Young woman with a boring job as accountant, waiting her retirement

[suzi64]

Hello everyone,
As far as I can see, there is a lot of serious financial advice and planning going on here. So maybe this question will sound very inexperienced to you, but I wanted to ask your opinion as a newcomer.
I'm 25 years old and I work as an accountant in a pharmaceutical company. Even though my job doesn't satisfy me at all, because I earn well, I'm excitedly waiting for the day I will retire. My biggest dream is to open a farm-to-table concept. Although I don't have any culinary training, I am confident in my ability and I am already saving money for this dream. As you can imagine, a kitchen business is very expensive and labor intensive. Do you think it is realistic to work as a white-collar worker and own my own restaurant one day?

 

[jazz4cash]

Hello everyone,

As far as I can see, there is a lot of serious financial advice and planning going on here. So maybe this question will sound very inexperienced to you, but I wanted to ask your opinion as a newcomer.

I'm 25 years old and I work as an accountant in a pharmaceutical company. Even though my job doesn't satisfy me at all, because I earn well, I'm excitedly waiting for the day I will retire. My biggest dream is to open a farm-to-table concept. Although I don't have any culinary training, I am confident in my ability and I am already saving money for this dream. As you can imagine, a kitchen business is very expensive and labor intensive. Do you think it is realistic to work as a white-collar worker and own my own restaurant one day?

Yes it’s reasonable but of course it is NOT retirement. I wonder EXACTLY what intrigues you about the restaurant business? As an accountant you have critical skills to enhance the business. I wonder if it would satisfy your dream to partner with someone that has culinary expertise.

 

[The Cosmic Avenger]

I think it's realistic in that you could do it, but as far as retirement goes, I would not count running a restaurant as sustaining a retirement. It's work, even if you find good managers and staff you would need to either check in frequently or turn it over to someone else. And yes, some restaurant owners get into it after saving up and retiring from another career, but I think you will need to be very reliant on an experienced manager or assistant manager if you haven't worked in restaurant management before.

But I haven't actually done that myself, so start talking to restaurant managers/owners (during off hours!) about it. I'm sure many if not most will enjoy sharing their experience with you.

 

[njhowie]

Sure, why not?

If you're saving money to do it and are able to make ends meet, then that's great. Stick with it. However, be aware that you are young, and early in your career, so many things can happen.

 

[CaptTom]

I've worked in restaurants opened by people who had the money, but only knew the restaurant business from the perspective of the customer.

Of course having a customer focus is a great start. But my recommendation would be to know the limits of your expertise, and hire good people who know how to design and run a restaurant. This is NOT your home kitchen!

Along with that are all the normal aspects of running a business. We've all heard that most small businesses fail pretty quickly. I suspect the number is even higher in food service. Again, bring in good advice. At least you've got the accounting side covered. That's important, too.

Also understand that food services is largely a "fashion" industry. Farm-to-table might be trendy today, but who knows what the future will bring. Even successful restaurants come and go. Very few survive long term.

Oh, and as mentioned above, this is not retirement. Owning a restaurant is very hard work.

I'm not trying to spoil your dream. But you need to remain grounded in reality to make it come true.

 

[athena53]

Welcome! You have a very long time horizon and, as CaptTom pointed out, farm-to-table may not be as popular as it is now. That doesn't mean you shouldn't dream, though. Dreams are what kept most of us going through jobs that were sometimes boring, politically toxic, physically demanding, etc., and motivated us to save for the future.

Is there any way you can address the "boring" part of your work? Change jobs, get training that allows you to expand your responsibilities? Maybe even move into working for a restaurant chain so you can learn the food service business from that side?

There are also ways to get started on your dream without committing to a lease, multiple employees, and all the high overhead costs. Maybe start out small with catering so you develop a reputation first and see if the work is as fulfilling as you hope it will be.

 

[FiveDriver]

Suzi --

It's good to have a dream. Lots of Luck with it.

In the meantime, you could get a side hustle using your Accounting Skills for a local restaurant. Every time you go out to eat, you should be asking questions of of the 'Front of the House' -- the host/hostess, the wait staff, everyone.

