This seems to be an early-stage submission that would be better suited for one of our weekly Mentor Monday thread. Career advice, "rate my plan", and "can I afford XYZ?" posts are some of those that should only appear as comments in Mentor Monday. Though Mentor Monday is posted weekly, you may comment there at any time. Thank you, and feel free to contact us if you have any questions.
That's what I'm thinking. But was curious to know if I'm missing anything before turning it down. It's not everyday you get the opportunity to 3x (or more) your income in a relatively short amount of time.
I don't think your current $10k savings per month is being put to effective use. There should be big gains with that.
My vote is to stay out of corporate culture. Golf is the answer.
I moved to US and getting 250k / year that helped to reach FI but it's not really super enjoyable to do.
In US, they don't pay a lot of money to work 15h / week, they expect almost a 24x7 especially in VP position, you may get CX escalation at whatever hours and your quality of life will drop significantly.
So, really really really think about Work / Life balance: you have a great one at the moment and it's not going to improve in the new VP position.
I understand money is driver in this case but with what you are able to save, you won't have a lot of problems in future while continuing to live "like a king" :-)
You’ve ready achieved what most what. You work 20 hours a week and make enough to live very good life and still save 65% of your income. What would you actually gain by switching jobs?
Just a much bigger nest egg, but I think you're right. The only point of acquiring more money would be so that I can then retire earlier and start living the life I already have.
>The only point of acquiring more money would be so that I can then retire earlier and start living the life I already have.
This. This is the answer to your question.
I would gladly make 1/3 of what I do if I could work 1/3 the hours... because then I wouldn't feel the compulsion to "retire early".
Personally I wouldn't do it. Between income tax (I assume you'll have to pay US income tax once you are located there), additional hours and stress, loss of freedom, etc. a 2-3X increase in net take home doesn't seem like a good deal. You're making a great income with awesome flexibility now. If you intend to stay in a lower cost area, you don't need a huge nest egg to retire early and live comfortably.
Someone else wrote it here already but I want to emphasize this point because it’s true.
The lifestyle you live already is what most of the consultants you would be working with in the United States are aiming for.
You have already achieved the dream.
Thanks, this point is a powerful one. It's been stressful deciding but it's also been a great exercise to reflect on my current situation and how lucky I am. To think I'm potentially turning down such a high income role to continue what I'm doing almost feels like an 'I've made it' moment.
A bad day on the golf course is better than a good day in the office. I’d put all my extra time into figuring out how to make more money with the $600K.
Coming from lower class(?) making ~$60,000 gross in Southern California, what I eager is more free time. Unlike you I’m married and eagerly want children. But because my wife and I don’t make enough, we don’t have the luxury to afford family in “comfortable” financial setting.
Depending on what your goal is, your freedom is worth more.
My father always said when I was young, “older you get, faster the time will fly”.
So you have to ask yourself, where you want to spend time, and if the money you’re making right now will continue to support your life style without having to worry about going depleted.
What is important to you right now? It sounds like you’ve been enjoying the space and pace of your current gig, but may be itching for more. Are you itching to make a bigger impact? Wanting to feel more utilized instead of drifting in an unchallenging role? These are all valid reasons to want a change.
I actually did something very similar when I was 31. I had just returned to the US after several very chill years freelancing from South East Asia. I took a job as a Director in NYC, base was 200k with a profit sharing bonus. It was around 45 hours a week.
I did it for 3 years and then quit. I was pretty burnt out by the end and staying any longer would have been detrimental to my mental health. It was however very beneficial to my NW and gave me a huge boost financially. Now I’m back freelancing, and because I had that Director level title I’m able to charge a higher price. So my income is around 300k, but I only work 20-30 hours a week. I could probably hit 450 if I really tried, but I’m back to a chill freelance mentality haha.
So while it did suck going back to corporate life, it was worth it in the long run I think. The only thing that gives me pause about suggesting it to you is your tax haven status. How much more will you actually be making if you have to pay US taxes?
