Have $3m at 33, "approach to career" advice needed

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mobi
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Re: Have $3m at 33, "approach to career" advice needed

Post by mobi » Sun Aug 19, 2018 8:44 pm

So, how's the OP doing?

Topic Author
gcc32
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Re: Have $3m at 33, "approach to career" advice needed

Post by gcc32 » Sat Feb 09, 2019 1:17 pm

OP here -

I took the excellent advice by one poster here of going around telling anyone I knew I wasn't looking for a job and seeing what happened. I was offered a job pretty quickly and took it.

Job pays about 165k with a strong potential for bonus plus some decent perks and comes with full benefits for the family. The work isn't super hard but there is a lot of it, I'm easily working 60 hours a week and sometimes more. Company is relatively small, about 100 people and I'm working regularly with senior leadership.

Given my financial position I can basically coast from that perspective. We're spending all the money I am making before any bonuses, but I think that's okay while I have a small child and a wife that isn't working.

It has been a huge struggle for me to get onboard with having a job. I don't really love the work and I don't really believe that strongly in the opportunity the company is chasing. I've been doing it for almost six months now and am at the point of wondering if I should just quit and try something on my own again. With all of that said, I don't "hate" it, I just don't see it being something I want to do forever. This is possibly how everyone just feels about a job and I've never felt like this before. Happy to take any advice if anyone has some.

KyleAAA
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Re: Have $3m at 33, "approach to career" advice needed

Post by KyleAAA » Sat Feb 09, 2019 1:33 pm

go_mets wrote:
Thu May 31, 2018 2:33 pm
market timer wrote:
Thu May 31, 2018 11:04 am
dustinst22 wrote:
Thu May 31, 2018 9:55 am
I'm going to guess affiliate marketing.

I'm in a similar boat (if affiliate marketing is your niche). I will probably pivot to real estate once the well is totally dry.
mobi wrote:
Wed May 30, 2018 10:17 pm
I've been reading this forum for more than a year and decided to register after reading your post. I'm in the same exact situation. Around the same amount of money, but 40 years old. I did affiliate marketing for almost 10 years. I don't have any advice, I tried living on the beach for 1 year, but it was boring. I have a bunch of free time, and it seems that I can't get myself into a new career or business after I made money online. I loved my career but died slowly. After I realized my business had days counted I moved to a low cost of living area.
Am I the only one who would like to see a discussion of how to make $3mn+ on affiliate marketing?

I suspect those who actually have done it aren't going to share their knowledge.
Notice they only come here to Bogleheads *after*.

And those who do "share" are like those infomercials on TV promising riches galore.


.
It's an EXTREMELY collaborative community, actually. and it's easy to find people willing to help you out. I made pretty good money in affiliate marketing (not $3mm, but full-time livable money) for a few years. There are a lot of scammers out there, too. But you can learn most of what you need for free. My knowledge is likely outdated at this point but my advice is to just start a blog and join a community. Marketers in general don't see each other as competitors except in very specific cases.

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bligh
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Re: Have $3m at 33, "approach to career" advice needed

Post by bligh » Sat Feb 09, 2019 1:49 pm

gcc32 wrote:
Sat Feb 09, 2019 1:17 pm
OP here -

I took the excellent advice by one poster here of going around telling anyone I knew I wasn't looking for a job and seeing what happened. I was offered a job pretty quickly and took it.

Job pays about 165k with a strong potential for bonus plus some decent perks and comes with full benefits for the family. The work isn't super hard but there is a lot of it, I'm easily working 60 hours a week and sometimes more. Company is relatively small, about 100 people and I'm working regularly with senior leadership.

Given my financial position I can basically coast from that perspective. We're spending all the money I am making before any bonuses, but I think that's okay while I have a small child and a wife that isn't working.

