Got a job offer for $840k/yr. Should I come out of retirement?

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novice111
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by novice111 »

tmcc wrote: Wed Jan 13, 2021 4:31 pm Well this was a jolly read. Back to the salt mines I go
:D
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Abe
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Abe »

There are many people who would be happy to have the "problem" that you have.
Slow and steady wins the race.
halfnine
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by halfnine »

Lowlim wrote: Tue Jan 12, 2021 8:29 pm ...I enjoy learning new things and want to test myself physically while I'm still young enough to do it...
There are many activities where your peak years are already behind you. Other activities that you could probably still to do at a high level now but not necessarily in another 5 years. And once those years are gone...they are gone. So it really depends on how serious you are about it. It was important enough to me that I did those things without anywhere close to 6 million or 840k/yr. But only you can make that decision.
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by geerhardusvos »

Abe wrote: Wed Jan 13, 2021 6:05 pm There are many people who would be happy to have the "problem" that you have.
I think what’s more clear is that happiness doesn’t come from money at all
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ScaledWheel
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by ScaledWheel »

Lowlim wrote: Wed Jan 13, 2021 9:29 am
TomatoTomahto wrote: Wed Jan 13, 2021 8:08 am Just curious: how much ad money would you be risking monthly? Is this risk borne by you alone or is it shared with the employer?
The company is currently spending ~$700k/month, with targets to spend much more as long as they can do so profitably. I would not be risking any of my own money. So they are offered me a compensation equal to 10% of their current marketing budget, which is not uncommon in this industry. Actually, assuming that I'm successful in profitably increasing their ad spending, they would end up paying me a fee equal to less than 10% of their ad spending because my fee would be fixed at $70k/month. This is part of the reason that I think there is room to negotiate.
Apparently I am a chump. I work on ML in the same area at a company with a very similar monthly spend and I just take a fraction of your fee as salary.
JGS
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by JGS »

take a moment to slowly read your question to yourself. If you are as smart as you say you are, the answer is very clear.
mc7
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by mc7 »

ScaledWheel wrote: Wed Jan 13, 2021 8:27 pm
Lowlim wrote: Wed Jan 13, 2021 9:29 am
TomatoTomahto wrote: Wed Jan 13, 2021 8:08 am Just curious: how much ad money would you be risking monthly? Is this risk borne by you alone or is it shared with the employer?
The company is currently spending ~$700k/month, with targets to spend much more as long as they can do so profitably. I would not be risking any of my own money. So they are offered me a compensation equal to 10% of their current marketing budget, which is not uncommon in this industry. Actually, assuming that I'm successful in profitably increasing their ad spending, they would end up paying me a fee equal to less than 10% of their ad spending because my fee would be fixed at $70k/month. This is part of the reason that I think there is room to negotiate.
Apparently I am a chump. I work on ML in the same area at a company with a very similar monthly spend and I just take a fraction of your fee as salary.
Lowlim, instead of billing your own time, sounds like you should hire ScaledWheel, give him/her a raise, and delegate the work! Semi-seriously, can you turn this into a business? It's concerning that doing all the work yourself takes such a toll on you. Being an entrepreneur would have its own challenges, but who knows, maybe those challenges would be less stressful? Anyway, as many have said, nothing wrong with having Enough and living life on your own terms.
Trader Joe
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Trader Joe »

No, I would enjoy my retirement.
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Robert T »

Lowlim wrote: Tue Jan 12, 2021 8:29 pm I consider myself maybe the lowest skilled full time amateur athlete and loving every bit of it. I enjoy learning new things and want to test myself physically while I'm still young enough to do it.
Best part of the OP. If you love every bit of it, do more of it while you can.
.
srt7
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by srt7 »

Lowlim wrote: Tue Jan 12, 2021 8:29 pm
...

Even after a 2.5 year break, I'm burned out from my previous career and would really have to grit my teeth to get back into doing it full time. Even the initial few week contract was a strain for me emotionally. (I've struggled with mental health in the past and having a stressful job doesn't help.) To be blunt, I'm highly skilled at my profession, but just don't want to do it anymore. In the past 2.5 years, since initially retiring, I've been the happiest and most stress free I've ever been.