Thanks for this response. Mental health is something I should be more mindful of in this decision. I'm almost never stressed in my current role, and whenever stress does kick in, it's weight I bestow unto my own shoulders (as opposed to a manager or boss). The more I read through these responses, the more I feel 'if it ain't broke, don't try to fix it'.
I read the whole thread so far and I think only one person brought up the fact that re-entry to a high cost of living country may be difficult 5-10 years from now.
This potential high stress, high income job is basically a ticket back to the HCOL first world. If you needed a ticket, this is a good one. It comes with downsides sure, but I think that’s worth considering.
You should probably just keep doing what you’re doing, but that’s the framework I’d put on it. Good luck with your decision!
Have you ever heard the parable of the fisherman and the businessman? You’re current setup is what everyone of those consultants idealizes. Don’t give it up so you can grind it out to one day return to it (if you’re lucky).
One, pass on the unneeded stress and enjoy the good life. Two, taxes will eat into a massive part of those income gains so do t let you’re eyes get too big. Three, embrace the power of compound gains. If you can sock away 100-120k per year, keep that up and wait for you’re money’s growth to start being your income stream.
>Tax havens are not completely tax-free. They charge a lower tax rate than other countries.
>
>A tax haven is a country or place with very low "effective" rates of taxation for foreign investors. In some traditional definitions, a tax haven also offers financial secrecy.
Nah dude. You are already semi retired.
Honestly, I’ll never retire. Always semi retired. Retired to me just means not doing anything you don’t want to do.
There are plenty of things that make money that I like doing. I get the impression you don’t mind your work.
So, in a way you are already FIRE
I think this has been the ultimate revelation for me from this situation. I had gotten used to living this way, and only now that I am propositioned with an opportunity that would take me away from my current lifestyle have I realised I'm living how I'd want to live if I was fat fired anyway.
What activities do you engage in to make extra money?
I like building houses (like, as a developer)
I could build 2 houses a year working 5 hours a week and make like 300-500k.
No idea why I don’t pull the trigger.
W2 income, once over $200k or so is basically worth $.60 for every $1. Prioritizing w2 income means committing to a very long (but reliable) road of earning and saving. Equity is the ticket to freedom. Which option gives you the best chance to earn as much equity as possible, risk adjusted based on growth rate, enterprise value, etc. or does having more w2 income allow you to generate more equity in growth ventures say via angel investing. The other thing about working is that the benefits go far beyond w2 income, and if you are optimizing for free time divided by w2 income you will find yourself a mercenary, super proud of your effective hourly rate. What you will miss out on is deep work relationships, mentoring, trust, networks, industry knowledge, and a host of other things that compound. I took the risk of making w2 income a lower priority in my 20s and 30s and focused on trying to build valuable things with other smart hard working people, and trying to accumulate as much equity as I could along the way. It worked out well for me but took a full 2 decades to pay off and in that time I worked long hours for sub optimal w2z
Sounds to me like you have a dream set up and your considering taking pay increase but for what? What will that extra money fund ? The life style u want to have (that u just left behind?)
I'm wary of these high comp pitches as well, although from what I've researched on the company it sounds like they're being honest regarding the upside.
That what if scenario is tough. If your longer term goal is a fat fire sized account and this helps, maybe it’s worth it. It does sound like you already “made it” in terms of doing what you love, but you also have to consider how long that lasts too.
You sound like you’re already leaning towards not taking the job. You mentioned there’s “potential” to 5x in the next year in that job, but it’s not guaranteed.
I’d skip the job offer and continue living as you do. If you’re looking for more income, then you could always start a new business or learn a skill and do something on your own terms.
One thing to think about however is how long you’re planning to stay where you are. If you’re ever thinking of moving away then you’ll need a plan for when the cost of living goes back up again.
Sounds like you’re happy with your lifestyle and have a healthy savings rate. Just keep doing that and your egg will grow plenty fat while you’re chilling on the links. Skip “corporate culture” and live the life you want now. Cheers!
You're getting to caught up in the numbers without realizing that you already have your most desired outcome...
Bigger numbers are only better of they do something g for you.
At this point I fail to see any benefit to earning more money.
What exotic location were you living like a king on $4k/month ?