It has been a huge struggle for me to get onboard with having a job. I don't really love the work and I don't really believe that strongly in the opportunity the company is chasing. I've been doing it for almost six months now and am at the point of wondering if I should just quit and try something on my own again. With all of that said, I don't "hate" it, I just don't see it being something I want to do forever. This is possibly how everyone just feels about a job and I've never felt like this before. Happy to take any advice if anyone has some.
Honestly, in my experience, this is normal after you reach a certain point financially. You aren't invested in chasing other peoples vision, and you don't care to be part of the rat race and run to try and climb that corporate ladder. I did it when I was younger and needed to establish myself, now I, like you, just coast. Yeah I know there is a negative connotation to that word, but in the long run I feel, as long as you take pride in your work, are smart and conscientious, you will end up doing a lot less busy work, be a lot less likely to burn out and over all be a more productive and happier worker. You will also be more likely to call out issues when you see them, and be frank, instead of nodding along. Companies need people like you who work because they choose to, not because they need you.

If I was in your shoes, I'd work at your current place until I felt I had learnt everything I had needed to learn and then move on to take time out for my other projects while once again letting my entire network know that I wasn't looking for a job. If a good opportunity presented itself, I'd take it, if not, no big deal.

In fact I did something very similar to what I just described above (while being older than you and with less money), and if things go well, this is what the rest of my "career" is basically going to look like. It is a luxury you have once you have reached a certain level of wealth and kept your expenses well below your means.

Old Guy
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Re: Have $3m at 33, "approach to career" advice needed

Post by Old Guy » Sat Feb 09, 2019 9:50 pm

Congratulations. You won. Get out the current job and do something socially useful.

bhsince87
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Re: Have $3m at 33, "approach to career" advice needed

Post by bhsince87 » Sat Feb 09, 2019 9:53 pm

Old Guy wrote:
Sat Feb 09, 2019 9:50 pm
Congratulations. You won. Get out the current job and do something socially useful.
Starting another business might be the most socially useful thing the OP could possibly do!
Retirement: When you reach a point where you have enough. Or when you've had enough.

ohai
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Re: Have $3m at 33, "approach to career" advice needed

Post by ohai » Sun Feb 10, 2019 1:46 am

Hi, OP. I'm the same age as you and have thought about this situation a lot. I think what I'd like to do, if my current career expires suddenly, is go on BizBuySell or some similar website like that, and become a serial owner of small businesses with growth potential. This is just because of my personal interests and because I think it will be fun. Think about who your role models are and what sort of person you'd like to be in 20 years. Unlike most people, you don't have to chain yourself to some activity to pay bills. If your wife is still teaching, that might take care of health insurance, which is probably one of your primary concerns. Other than that, having fun and looking forward to something every day is what you should care most about.

ge1
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Re: Have $3m at 33, "approach to career" advice needed

Post by ge1 » Sun Feb 10, 2019 3:51 am

Only found this thread now and it’s fascinating.

I’m one of those who has a really hard time with “find your passion” and also have an equally hard time with all the comments how boring and miserable work is. As bad as it sounds, I simply like to work. Not as a workaholic, but I enjoy learning, mastering and applying a skill. And that could be literally anything. I’m good with numbers and I work in Finance, but if you took my entire career away from me that would be totally cool and I could do law school, learn a language or do something with my hands. The sheer process of learning is what excites me (so maybe that’s my passion :happy ).

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Badger007
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Re: Have $3m at 33, "approach to career" advice needed

Post by Badger007 » Sun Feb 10, 2019 6:01 am

Haven’t had a chance to read all the posts, but if I were in similar shoes I would look into potentially SEO (depending on skill set), RE (with management can eliminate early morning calls) and spending time with your family.

A more exciting option: In your rather unique position of having time and resources, spend some wonderful time with your family. Be cognizant of pain points for which a good solution doesn’t exist when raising your angel. A lot of parents are too stressed, sleep deprived and worry about too many aspects of life to sit down and think how could x or y be fixed/better/more efficient rather than just accepting it and trying to endure to the next stage.

Full disclosure, I have 4 young angels and am definitely sleep deprived. Try to keep the stress and worrying in check though (of course my DW does quite a bit of worrying...). My risk aversion is probably holding me back a bit, but you have a marvelous safety net to remove a lot of the risk if the first few ideas don’t get off the ground. Just another idea to consider.
The most important work you will ever do will be within the walls of your home.