Seek out the Farm to Table eateries in your area. Become a regular at those places, if you show up during a slack time in their day.....ask to speak to the Chef. They are often proud of the 'Back of the House' and not shy about showing off their operations.

You could see if a local Culinary School or Junior College offering night or weekend courses. Find the best websites or trade magazines.

I say again, Good Luck with your Dream. Save money where ever you can -- you'll need Bank behind you for the first few years.

 

[Montecfo]

Best bet is to take a part time job at a business like the one that interests you.

Best to research from the inside.

 

[pacergal]

Suzi --

It's good to have a dream. Lots of Luck with it.

In the meantime, you could get a side hustle using your Accounting Skills for a local restaurant. Every time you go out to eat, you should be asking questions of of the 'Front of the House' -- the host/hostess, the wait staff, everyone.

Seek out the Farm to Table eateries in your area. Become a regular at those places, if you show up during a slack time in their day.....ask to speak to the Chef. They are often proud of the 'Back of the House' and not shy about showing off their operations.

You could see if a local Culinary School or Junior College offering night or weekend courses. Find the best websites or trade magazines.

I say again, Good Luck with your Dream. Save money where ever you can -- you'll need Bank behind you for the first few years.

+++
Start working on your desires now! Take classes, talk to others in the business.
Develop an actual business plan and save, save, save.
Know that it will NOT be retirement, it will be just another job. But hopefully one you find more fulfilling.

 

[jollystomper]

Best bet is to take a part time job at a business like the one that interests you.

Best to research from the inside.

+1

In truth, retiring to pursue a dream job which you hope will be profitable is not really retirement. You are just trading a job you do not like for a job you do. There were many who previously claimed to be "retired" but were working at what they loved. Then the pandemic hit, their income dried up, and suddenly they panicked and were trying to find other ways to make money. Retirement says you can choose to work, but do not have to.

Keep working at those skills that are currently making you money, save (most important, the spending decisions I made at your age are why I am able to be retired today) and invest, and volunteer/work part time in your interest as that will give you the best insight into current/future trends (and many more ideas) than anything else. Above all, be patient... the social media headlines of "I was able to retire at 30!" are not always what they seem.

Best of luck to you!

 

[MRG]

You can do anything. I had a similar dream and had a coworker who had actually worked in the industry. He made me promise to really understand the industry before I put any money in it. He frequently told a story about the best a** chewing he ever received over a $3 hamburger.

 

[Mr._Graybeard]

You might consider seeking out an accounting job in an enterprise that you find more interesting/compelling.

 

[OldShooter]

I have been doing small business mentoring for close to 10 years. From experience:

1)People have very specific dreams, often not tested against reality. For example, "farm-to-table" is a very popular concept right now, but what is the competition in your market? What will your market look like after a few years go by and some other concepts become ascendant? I would suggest talking to some people who are already there, in the market or supplying the market. Locals may view you as potential competition, but someone a few hundred or few thousand miles away may not. Also make some visits to local businesses with a farm-to-table slant. Observe. Maybe ask a few discreet questions of the wait staff. Read restaurant reviews from a few years ago and ask yourself "how did things turn out?" I have no idea whether your concept is a good one for your market but, WADR, neither do you.

2) No experience in the industry is a huge issue. DS and DIL are graduates of the Culinary Institute of America in Hyde Park NW. CIA will not even accept applications from potential students who do not already have six months of experience in a real commercial kitchen.

So I would suggest that you work on these two issues for a while as you develop and evolve your dream. Knowing your market "front of the house" and knowing your business "back of the house" are key to success in any business.

 

[Sunset]

OP - Great you have a good paying job. It will fund a retirement if you save.

It's also nice to have dreams, but long before you commit to anything close to that goal, pick up a weekend job at a restaurant, and then a farm to table one if you can...

It's the quickest way to determine lots of issues you never knew, like 50% of restaurants go bankrupt in a few years.

At 30 you could well have a different dream. I know my dreams changed a few times.

 

[marko]

Many, many people on this forum retired early from jobs they didn't like but stuck with it because they made good money. That's how they got to retire early.