...
Ignore the noise and get back to enjoying YOUR life on YOUR terms! :sharebeer
New Providence
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by New Providence »

Cash is not enough. Get some stock options too.
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by pondering »

Offer to work 4 hours a day
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sergeant
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by sergeant »

I wouldn't do it. Sounds harmful to your health. If you find a +EV situation in Las Vegas and need a team member just PM me.
AA- 20+ Years of Expenses Fixed Income/The remainder in Equities.
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Jack FFR1846 »

Wait. The specific things you do make me think......you're the Old Spice guy on a horse, aren't you?
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by dru808 »

You don’t need the money, you don’t want to work. Am I missing something?
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ohboy!
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by ohboy! »

Look how many friends you have here! Posting bogleheads threads this popular is maybe similar to being a $1m a tear adwords expert. This thread converted!
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Lowlim
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Lowlim »

ScaledWheel wrote: Wed Jan 13, 2021 8:27 pm
Lowlim wrote: Wed Jan 13, 2021 9:29 am
TomatoTomahto wrote: Wed Jan 13, 2021 8:08 am Just curious: how much ad money would you be risking monthly? Is this risk borne by you alone or is it shared with the employer?
The company is currently spending ~$700k/month, with targets to spend much more as long as they can do so profitably. I would not be risking any of my own money. So they are offered me a compensation equal to 10% of their current marketing budget, which is not uncommon in this industry. Actually, assuming that I'm successful in profitably increasing their ad spending, they would end up paying me a fee equal to less than 10% of their ad spending because my fee would be fixed at $70k/month. This is part of the reason that I think there is room to negotiate.
Apparently I am a chump. I work on ML in the same area at a company with a very similar monthly spend and I just take a fraction of your fee as salary.
Earlier in my career, I also did similar work for much less comp and my colleague still does. My example is not the norm for those in this field.
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Lowlim
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Lowlim »

knowledge wrote: Wed Jan 13, 2021 4:27 pm
Lowlim wrote: Wed Jan 13, 2021 2:41 pm Your post helps to reiterate my previous point about why I'm able to charge much higher rates than a colleague of mine with a comparable skill set. I'm often able to help companies understand that it doesn't matter how many hours are spent or the size of the team they are hiring. The ONLY thing that matters is the results. If I'm successful in directing the company's focus to results rather than cost of labor, my billing rate increases as a result. As far as I know, my colleague only charges based on the hours he spends. So his rate is stuck at $100 to $150 per hour.
I don't doubt your prowess or your ability to command such prices, but from my POV, if it were my own money - sure it's results, but long term results. What the hell do I do after you're gone? Are you helping the company understand their metrics and unit economics? Are you advising them on how to build out their marketing stack? Or is all that gone once the engagement is over, in which case...you're going to have to find another person to keep it going.
Are you actually curious what the company retains after this type of engagement is over? If so, I'm happy to elaborate. However, if it's just the relatively high rate in general you have an issue with, I think it's enough to say that there are many occupations that charge much higher rates than what I'm being offered. The market continues to indicate that these high rates are worthwhile for some services. The best answer I can give as to why these rates are high is that the market sets the price.
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Lowlim
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Lowlim »

pondering wrote: Wed Jan 13, 2021 9:48 pm Offer to work 4 hours a day
I've tried this approach in the past and have not been able to deliver satisfactory results. In order to deliver the desired results, I would likely need to put the majority of my mental energy into this project.
Thegame14
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Thegame14 »

Abe wrote: Wed Jan 13, 2021 6:05 pm There are many people who would be happy to have the "problem" that you have.
+1
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Lowlim
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Lowlim »

systemr wrote: Wed Jan 13, 2021 2:01 pm Considering you are quite skilled and in demand why not tie your comp to some kind of cut of return above target CAC or ROAS? Is it possible to get an affiliate like payout while not fronting your own cash? Or if you believe in this company take some of the comp in equity?

You clearly don't need the money, so I'd personally think about the following if you do it:
(1) structuring the engagement to keeping it fun, whatever that is for you
(2) setting constraints around the job to guard against stress/burnout etc
Finding a structure that ties my comp to performance is exactly what the back and forth negotiation was about before the company offered a flat $70k/month.
gips
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by gips »

i’m in a similar situation but older. i had several offers to come out of retirement, total comp closer to $1mm and i turned them all down as i was completely burnt out. a year or so ago i felt my mind losing sharpness and decided to work 2-3 days per week as a consultant 4-6 months per year, less pressure than running/growing a company and the opportunity to play with new tech. it’s been fun, good distraction through the pandemic and i rediscovered my love of fintech but i’m thinking about letting it go now.