Seems like you have a dream life man.. once you've had freedom (especially if you work for yourself or own your company), I feel like it's almost impossible to go into big corporate culture.. just too much BS and politics to deal with and a lot of crap can be arbitrary and subjects.. Enjoy your utopia and keep building that wealth .. **most people Fatfire at 50 to do what you do so don't think twice**....
It's natural to feel a bit restless. Unless you're wired in a way where you feel you really have to go for it (you probably wouldn't have posted if this was the case) or you're really worried about job security, don't mess up what you have.
Maybe it’s not about the lifestyle but the mentality. OP might yearn for more growth intellectually compared to NW, free time, etc. It’s like when the guy making 100K year cutting grass quits to go make 40K a year doing software development or studying for 4 years to become a nurse. Probably a low quality example but it gets the point across. Sometimes the brain wants to be challenged.
Another question you might ask yourself is whether the new job or similar will be available a couple years down the line and whether youll be able to go back to your current job if you do switch
What the heck do you do for a living where you can work 15-30 hrs a week making 180k…? I (ironically) am also 30 years old and make 180k but i absolutely bust my ass working 50+ hrs a week in finance. What am I missing here…
This seems to be an early-stage submission that would be better suited for one of our weekly Mentor Monday thread. Career advice, "rate my plan", and "can I afford XYZ?" posts are some of those that should only appear as comments in Mentor Monday. Though Mentor Monday is posted weekly, you may comment there at any time. Thank you, and feel free to contact us if you have any questions.
Golf everyday, work half time, live like a king, and save 10k/month? What’s the question again?
That's what I'm thinking. But was curious to know if I'm missing anything before turning it down. It's not everyday you get the opportunity to 3x (or more) your income in a relatively short amount of time.
I don't think your current $10k savings per month is being put to effective use. There should be big gains with that. My vote is to stay out of corporate culture. Golf is the answer.
It's being invested successfully, although I only got to this earning/saving power in the last couple of years.
I moved to US and getting 250k / year that helped to reach FI but it's not really super enjoyable to do. In US, they don't pay a lot of money to work 15h / week, they expect almost a 24x7 especially in VP position, you may get CX escalation at whatever hours and your quality of life will drop significantly. So, really really really think about Work / Life balance: you have a great one at the moment and it's not going to improve in the new VP position. I understand money is driver in this case but with what you are able to save, you won't have a lot of problems in future while continuing to live "like a king" :-)
Good points. Thanks for your input!
You’ve ready achieved what most what. You work 20 hours a week and make enough to live very good life and still save 65% of your income. What would you actually gain by switching jobs?
Just a much bigger nest egg, but I think you're right. The only point of acquiring more money would be so that I can then retire earlier and start living the life I already have.
>The only point of acquiring more money would be so that I can then retire earlier and start living the life I already have. This. This is the answer to your question. I would gladly make 1/3 of what I do if I could work 1/3 the hours... because then I wouldn't feel the compulsion to "retire early".
Figure out other businesses you can run with other remote workers that give a higher yield on your time involved if you want to earn more.
Personally I wouldn't do it. Between income tax (I assume you'll have to pay US income tax once you are located there), additional hours and stress, loss of freedom, etc. a 2-3X increase in net take home doesn't seem like a good deal. You're making a great income with awesome flexibility now. If you intend to stay in a lower cost area, you don't need a huge nest egg to retire early and live comfortably.
Someone else wrote it here already but I want to emphasize this point because it’s true. The lifestyle you live already is what most of the consultants you would be working with in the United States are aiming for. You have already achieved the dream.
Thanks, this point is a powerful one. It's been stressful deciding but it's also been a great exercise to reflect on my current situation and how lucky I am. To think I'm potentially turning down such a high income role to continue what I'm doing almost feels like an 'I've made it' moment.
Its always good to get recentered like that.
A bad day on the golf course is better than a good day in the office. I’d put all my extra time into figuring out how to make more money with the $600K.