The membership here might be notably smaller had many of them "followed their passion" and took other paths. Likely, they'd still be toiling away somewhere, perhaps happier but with much fewer options.

I'd suggest that you find a job that provides you with more satisfaction and enough income to realize your dream later on, perhaps as a retirement hobby job.

 

[LateToFIRE]

Plenty of great advice posted already. Like some others, I've been a mentor/advisor/investor w/ start-ups and small businesses. And I have been acquainted with a number of very successful restauranteurs in my time as a VHCOL big city dweller. As others have noted, its not "retirement" in any sense of the word, and its usually far more demanding than regular 9-5 work.

If your accounting career is not too onerous or stimulating, I suggest you begin pressure testing your dream by gaining some real word experience. Maybe you could use your evenings, weekends, and vacations to (a) work in a restaurant, (b) take some culinary seminars, courses, (c) volunteer to advise restaurants and other small businesses on bookkeeping and such.

The key is to start gaining some experience and perspective, & meet people who are doing what you think you want to do someday. You're not going to be able to just flip a switch someday and presto, open up your own place with zero experience or knowledge. That would be a recipe (no pun intended) for failure. Most likely, you'll need some add'l education, and/or you'll need experience, apprenticeship, connections, partners, etc.

Also important that you not fall into the trap of getting comfy with a well-padded lifestyle. A very high % of your pay (like half) should be going into savings so you can leave the corporate gig young enough to have the energy and stamina to start your next life. Food & beverage is a physically demanding business. Start-up costs can be significant and you have to fund losses for first couple of years. To meet your dream some day will require serious preparation.

good luck

 

[Rianne]

I grew up in the restaurant business, my parents owned 3. Two steakhouses and one fast food. Along with the steakhouse, we owned a catering business that often catered to people's homes and other places...parks, large venues, events, etc. This is a labor-intensive business but so much fun. Especially when customers are thrilled with good food and service. It's long hours and demanding as customers, clients are specific about what they want and they want perfection. Creating food is fascinating, especially when recipes are altered. Imagination and creativity are rewarding.

Our businesses were successful and in demand. We had wait lists in our restaurants as well as the catering. But a 12-hour day is normal. You will be under pressure most of the time. Very little slack time. If you want a good example watch the series "Bear" (on Hulu). That is as realistic as it gets. If you get a great team of staff, it is exhilarating. But don't fool yourself by watching cute chef shows. They are not real but staged.

 

[LateToFIRE]

OP - Great you have a good paying job. It will fund a retirement if you save.

It's also nice to have dreams, but long before you commit to anything close to that goal, pick up a weekend job at a restaurant, and then a farm to table one if you can...

It's the quickest way to determine lots of issues you never knew, like 50% of restaurants go bankrupt in a few years.

At 30 you could well have a different dream. I know my dreams changed a few times.

Sadly, the stats are even worse than that: The National Restaurant Association estimates a 20% success rate for all restaurants. About 60% of restaurants fail in their first year of operation, and 80% fail within 5 years of opening.

I'll amend that slightly - what I learned from some of the big names I've met in the food & bev industry is that the first year is often great, because you get lots of business initially from everyone eager to check it out. It's that second year after the crowds and reviewers have moved on to the next new thing that determines success or failure. Takes time to build up a repeat customer base, which is why have to fund losses for at least 2-3 years before breaking even.

Anyhow, the take-away for OP being that best to approach this endeavor with substantial preparedness and substantial resources to improve the odds of success.

 

[LateToFIRE]

I grew up in the restaurant business, my parents owned 3. Two steakhouses and one fast food. Along with the steakhouse, we owned a catering business that often catered to people's homes and other places...parks, large venues, events, etc. This is a labor-intensive business but so much fun. Especially when customers are thrilled with good food and service. It's long hours and demanding as customers, clients are specific about what they want and they want perfection. Creating food is fascinating, especially when recipes are altered. Imagination and creativity are rewarding.

Our businesses were successful and in demand. We had wait lists in our restaurants as well as the catering. But a 12-hour day is normal. You will be under pressure most of the time. Very little slack time. If you want a good example watch the series "Bear" (on Hulu). That is as realistic as it gets. If you get a great team of staff, it is exhilarating. But don't fool yourself by watching cute chef shows. They are not real but staged.