in your position, yes it’s hard to turn down the $, but your mind and body obviously arent ready to say yes. if you’re looking for something to do, the best time i’ve spent in retirement has been taking free edx liberal arts courses since the bulk of my education was around stem.

good luck!
esteen
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by esteen »

I think you should take some real time to ask yourself, over and over in all the ways possible, what it is you want out of life. As is obvious by other posters, different people come to very different conclusions with the same information. The folks who said "only you can answer" are right, but you gave us some clues...
Lowlim wrote: Tue Jan 12, 2021 8:29 pm To be blunt, I'm highly skilled at my profession, but just don't want to do it anymore. In the past 2.5 years, since initially retiring, I've been the happiest and most stress free I've ever been.
Is being happy and stress free more fulfilling than having more money, working at a job, etc? Which one advances your life in a meaningful way?
Lowlim wrote: Tue Jan 12, 2021 8:40 pm If I don't take this job, and something catastrophic and unforeseen happens in the future, I might regret not making the extra money.
This is easily fixed - buy insurance for whatever catastrophic events you are worried about, and move on.
Lowlim wrote: Tue Jan 12, 2021 8:59 pm Since the information of top share holders was made public, I know that this person got shares worth around $40 million. I get a sick feeling deep in my stomach every time I think about this.
I would look into this more deeply. Why is it sickening for you to have a missed opportunity for $40M when you are already content on only spending $110K/yr? Would you still be spending $110K/yr if you had $40M in your bank account, or would you be doing other things with that money? If you were at $40M, would you feel sick to your stomach knowing you had an opportunity to make $200M?

What I'm getting at is, know yourself. Spend a lot of deep, meaningful time and effort getting to know what makes you happy and fulfilled (not like a anticipation or instant gratification, but the long-term kind of happy). Know what makes you tick/keeps up your motivation. Know what fills your cup. Know what traits you have that 'trick' you into desiring something at the time that really ends up disappointing you later.

Then when these choices come up in your future they will be easy to answer!

All the best,
-es
esteen
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by esteen »

Thegame14 wrote: Wed Jan 13, 2021 11:57 pm
Abe wrote: Wed Jan 13, 2021 6:05 pm There are many people who would be happy to have the "problem" that you have.
+1
If it feels like a problem to OP, it's a problem. It's amazing how relative stress is to the individual and their life situation. There are many times in my life when I have felt the real stress of a problem that others would kill to have on their plates... but that knowledge doesn't make my stress disappear.
anoop
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by anoop »

the ceo of snowflake is pulling in $100 million/month, so i think you should ask for moar.

(just kidding.)
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SmileyFace
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by SmileyFace »

Personal decision.
If it were me - I would take the job - it would allow me to give more to my charities and allow me more money to be more free to work within my charitable organizations when I re-retired. It would also allow me to add to the legacy for my family: children and grandchildren. For you - sounds like you spend your early retirement days on yourself. For someone that is more self-indulgent perhaps it doesn't make sense.
38,000 ft
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by 38,000 ft »

Lowlim wrote: Tue Jan 12, 2021 9:43 pm At my own wedding, I decided not to declare a best man, partially because I didn't want to disappoint any of the friends that had previously declared me as their best man.
Are you still married? I ask because where does your partner fit into helping you decide whether to take the offer? I didn’t see it mentioned. surely they have an opinion and it would be worth a heck of a lot more than what we all think.
mr_brightside
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by mr_brightside »

humble brag thread

I'm young and rich and can't figure out what to do ?? woe is me

----------------------------------------
remember Enron?? I do
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Lowlim
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Lowlim »

esteen wrote: Thu Jan 14, 2021 3:10 am I would look into this more deeply. Why is it sickening for you to have a missed opportunity for $40M when you are already content on only spending $110K/yr? Would you still be spending $110K/yr if you had $40M in your bank account, or would you be doing other things with that money? If you were at $40M, would you feel sick to your stomach knowing you had an opportunity to make $200M?
If I had made that $40m, my expenses wouldn't likely increase significantly. With that kind of money, I might be inclined to do some angel investing for fun, but not because I think I can beat the market. I think the odds of beating the market would likely be against me.

