provide lessons to learn from.”
Yeah I know that point is already in the body of your post. It’s worth repeating it’s worth repeating two time Johnny!
Perhaps you would disagree but to me this is eerie. Not quite the same, but I have stood next to a waterfall since graduating. The probability that I am looking at a severance in the next quarter is greater than 50%. My sub conscience turns back to tech.
Sounds exciting to me! I suggest you talk things through with your loved ones in depth, and or write a post about it here and let the community help you think about things you may have never thought of before!