Good perspective. You reminded of a couple factoids I learned from successful people I know in the business:

1) Profitability is often very seasonal (holidays, resort seasons, etc.) like where most of the $$$ made in only 2-3 months of the year
2) Catering and special events usually drive the profits while the restaurant itself is kind of like advertising/marketing.

 

[athena53]

The OP's post reminded me of a guy I worked with in the early 1980s in the insurance business- highly- placed executive, passionate about the insurance business (yes, some of us are!), traveled 6 months out of the year, mostly out of the country. He told me his plan was to work his tail off and save/accumulate as much as he could and when the 2 kids were done with college he and his wife would live off the grid in the mountains.

Well, I just looked him up. There's a YMCA NAMED after him. He moved off the East Coast to a less-demanding job with another insurer, left that in 1989 (he'd have been 46), was in politics for awhile and then got on a lot of boards of charities and headed that YMCA. He also owns a 222-acre farm (or did in 1999 when the article was written).

So, it's possible to gut it out through a job that's less-than-optimal to realize a dream- but it also takes some good fortune to survive long enough to enjoy it as my colleague did. I hope the OP is able to find something equally lucrative but more fulfilling.

 

[Texas Proud]

Best bet is to take a part time job at a business like the one that interests you.

Best to research from the inside.

+1... the skill of an accountant is not even close to the skill of a restaurant business owner.... and I say OWNER as that is what you say you want....


As others have said, learn the business first... do it in your spare time... do not give up a great job to pursue a 'dream' job as IMO there really are not that many 'dream' jobs... especially when you are doing in all the time.. every week for years and years...

 

[Scrapr]

maybe start small instead of pouring 10's of $$$ into a standalone restaraunt. Ideally get some background by working at a business that is FtT on your weekends. Double bonus you get paid for it and you don't spend a lot of money on fun stuff because you are working. after 5 or 10 years start a side business doing catering. weddings, small gatherings, etc. Your risk profile goes way down. Maybe team up with a farm to provide special nights of FtT meals. Win for the farm by getting people in the door & you get a start. Maybe the farm has a certified kitchen. See where it goes from there.

 

[matjung]

At which Alpine mountain would you like to open up?
At some places you get paid for running the show.


Your dream sounds like another form of work.


At your next sabbatical you could look around for something like
https://www.worldpackers.com/positions/5267
for getting started in your accounting.next.career
Offers like that are probably around all over the world.

 

[meleana]

Hello everyone,
As far as I can see, there is a lot of serious financial advice and planning going on here. So maybe this question will sound very inexperienced to you, but I wanted to ask your opinion as a newcomer.
I'm 25 years old and I work as an accountant in a pharmaceutical company. Even though my job doesn't satisfy me at all, because I earn well, I'm excitedly waiting for the day I will retire. My biggest dream is to open a farm-to-table concept. Although I don't have any culinary training, I am confident in my ability and I am already saving money for this dream. As you can imagine, a kitchen business is very expensive and labor intensive. Do you think it is realistic to work as a white-collar worker and own my own restaurant one day?

Yes! You should absolutely do it! How do I know? Our son had a “ boring” office job for 11 1/2 years ( and a low salary- nothing like yours is) and really wanted to do a full time brewery gig where he worked part time and loved so much he said he would do it for free!

He had the opportunity to do it full time recently and went for it! Be happy because you are young and no reason to work in a boring, miserable, dead end job in your best years!

 

[Koolau]

Consider doing what I did. I started at megacorp as a staff position scientist. I hated every minute of it. I kept my eyes open and grabbed onto an assignment that intrigued me. No one else was interested because they all loved their j*bs. The new assignment became sort of a "grow your own" j*b. I structured it the way I wanted. I met the company's needs and they left me alone. I advanced in-line only.

I've said before, many years later they finally figured out they had this one guy (me) who was enjoying his j*b and they couldn't have that. They said "you're going back to being a senior staff scientist." I said "No, I'm retiring Friday."

If you're being paid well and you're open to it, within a big megacorp, there must be a place you fit in and will love. Naturally, YMMV.