I feel sick with thinking about that $40m because I hate missed opportunity. Yes, I would have the same feeling if I did have $40m and missed an opportunity to make $200m. But I don't feel bad because I have less than $40m or $200m. I feel bad because I missed the an opportunity that was put in front of me on a silver platter.
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Lowlim
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Lowlim »

38,000 ft wrote: Thu Jan 14, 2021 12:01 pm
Lowlim wrote: Tue Jan 12, 2021 9:43 pm At my own wedding, I decided not to declare a best man, partially because I didn't want to disappoint any of the friends that had previously declared me as their best man.
Are you still married? I ask because where does your partner fit into helping you decide whether to take the offer? I didn’t see it mentioned. surely they have an opinion and it would be worth a heck of a lot more than what we all think.
Yes, still married. My spouse initially agreed with me when I said that I can't say no if I can get >=$1m/yr. But during the initial few week contract, our casual conversations started to change. It went from talking about leisure pursuits to talking mostly about work. At times, my spouse needed a break from even talking about work. So we would sit in silence for a moment while I tried to shift my mind enough to talk about something else. I'm much less pleasant to be around when I have a job. In fact, before I retired and was considering taking another job, I asked "can you put up with me for one more job?"

So my spouse is now on the fence. In the short term, our lives would be better if I stay retired. However, my spouse is more of a pessimist and would feel more secure, as would I, if we had 2 or 3x what we have now.
Last edited by Lowlim on Thu Jan 14, 2021 4:02 pm, edited 1 time in total.
Silk McCue
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Silk McCue »

Lowlim wrote: Thu Jan 14, 2021 1:07 pm
So my spouse is now on the fence. In the short term, our lives would be better if I stay retired. However, my spouse is more of a pessimist and would feel more secure, as would I, if we had 2 or 3x what we have now.
2 or 3x what you have now to feel more secure? How many years of your life/happiness are you willing to trade for that when you already have more than enough?

Cheers
38,000 ft
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by 38,000 ft »

Well I mean you said it then. If taking the job is going to harm your relationship don’t do it. You don’t need the money. And no amount of money can fix the harm it will cause.
vivienw
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by vivienw »

just don't want to do it anymore.
I've been the happiest and most stress free I've ever been.
There, you've answered your question!

I wish I could even begin to understand what it feels like to be earning that kind of money, but I'll put in my two cents.

It's clear that money is not an issue for you at all right now, and what you're lacking in is personal fulfillment. So if you're going to work at all, why not find a job that is personally enriching, regardless of the income? Otherwise, use your time to achieve more of those personal goals that you listed.

You said that your job causes you overwhelming stress and grief. Personally, unless I was hard pressed for rent and living expenses, no amount of money would make me take that kind of job, unless I was very invested in a cause which I'd want to donate to.

You are young, but even so time > money. Having lost people close to me at fairly young ages, having time and freedom seems infinitely more valuable.
esteen
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by esteen »

Lowlim wrote: Thu Jan 14, 2021 12:46 pm
esteen wrote: Thu Jan 14, 2021 3:10 am I would look into this more deeply. Why is it sickening for you to have a missed opportunity for $40M when you are already content on only spending $110K/yr? Would you still be spending $110K/yr if you had $40M in your bank account, or would you be doing other things with that money? If you were at $40M, would you feel sick to your stomach knowing you had an opportunity to make $200M?
If I had made that $40m, my expenses wouldn't likely increase significantly. With that kind of money, I might be inclined to do some angel investing for fun, but not because I think I can beat the market. I think the odds of beating the market would likely be against me.

I feel sick with thinking about that $40m because I hate missed opportunity. Yes, I would have the same feeling if I did have $40m and missed an opportunity to make $200m. But I don't feel bad because I have less than $40m or $200m. I feel bad because I missed the an opportunity that was put in front of me on a silver platter.
Gotcha. Sounds normal to me - I would probably have that feeling too. Fortunately though, now that I know you don't feel worse today for having a $6M balance vs $40M, I think it's plain that it wasn't a meaningful opportunity in the first place.

That knowledge of the "why" strengthens the argument for you not needing the extra money, and not having a true life passion/goal tied to accumulating extra money (e.g. philanthropy like some suggested).

All the best,
-es
esteen
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by esteen »

Lowlim wrote: Thu Jan 14, 2021 1:07 pm Yes, still married. My spouse initially agreed with me when I said that I can't say no if I can get >=$1m/yr. But during the initial few week contract, our casual conversations started to change. It went from talking about leisure pursuits to talking mostly about work. At times, my spouse needed a break from even talking about work. So we would sit in silence for a moment while I tried to shift my mind enough to talk about something else. I'm much less present to be around when I have a job. In fact, before I retired and was considering taking another job, I asked "can you put up with me for one more job?"

