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Delurking NYer; hi all
Old 10-02-2007, 06:46 PM   #1
Confused about dryer sheets
Join Date: Aug 2007
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Delurking NYer; hi all

Hi everyone, I figured it was time for me to delurk. I've been visiting this forum for a quite a while (in stealth mode), taking in the often great advice, humorous banter, and general helpfulness of the folks here. Thanks!

I'm a NYer with a ways to go until I'm FI but hey, I'm pleased to even be able to consider it a possible goal these days. I spent a number of years of my working life in a pretty low-paying industry (and position) and lived simply with little left over to save. Things changed about 10 years ago when I shifted into the world of megacorp financial institutions. This led to much better compensation (fewer old bag lady nightmares), a significant (but so far doable) increase in stress, and a pretty high degree of job insecurity...guess it's all part of the territory. This is where I am now:

48yo, single, no kids
Own co-op: roughly $200k
Ret: $280k (401k, IRAs)
Non-ret: $180k (taxable mutual funds)
No pension

I can and plan to live on a lot less than my current salary but don't see moving from expensive NYC area. So less is still not as low as most places, I suspect. With taking a "sabbatical" (...ex-employer initiated, lengthened by me to travel, putter, and generally contemplate/check out other options), I found healthcare costs to be a huge obstacle to not returning to full-time w/ benefits. It's hard for me to imagine continuing until late 50s in this line of could all change (and probably will) and that would be interesting too...another reinvention of a work identity, perhaps.
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Old 10-02-2007, 06:57 PM   #2
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Welcome Walden.
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Old 10-02-2007, 06:57 PM   #3
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Welcome, walden. We have lots on common, although I fled the boros for "God's Country" (NJ). You in Queens? I grew up in Flushing and have a good friend living in a Bayside condo.

I think that if you are in our industry, you have the opportunity to stash away large sums on an irregular basis and need to make the most of it. If you are here, you likely haven't fallen prey to the idiocy of luxury spending around bonus time. Just keep plugging and you will at least be in the position to make different choices in the future, if not outright retire.
"All animals are equal, but some animals are more equal than others."

- George Orwell

Ezekiel 23:20
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Old 10-02-2007, 07:31 PM   #4
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Welcome Walden. As they say: "live on the base, bank the bonus".
Living an analog life in the Digital Age.
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Old 10-03-2007, 12:55 AM   #5
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Welcome and glad that you have decloaked.

Yes, I work for a financial institution too (but not in NYC) so I can guess at the stress. Healthcare is always an issue but I can say good luck and welcome.
Angels danced on the day that you were born.
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Old 10-03-2007, 03:54 PM   #6
Confused about dryer sheets
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Thanks for the welcome Chinaco, Brewer, Gumby, and BSSC!

Brewer, I too left for the 'burbs...I'm north of NYC now. Sounds like you know the atmosphere/workings at these "institutions." I was somewhat amazed when I first got into finance and heard that some colleagues used their bonus to pay off the credit card debt they'd been amassing all year. Needless to say some years they were hurting... The more I'm around this environment the more I sometimes feel I'm from an alternate universe; what's with the crazy spending for it's own sake (or a name brand, hot trend?!), and not taking advantage of every bennie offered. Ah well, I just keep banking the bonus and whatever else I can while the job still works for me.
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