I would like to be inspired and hopefully help to inpire others along the way. I am new here and would like to know what you folks are/were doing for your profession before/after retirement. Do you like what you are doing, is it financially rewarding, and how does it help your FIRE goals etc? As far as FIRE goes, i would like to know if i am on the right track or am behind and need to catch up. Your thoughts...
Let me start:
I have over 10 years in the hopsitality industry, working while in school from the ground up- literally! Park car, scrub floors, you name it, i've done it. I went to a few colleges but did not finish with a degree. Currently, I work in one of the biggest company in MD for the last 5 years, at corporate HQ. Starts out as a Payable Specialist then HRIS analyst, then 8 months ago was promoted to the youngest PeopleSoft HRMS trainer in the company as a Training & Dev. analyst. With new system implementations, i would go out to the field offices and train GM and Senior mgrs. on the new system process flow- train the trainers if you will. There are perks but the pay at least right now is only average. According to my boss, i am within 10% of the market reference point so i guess that's not too bad plus i am only in the position for 8 months. And an increase is due to me in 2 weeks!
More importantly though, for my FIRE is the fact the i am maxing out my 401K contribution not counting safe harbor from the company ($15K/year + saving in a VUL). I have a house that's 2 years old and a mortgage to match. In 10-15 years, i know the house will be in the $800s to $1M range so that will be my fall back plan with at least in $500K in equity. However, my current net worth is approx. $330K with roughly $60K in retirement savings and another $33K in emergency fund included. Beside the mortgage, i have no other debts so my expense is relatively low at less than $5000/month including the mortgage. My ER goal is between 50-55 with at least $1.5-2.0M. I just turned 31.
I know that i am still far away from my FIRE goal but just for curiosity; what would you give up, money or things of value wise if you could retire today with financial security and independence?
Duke
Duke
Let me start:
I have over 10 years in the hopsitality industry, working while in school from the ground up- literally! Park car, scrub floors, you name it, i've done it. I went to a few colleges but did not finish with a degree. Currently, I work in one of the biggest company in MD for the last 5 years, at corporate HQ. Starts out as a Payable Specialist then HRIS analyst, then 8 months ago was promoted to the youngest PeopleSoft HRMS trainer in the company as a Training & Dev. analyst. With new system implementations, i would go out to the field offices and train GM and Senior mgrs. on the new system process flow- train the trainers if you will. There are perks but the pay at least right now is only average. According to my boss, i am within 10% of the market reference point so i guess that's not too bad plus i am only in the position for 8 months. And an increase is due to me in 2 weeks!
More importantly though, for my FIRE is the fact the i am maxing out my 401K contribution not counting safe harbor from the company ($15K/year + saving in a VUL). I have a house that's 2 years old and a mortgage to match. In 10-15 years, i know the house will be in the $800s to $1M range so that will be my fall back plan with at least in $500K in equity. However, my current net worth is approx. $330K with roughly $60K in retirement savings and another $33K in emergency fund included. Beside the mortgage, i have no other debts so my expense is relatively low at less than $5000/month including the mortgage. My ER goal is between 50-55 with at least $1.5-2.0M. I just turned 31.
I know that i am still far away from my FIRE goal but just for curiosity; what would you give up, money or things of value wise if you could retire today with financial security and independence?
Duke
Duke