So my spouse is now on the fence. In the short term, our lives would be better if I stay retired. However, my spouse is more of a pessimist and would feel more secure, as would I, if we had 2 or 3x what we have now.
Just saw this. Agree with other posters - this seals the deal! The strength of your relationship far outweighs another $840K, or $1M, even $10M. Because that strong relationship will have vastly more positive outcomes on your health/happiness/fulfillment than any amount of money you can add to an already "set for life" portfolio balance.

Just my $0.02 :beer
Last edited by esteen on Thu Jan 14, 2021 3:13 pm, edited 1 time in total.
SCraw
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by SCraw »

It looks like you want to do it, so go for it.

Note: If it’s a large firm, see if you can somehow get paid via a non-qualified deferred compensation (NQDC) plan. One year’s salary could cover 8 years of expenses! Super tax efficient.
novemberrain
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by novemberrain »

an_asker wrote: Tue Jan 12, 2021 9:40 pm
just that OP - in spite of earning what's probably a 0.01% salary - is just like any other human.
I am nitpicking. But the amount mentioned is not 0.01% salary. It is not even in 1 percent category in Bay Area where OP resides.
https://www.cnbc.com/2018/07/19/what-yo ... erica.html
In affluent metropolitan areas, however, the threshold is much higher. In New York City, for example, your household needs an annual income of $744,426 to be in the 1 percent of earners. In San Francisco, it’s $943,782.
To reach 0.01 I would guess requires 10m salary
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ram
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by ram »

No...
Ram
bltn
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by bltn »

Lowlim wrote: Thu Jan 14, 2021 1:07 pm
38,000 ft wrote: Thu Jan 14, 2021 12:01 pm
Lowlim wrote: Tue Jan 12, 2021 9:43 pm At my own wedding, I decided not to declare a best man, partially because I didn't want to disappoint any of the friends that had previously declared me as their best man.
Are you still married? I ask because where does your partner fit into helping you decide whether to take the offer? I didn’t see it mentioned. surely they have an opinion and it would be worth a heck of a lot more than what we all think.
Yes, still married. My spouse initially agreed with me when I said that I can't say no if I can get >=$1m/yr. But during the initial few week contract, our casual conversations started to change. It went from talking about leisure pursuits to talking mostly about work. At times, my spouse needed a break from even talking about work. So we would sit in silence for a moment while I tried to shift my mind enough to talk about something else. I'm much less pleasant to be around when I have a job. In fact, before I retired and was considering taking another job, I asked "can you put up with me for one more job?"

So my spouse is now on the fence. In the short term, our lives would be better if I stay retired. However, my spouse is more of a pessimist and would feel more secure, as would I, if we had 2 or 3x what we have now.
Security was my primary motivation for accumulation during my career. Not being very materialistic, and a naturally frugal person, I didn t require a lot of money for a personally comfortable life. My wife, also frugal by nature, requires a bit more spending than ! I realize that this balance has been good for me.

I first pondered retirement at about your level of security, given your accumulation and current spending. At that point I slowed down, and after another ten years slowed down more and went to part time work for the last four years. But while my work could be challenging, I dealt with the stress. And I didn t bring my work home with me. I didn t let my job define me as a person.

In your position, I might try to adjust my all or none approach to my job, and segregate some personal time for my recreational activities. This might allow for the increased security that both you and your wife would like.
Nathan Drake
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Nathan Drake »

To the OP:

You have >$6M and you are only 38 years old. Most people will not be fortunate to have 10% of that saved up at retirement age. Most people will not be in a position to make $840k/yr working in performance marketing for a tech company. Most people will not make 10% of that in a year. You are in a position of privilege to do whatever it is you want with the rest of your only real tangible asset on this earth - Time. Again, most do not have that luxury. We are just doing enough to save as much as possible and make ends meet with very limited time to do things that we enjoy.

I'm really sorry that you did not win the lottery by making potentially $40 million. You spend $110k/year. That $40 million has no value to your life other than ego and greed. You're not in a unique position. Almost anyone on this board could have made $40 million if only we had the foresight of leveraging our portfolios into moonshot stocks that hit it big. We didn't. Oh well. We lost the lottory, too.

