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High paying job with fast growth

expr523

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My goal for years has been to get to financial independence as quickly as possible. I'm 30 and work in tech, and have a useful skillset to build something on my own. I was planning to do this in my late 20s, but I joined a company that both pays top of band and rewards high performers quite well. My total compensation has gone up almost 6X since I started, and will likely continue at that trajectory. For context, i'm at around 650k right now. There is *plenty* of room still to grow.

I know that I'm still giving away my time (and likely health), but it feels increasingly hard to walk away from what feels like a rocketship. I'm wondering if there are any other folks that were in high paying high growth corporate situations, and chose to walk away. Could this be a situation where continuing to slog away is still the right path forward?
 
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Strm

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When you get paid top dollar, you can save so much money to start a business or invest. If you want to be an entrepreneur then should be pretty easy for you to buy a proper existing profitable business. That's what I'd do.

There's no rule that everyone should quit their job. It's just most of us don't like our jobs and we don't get paid so much. The question is, are you excited about your day in the morning? If not, you should change something.
 

Kid

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Leave your job when you will have verified business to leave to.
 

FierceRacoon

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Know a friend who has been making this kind of money, slightly less but same ballpark, and similarly had upside. The problem is, expenses grow to meet income, especially when you are hoping for more.

Five years ago I asked him, what if he kept working long hours for another 5 years and still did not make it big. He replied that it was better not to think about it.

As you may imagine, that is exactly what happened. He is not broke by all means, he does have savings — but he also has a family. Furthermore, he has experimented with real estate, did not do his homework a couple of times and lost some, and then some more.

Now he is facing a fundamental problem that even with savings this is still not a fastlane, and suddenly becoming frugal has proven really hard, with a family and after years of comfortable spending. Furthermore, he has invested countless hours into a specialized skillset (financial markets, in fact, very specific markets) that can be hardly monetized at a greater rate than he is already monetizing it. Those kinds of skills don't even translate well from trading swaps to trading options or vice versa. Yet it takes a lot of his energy, including his best creative energy. He is not getting any younger either.

Moral of the story: if you can, save money. Perhaps you can become an angel investor on the side? You can also start putting this money into real estate, but do your homework first. You do not have time, but you do have capital; use it. Ideally — if you can — live on <100k, maybe invest some money into your own education+health, but then everything else has to be saved or invested in the most tax efficient way possible.

Of course, you can also buy time by e.g. getting a VA, outsourcing all research for your investments and all your errands, etc., though this should not become a trap for overpaying. It is very easy to say, "my job pays $300/hour, therefore I outsource this thing for $200/hour" and outsource something for $200/hour that does not have to be done at all.
 
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