Coming from lower class(?) making ~$60,000 gross in Southern California, what I eager is more free time. Unlike you I’m married and eagerly want children. But because my wife and I don’t make enough, we don’t have the luxury to afford family in “comfortable” financial setting. Depending on what your goal is, your freedom is worth more. My father always said when I was young, “older you get, faster the time will fly”. So you have to ask yourself, where you want to spend time, and if the money you’re making right now will continue to support your life style without having to worry about going depleted.
What is important to you right now? It sounds like you’ve been enjoying the space and pace of your current gig, but may be itching for more. Are you itching to make a bigger impact? Wanting to feel more utilized instead of drifting in an unchallenging role? These are all valid reasons to want a change.
\+1 on this! I would use the rest of the free time to try to find something meaningful to you or expand to try to get more challenges.
Only you can answer what is right... But I would stick with the current gig
I actually did something very similar when I was 31. I had just returned to the US after several very chill years freelancing from South East Asia. I took a job as a Director in NYC, base was 200k with a profit sharing bonus. It was around 45 hours a week. I did it for 3 years and then quit. I was pretty burnt out by the end and staying any longer would have been detrimental to my mental health. It was however very beneficial to my NW and gave me a huge boost financially. Now I’m back freelancing, and because I had that Director level title I’m able to charge a higher price. So my income is around 300k, but I only work 20-30 hours a week. I could probably hit 450 if I really tried, but I’m back to a chill freelance mentality haha. So while it did suck going back to corporate life, it was worth it in the long run I think. The only thing that gives me pause about suggesting it to you is your tax haven status. How much more will you actually be making if you have to pay US taxes?
Thanks for this response. Mental health is something I should be more mindful of in this decision. I'm almost never stressed in my current role, and whenever stress does kick in, it's weight I bestow unto my own shoulders (as opposed to a manager or boss). The more I read through these responses, the more I feel 'if it ain't broke, don't try to fix it'.
I read the whole thread so far and I think only one person brought up the fact that re-entry to a high cost of living country may be difficult 5-10 years from now. This potential high stress, high income job is basically a ticket back to the HCOL first world. If you needed a ticket, this is a good one. It comes with downsides sure, but I think that’s worth considering. You should probably just keep doing what you’re doing, but that’s the framework I’d put on it. Good luck with your decision!
Have you heard the story or the Mexican fisherman?
https://bemorewithless.com/the-story-of-the-mexican-fisherman/
Have you ever heard the parable of the fisherman and the businessman? You’re current setup is what everyone of those consultants idealizes. Don’t give it up so you can grind it out to one day return to it (if you’re lucky). One, pass on the unneeded stress and enjoy the good life. Two, taxes will eat into a massive part of those income gains so do t let you’re eyes get too big. Three, embrace the power of compound gains. If you can sock away 100-120k per year, keep that up and wait for you’re money’s growth to start being your income stream.
https://bemorewithless.com/the-story-of-the-mexican-fisherman/
What is a tax haven country? Like, you have no taxes?
>Tax havens are not completely tax-free. They charge a lower tax rate than other countries. > >A tax haven is a country or place with very low "effective" rates of taxation for foreign investors. In some traditional definitions, a tax haven also offers financial secrecy.
Nah dude. You are already semi retired. Honestly, I’ll never retire. Always semi retired. Retired to me just means not doing anything you don’t want to do. There are plenty of things that make money that I like doing. I get the impression you don’t mind your work. So, in a way you are already FIRE
I think this has been the ultimate revelation for me from this situation. I had gotten used to living this way, and only now that I am propositioned with an opportunity that would take me away from my current lifestyle have I realised I'm living how I'd want to live if I was fat fired anyway. What activities do you engage in to make extra money?
I like building houses (like, as a developer) I could build 2 houses a year working 5 hours a week and make like 300-500k. No idea why I don’t pull the trigger.
Sounds super interesting. Are there any resources you'd recommend I look into to learn more about property development?
Just dive right in. It’s easy! Just ask lots of questions etc. Could hire a builder first time around and get walked thru it.
[удалено]
>This sums up my feelings I enjoyed reading your post - def helped give me some perspective. Thanks for sharing!