Your >$6M portfolio could be placed in some of the safest instruments given that you have a 1.8% SWR and you would never have to worry about market volatility or losing money for the rest of your days. In fact, you significantly over-saved your needs for retirement. Why didn't you retire at 30? Sounds like more ego and greed.

So, why would you want to make $840k/year as a "performance marketer" in technology? Is that serving a better purpose in your life - to make technology companies even more wealthy than they already are by feeding off the collective addiction to technology services that does not enhance the average person's life in a material way and in fact is very likely harmful to their mental and financial health? Is this your life's goal? If so, continue to take the job.

If that is not your life's goal, then decline and do better things with your life than simply making more money. It's just that simple.

"At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history.

Heller responds,“Yes, but I have something he will never have — ENOUGH.”"
an_asker
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by an_asker »

novemberrain wrote: Fri Jan 15, 2021 8:35 pm
an_asker wrote: Tue Jan 12, 2021 9:40 pm
just that OP - in spite of earning what's probably a 0.01% salary - is just like any other human.
I am nitpicking. But the amount mentioned is not 0.01% salary. It is not even in 1 percent category in Bay Area where OP resides.
https://www.cnbc.com/2018/07/19/what-yo ... erica.html
In affluent metropolitan areas, however, the threshold is much higher. In New York City, for example, your household needs an annual income of $744,426 to be in the 1 percent of earners. In San Francisco, it’s $943,782.
To reach 0.01 I would guess requires 10m salary
Wow! I'm having a major inferiority complex attack now.

Just kidding!!
visualguy
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by visualguy »

novemberrain wrote: Fri Jan 15, 2021 8:35 pm
an_asker wrote: Tue Jan 12, 2021 9:40 pm
just that OP - in spite of earning what's probably a 0.01% salary - is just like any other human.
I am nitpicking. But the amount mentioned is not 0.01% salary. It is not even in 1 percent category in Bay Area where OP resides.
https://www.cnbc.com/2018/07/19/what-yo ... erica.html
In affluent metropolitan areas, however, the threshold is much higher. In New York City, for example, your household needs an annual income of $744,426 to be in the 1 percent of earners. In San Francisco, it’s $943,782.
To reach 0.01 I would guess requires 10m salary
Right, and having $6M in that area (SF Bay) pretty much just means that you can buy a nice new house in a good school district (no mansion by any means), and pay the property taxes on that house for the rest of your life. That's about it. It's not the kind of money that makes you feel like you really made it in that area.
reader79
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by reader79 »

It sounds like you have done an incredible job of seeing whether you're living a fulfilled life now, living on your assets. From your post, there is no way I would go back because you don't need the money at all and are already living a highly fulfilled life.

I am in a very similar position and won't hesitate to walk away from a similar annual salary when I no longer want to work for money. Right now, I love it, it doesn't really feel like work, so I don't have any plans to stop. If I ever reached a point that you mention in your post about your feelings of burnout, I would leave and never go back. Life is too short.

One thing to remember is that, barring a truly awful sequence risk (something you have thus far avoided), you will likely end up with far more money than you currently have because of your low withdrawal rate and appreciation over time. So, this is really a question of lifestyle than of money, in which case I think you already answered your question.

Congrats!
kimura king
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by kimura king »

Lowlim wrote: Tue Jan 12, 2021 9:15 pm
systemr wrote: Tue Jan 12, 2021 8:55 pm Congrats on hitting those numbers, huge! How are you filling your days? I am also the same age and similar magnitude portfolio but in highly concentrated positions due to it mostly being sweat equity.

I've always taken time off between startups (ranging from 6 months to a year) but always got bored as you can only travel so much and likley most of your friends aren't working. Super curious how your time breaks down?
I'm happy to hear from someone in a similar situation.

I've struggled with this and it was one of the first things I tried to answer after retiring. see post: Retired at 35 and have no friends :( viewtopic.php?f=11&t=283299&p=4591396#p4591396

Like I mentioned in the original post, I've learned to swim, have a regular power-lifting schedule, train Jiu Jitsu, and am now learning how to ride a horse in preparation for a Modern Pentathlon. This ends up being pretty much full time. Example, yesterday, I started the day with a 2 hour power-lifting workout from 9am to 11am, got a horse back riding lesson from 2pm to 3pm, and then a Jiu Jitsu class from 7pm to 8:30pm. Some of the in-between time is filled up with meals and traveling to the different activities. I also enjoy staying up to date on new and current events, so when I have a bit of downtime, I'll browse the internet while streaming a news broadcast. I also listen to books when I driving to the different activities.

