35 YO fed up with a job

[RohnMentee]

Good morning! Very excited to be in a place with like-minded individuals. I have been working on my philosophies on wealth management and fixing my "financial blueprint" in order to achieve financial independence.
I am looking for ideas and inspiration to see what's possible in life and the best ways of getting to the finish line of retirement as early as possible.
I have a NW of about $330,000 (most of that coming from the increased value of my home) and am looking to have $1M in the next five years. My goal is to retire in 20 years but I think it can be even sooner with help from successful people like you all on here.
Looking for any advice that's out there to help me reach my goals.
Thank you!

 

[street]

Your goal of retiring in 20 years will happen. If you have a plan and goals and continue to make that happen it. I would say you will or should have more than 1m in 20 years.

Watch your expenses and live below your means but saying that, you need to find that balance between the two.

Always every month save something first. Buy and don't panic in down times. With 20 years you have time on your side. Compounding over many years is a powerful thing.

 

[pacergal]

Welcome!
As Street says, LBYM, but have some fun along the way.
Boglehead Forum has a great list of books to read, and so many folks here are very knowledgeable, so ask any questions and you will get answers.

 

[brett]

Others will comment on investing.

My comment is that IF you are working in an area, in a job, for an employer that you do not like your first thought should be to change. Location, employer, vocation, more training, whatever.

I switched occupations three times. Fortunately I did it when I was young. The last one at 28. And before the last change we sold everything, went to Europe, bought a used camper van, and traveled. Best thing we ever did.

My parents encouraged our post secondary educations for a number of reasons. One of them was so that we would never be stuck in a job/employer that we hated.

My sister and I followed this advice. It paid dividends for the rest our our lives. More than we could have imagined. In my case I went back to university after a year of working. My sister...took her four years, a failed marriage, and becoming a single mother to realize that she had to change her trajectory. So she went back to university for her fine arts and teaching degrees.

I ended up in a job that I loved, working for a great employer, in a part of the country that we loved. On top of that the last ten years were very lucrative.

 

[Taco]

I have a NW of about $330,000 (most of that coming from the increased value of my home) and am looking to have $1M in the next five years.

One question I would have is what is your current saving situation?
If most of your net worth has come from an increase in your home's value, that implies that you may not have saved a lot of your income up to this point. Going from $330K to $1M in 5 years is most likely going to require some significant saving.
You might need to kick that up a notch.

 

[OldShooter]

Forget about "Net Worth" and focus on investable assets. Taxable, IRA, 401K. The value of your house is almost irrelevant to your ability to retire. You have to live somewhere.

As others have said, a $670K increase in 5 years is a 25%/year growth rate. That can only come from savings; you can't expect that kind of a number from investing. And even at the end, $670K in investable assets in 5 years then grown 15 years at a conservative 8% only gets you to a couple of million, which is not much more than a million in today's buying power dollars. That's very marginal for what could be 40-50 years of retirement. Pencil out your own numbers, don't forget inflation, make a plan and then execute. It won't be easy. Good luck.

 

[Out-to-Lunch]

Welcome aboard!

 

[pb4uski]

Buy a subscription to Quicken Deluxe and use the Lifetime Planner to develop a plan... then work the plan and regularly use Quicken to monitor your progress.

As you do this, just remember the famous Mike Tyson quote: "Everybody has a plan until they get punched in the mouth."... in other words, your plan is only a plan and will change as circumstances change.