Topic Author
gcc32
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Re: Have $3m at 33, "approach to career" advice needed

Post by gcc32 » Sun Feb 10, 2019 2:50 pm

ohai wrote:
Sun Feb 10, 2019 1:46 am
Hi, OP. I'm the same age as you and have thought about this situation a lot. I think what I'd like to do, if my current career expires suddenly, is go on BizBuySell or some similar website like that, and become a serial owner of small businesses with growth potential. This is just because of my personal interests and because I think it will be fun. Think about who your role models are and what sort of person you'd like to be in 20 years. Unlike most people, you don't have to chain yourself to some activity to pay bills. If your wife is still teaching, that might take care of health insurance, which is probably one of your primary concerns. Other than that, having fun and looking forward to something every day is what you should care most about.
I have definitely thought about this path and I think it's a decent idea. It's just a lot easier said than done....and I've taken enough dumb risks in the past to know I want/need to be careful when it comes to investing a significant chunk of my money into something I'm inexperienced doing. If I go down the route of quitting and doing something like this, I probably need to do a better job of networking to find people in a similar situation for potential investors or advisors.

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Horton
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Re: Have $3m at 33, "approach to career" advice needed

Post by Horton » Sun Feb 10, 2019 3:14 pm

Do you have anyone in your network who you (a) really respect, (b) would work well with, and (c) know of ways you could collaborate with (or help) them?

If I was in your situation, then I would reach out to a few people I know who meet the criteria above and see if there are opportunities.

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Sandtrap
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Re: Have $3m at 33, "approach to career" advice needed

Post by Sandtrap » Sun Feb 10, 2019 3:23 pm

bligh wrote:
Sat Feb 09, 2019 1:49 pm
gcc32 wrote:
Sat Feb 09, 2019 1:17 pm
OP here -

I took the excellent advice by one poster here of going around telling anyone I knew I wasn't looking for a job and seeing what happened. I was offered a job pretty quickly and took it.

Job pays about 165k with a strong potential for bonus plus some decent perks and comes with full benefits for the family. The work isn't super hard but there is a lot of it, I'm easily working 60 hours a week and sometimes more. Company is relatively small, about 100 people and I'm working regularly with senior leadership.

Given my financial position I can basically coast from that perspective. We're spending all the money I am making before any bonuses, but I think that's okay while I have a small child and a wife that isn't working.

It has been a huge struggle for me to get onboard with having a job. I don't really love the work and I don't really believe that strongly in the opportunity the company is chasing. I've been doing it for almost six months now and am at the point of wondering if I should just quit and try something on my own again. With all of that said, I don't "hate" it, I just don't see it being something I want to do forever. This is possibly how everyone just feels about a job and I've never felt like this before. Happy to take any advice if anyone has some.
Honestly, in my experience, this is normal after you reach a certain point financially. You aren't invested in chasing other peoples vision, and you don't care to be part of the rat race and run to try and climb that corporate ladder. I did it when I was younger and needed to establish myself, now I, like you, just coast. Yeah I know there is a negative connotation to that word, but in the long run I feel, as long as you take pride in your work, are smart and conscientious, you will end up doing a lot less busy work, be a lot less likely to burn out and over all be a more productive and happier worker. You will also be more likely to call out issues when you see them, and be frank, instead of nodding along. Companies need people like you who work because they choose to, not because they need you.

If I was in your shoes, I'd work at your current place until I felt I had learnt everything I had needed to learn and then move on to take time out for my other projects while once again letting my entire network know that I wasn't looking for a job. If a good opportunity presented itself, I'd take it, if not, no big deal.

In fact I did something very similar to what I just described above (while being older than you and with less money), and if things go well, this is what the rest of my "career" is basically going to look like. It is a luxury you have once you have reached a certain level of wealth and kept your expenses well below your means.
+1
Very well said.
Also have been in a similar position.
Time to evaluate and prioritize what is truly meaningful in "your" life.
:happy

germark
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Re: Have $3m at 33, "approach to career" advice needed

Post by germark » Sun Feb 10, 2019 3:56 pm

gcc32 wrote:
Tue May 29, 2018 11:35 pm
I'm in a unique position financially and there's not a lot of people I feel like I can talk to about the topic. Any advice is appreciated.

I'm 33, live in HCOL area, with a net worth of about 3.2M (400k SEP IRA, 2.5M index funds, $300k cash/misc). No debt. Renting. Married with an infant at home. Spend about $120k/year (plan to move to a less expensive area next year, probably will cut expenses to about $95-100k).