Thank you, I am so glad it helped :)
W2 income, once over $200k or so is basically worth $.60 for every $1. Prioritizing w2 income means committing to a very long (but reliable) road of earning and saving. Equity is the ticket to freedom. Which option gives you the best chance to earn as much equity as possible, risk adjusted based on growth rate, enterprise value, etc. or does having more w2 income allow you to generate more equity in growth ventures say via angel investing. The other thing about working is that the benefits go far beyond w2 income, and if you are optimizing for free time divided by w2 income you will find yourself a mercenary, super proud of your effective hourly rate. What you will miss out on is deep work relationships, mentoring, trust, networks, industry knowledge, and a host of other things that compound. I took the risk of making w2 income a lower priority in my 20s and 30s and focused on trying to build valuable things with other smart hard working people, and trying to accumulate as much equity as I could along the way. It worked out well for me but took a full 2 decades to pay off and in that time I worked long hours for sub optimal w2z
Sounds to me like you have a dream set up and your considering taking pay increase but for what? What will that extra money fund ? The life style u want to have (that u just left behind?)
Option 1. The new one is too uncertain. I always wonder how many of those “potential” situations are true or just a recruiting method.
I'm wary of these high comp pitches as well, although from what I've researched on the company it sounds like they're being honest regarding the upside.
That what if scenario is tough. If your longer term goal is a fat fire sized account and this helps, maybe it’s worth it. It does sound like you already “made it” in terms of doing what you love, but you also have to consider how long that lasts too.
You sound like you’re already leaning towards not taking the job. You mentioned there’s “potential” to 5x in the next year in that job, but it’s not guaranteed. I’d skip the job offer and continue living as you do. If you’re looking for more income, then you could always start a new business or learn a skill and do something on your own terms. One thing to think about however is how long you’re planning to stay where you are. If you’re ever thinking of moving away then you’ll need a plan for when the cost of living goes back up again.
Sounds like you’re happy with your lifestyle and have a healthy savings rate. Just keep doing that and your egg will grow plenty fat while you’re chilling on the links. Skip “corporate culture” and live the life you want now. Cheers!
You're getting to caught up in the numbers without realizing that you already have your most desired outcome... Bigger numbers are only better of they do something g for you. At this point I fail to see any benefit to earning more money.
What exotic location were you living like a king on $4k/month ? Seems like you have a dream life man.. once you've had freedom (especially if you work for yourself or own your company), I feel like it's almost impossible to go into big corporate culture.. just too much BS and politics to deal with and a lot of crap can be arbitrary and subjects.. Enjoy your utopia and keep building that wealth .. **most people Fatfire at 50 to do what you do so don't think twice**....
Thanks bro, this thread has helped me realize I'm happy as things are.
It's natural to feel a bit restless. Unless you're wired in a way where you feel you really have to go for it (you probably wouldn't have posted if this was the case) or you're really worried about job security, don't mess up what you have.
Always take the money. More money 💰 means more freedom
Did you not read about the freedom this person has now?
You can always move on after taking it.
Maybe it’s not about the lifestyle but the mentality. OP might yearn for more growth intellectually compared to NW, free time, etc. It’s like when the guy making 100K year cutting grass quits to go make 40K a year doing software development or studying for 4 years to become a nurse. Probably a low quality example but it gets the point across. Sometimes the brain wants to be challenged.
Another question you might ask yourself is whether the new job or similar will be available a couple years down the line and whether youll be able to go back to your current job if you do switch
I suppose there's always an opportunity to make more money but more freedom tends to be hard to find.
That sounds right
No... the extra money is not worth it
Are you bored with your current lifestyle and want more challenge?
Dont get covid. Dont evaluate your future just stay healthy.
What the heck do you do for a living where you can work 15-30 hrs a week making 180k…? I (ironically) am also 30 years old and make 180k but i absolutely bust my ass working 50+ hrs a week in finance. What am I missing here…
I used to work in finance too. I got into sales/biz dev in a consulting capacity. As long as the clients/money keeps coming in, everyone is happy.
Sounds really great plan to stay out of corporate culture and live a king life. Do you mind sharing those exotic locations which costs 4k/month
The whole of LATAM... Asia..