How does your time break down?
That sounds like the dream and exactly why you should probably turn this amazing opportunity down for now. I was a wrestler that trained jiu-jitsu compulsively for years and looooved it. These days I could break my schedule down but for the sake of time and boglehead simplicity lets just say most of my time is consumed working or helping with the kids and kids sports (wife works full time and travels some). Lift weights, run, and swim occasionally.

Nothing is more valuable than your health and your time. Best of luck.
kiwi123
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by kiwi123 »

Lowlim wrote: Tue Jan 12, 2021 8:59 pm
8foot7 wrote: Tue Jan 12, 2021 8:32 pm It sounds like you want to declare Enough. I encourage you to.
Thank you for that comment.

Earlier in my career, I decided that ~$2.5 million was "Enough" for me because I my expenses were $100k and was happy with a 4% rule. But once I got to it, the number just kept moving. For some reason, I keep thinking that I'll feel "wealthy" once I have about 2x of whatever I have at the given time.

Side note, around 2013, I passed on a job opportunity with a hot new Silicon Valley startup. The person that ultimately took the position I was offered ended up cashing out huge when the company went public. Since the information of top share holders was made public, I know that this person got shares worth around $40 million. I get a sick feeling deep in my stomach every time I think about this.
$40M is $20M after taxes so that should make you feel 50% less sick...

I don't think the question should be whether you should come out of retirement, i think it should be "do i need help to get out of the funk I'm in?", or "what did you do when you realized something was missing in your life?".

You've hit your number which is great (someone will always have more, and many will have less). After a couple of years i went back to work on my terms (part-time and at a lower rate than when i was fulltime to have less responsibility). It keeps me feeling productive, and i continue to do about the same amount of "personal stuff" that i did post financial independence. I'm a much happier person now vs. when I was working the "real" job, but I do have thoughts that i should be doing more... although I'm not sure what that is... I'm still searching for my answer to that question and probably will be for the rest of "life".

Thank you for sharing on this forum an good luck on your journey!
Triple digit golfer
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Triple digit golfer »

Highly skilled at his profession, investors wanted a clone of him, rare excellent salesman in his industry, turned down a position that ended in a $40 million pay day, star swimmer, horseback rider, Jiu Jitsu, power lifting, world traveler, listens to audio books. How incredibly cultured. I think we have a unicorn on our hands here!

I also forgot, incredibly humble!
Triple digit golfer
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by Triple digit golfer »

visualguy wrote: Sat Jan 16, 2021 12:04 amRight, and having $6M in that area (SF Bay) pretty much just means that you can buy a nice new house in a good school district (no mansion by any means), and pay the property taxes on that house for the rest of your life. That's about it. It's not the kind of money that makes you feel like you really made it in that area.
Buy a $1.5 million home and have $4.5 million left over. Live on $160k a year mortgage-free. That would be an incredibly easy, comfortable life for anybody or any family and certainly allows for much more than living and paying property taxes.

Or buy a really nice $2.5 million home and live on $125k mortgage-free.
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HMSVictory
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by HMSVictory »

I haven't read the replies but do not go back to work simply for money. You have earned the price of financial freedom.

IF you can structure some type of part time consulting gig that you would enjoy doing then go for it. If not then continue on retired.

I'm punching out of my 9-5 in 9 years and plan on doing part time work on my terms.
Stay the course!
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TxAg
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by TxAg »

Triple digit golfer wrote: Sat Jan 16, 2021 7:58 am Highly skilled at his profession, investors wanted a clone of him, rare excellent salesman in his industry, turned down a position that ended in a $40 million pay day, star swimmer, horseback rider, Jiu Jitsu, power lifting, world traveler, listens to audio books. How incredibly cultured. I think we have a unicorn on our hands here!

I also forgot, incredibly humble!
To me, the OP doesn't come off that way you imply. He's just laying out the facts of his life and looking for opinions. I can accept that some people have a cooler life than me. :sharebeer
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TxAg
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Re: Got a job offer for $840k/yr. Should I come out of retirement?

Post by TxAg »

mr_brightside wrote: Thu Jan 14, 2021 12:19 pm humble brag thread

I'm young and rich and can't figure out what to do ?? woe is me

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I disagree. See above. :sharebeer
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