I made an income doing a few things that aren't likely to keep making me much money (it's not trading, but similar to the concept of if a trading market went away and successful traders in that market weren't earning much anymore). I have experience managing people and building small businesses, but they are very niche. In short, most would agree I'm a smart and hardworking person, but I probably don't have any single skill that checks a "we should hire this guy" box.

My wife works in education and would like to take some years off to raise the kid(s) (in other words, she will never be a significant earner). I feel like I am at a crossroads. We have enough money to be very comfortable but not enough to retire, I have no specific career path, no guaranteed income, and all the time in the world to explore new things. I realize this is a good problem to have, but it's still a problem.

I think I could network my way into a job that pays high 5 figures, maybe low 6 figures best case scenario. I also could use some of the money I've made to start something new (which I have done a couple of times before, albeit in a niche that no longer is a great opportunity). I know I can't get specific advice because I'm being vague about the career, but I'm really just looking for general advice on how people would approach this problem.

My feeling is that I would be happier trying to build my own thing which is what I have alway done, but that it's "now or never" to try to get a more traditional job and build normal work experience should I ever want or need to go the corporate route. I don't think it would be easy to get my first "real" job when I'm 40+, and it's already probably not that easy now.

I do realize that worst case scenario we can move to a lower cost of living area and basically retire (especially when wife goes back to work), but I would prefer not to do that. Thank you.
Have you considered hiring a career counselor?

Also, there are a lot of books on amazon that pop up when you type in "how to choose a career": https://www.amazon.com/s/ref=nb_sb_noss ... e+a+career

Xrayman69
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Re: Have $3m at 33, "approach to career" advice needed

Post by Xrayman69 » Sun Feb 10, 2019 7:07 pm

You have the most important job ever, nurturing your child and providing the most diverse and supportive environment. The safety and well being of your family is not a luxury but some consider this a duty. Full disclosure if it wasn’t for the need for health insurance I would be a stay at home full time parent and only work and travel part time. I love my work so lucky that it’s my “passion” so this is easy.

Use your current position as a paid graduate education and learn and spounge as much as you can from everyone from senior leaders such as the CEO for strategy to the CFO for finance education to the administrative assistance for daily schedule management.

Leadership skills translatable regardless what you do in the future and the toughest part of most jobs is other people not the task at hand.

Good luck and enjoy the ride.

Topic Author
gcc32
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Re: Have $3m at 33, "approach to career" advice needed

Post by gcc32 » Mon Feb 11, 2019 8:57 pm

After a few more days of reflection, I think in this case this decision comes down to a gut feeling and eventually I just need to go with my gut, whatever it may be.

3504PIR
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Re: Have $3m at 33, "approach to career" advice needed

Post by 3504PIR » Tue Feb 12, 2019 1:19 am

I actually have several friends in the same basic situation. They took a variety of routes from their success, with an equal variety of outcomes thus far although the verdict is still out on a few. I was knee deep in the post Moneymaker online poker boom in the mid 2000s. I was a good player and made decent money (still do) but not like the guys younger than I who played and risked more freely than I did. Some of “us” still play live and are on those crappy sports channels late at night, others went to Ivy League schools and entered the workforce, mostly now working at hedge funds, and others branched out into building their own business. We still meet up annually at the WSOP and frankly, the ones who branched out into building their own business or built a real estate portfolio are happiest. The guys still playing every day / week (live now in Vegas) are not and the guys working for hedge funds are next to them in not being happy. I bought a farm with that money, literally, and am very happy that I did.

schrute
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Re: Have $3m at 33, "approach to career" advice needed

Post by schrute » Wed Feb 13, 2019 12:24 am

gcc32 wrote:
Mon Feb 11, 2019 8:57 pm
After a few more days of reflection, I think in this case this decision comes down to a gut feeling and eventually I just need to go with my gut, whatever it may be.
I tried reading in the thread, but I don't get it. You could retire right now and not sure why you would want to keep working? At least could take a few years off, but I suppose if you were doing your own thing might want that connection in the work force. Regardless, if I were you, I'd probably retire.

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