I just turned 26 and I have $60k in the bank. I don't like my job. Is that a lot of money? Should stop being tight and just quit and go mess around for a few months and see what pops up?
I just turned 26 and I have $60k in the bank. I don't like my job. Is that a lot of money? Should stop being tight and just quit and go mess around for a few months and see what pops up?
You're 26. Go & have some fun & spend some money. Travel over seas. Do some nice weekend getaways. Pay for a friend to go with you.
You have the rest of your life to save up dude.
Go find some ladyboys in Thailand like other guys your age brah!
No it's not a lot of money, but it's a start. Would make for a solid down payment on a house. Do not blow it on travel - keep it in the bank and keep working until you find another job.
That's totally up to you. No one can tell you. How you save, spend, invest, enjoy, etc. is all yours to choose and live with the consequences.
And the question, is it a lot of money. A: Yes, it's not.
Another words, it would be a lot for one guy, and nothing to another.
Which are you?
If you're on the fence about the decision, it doesn't have to be an all or nothing proposition. For example, you could spend some of it and save the rest, or keep your job but ask for the summer off, etc. Do whatever you are comfortable with. Be careful to not burn any bridges. And you might be surprised that what you think is absolutely intolerable might not be so bad after all.
seattle prattle wrote:
That's totally up to you. No one can tell you. How you save, spend, invest, enjoy, etc. is all yours to choose and live with the consequences.
And the question, is it a lot of money. A: Yes, it's not.
Another words, it would be a lot for one guy, and nothing to another.
Which are you?
If you're on the fence about the decision, it doesn't have to be an all or nothing proposition. For example, you could spend some of it and save the rest, or keep your job but ask for the summer off, etc. Do whatever you are comfortable with. Be careful to not burn any bridges. And you might be surprised that what you think is absolutely intolerable might not be so bad after all.
Yeah, part of me thinks I am being a brat about my current job. Really it's because it's not something I want to do forever, and it's not something I identify with. But I could honestly say that if I didn't do a trip like this at some point in my life, I would regret it on my deathbed. I want to go get fluent in a language or two and live in a few countries for months at a time. And once you have a family around 35, you can't it do. So I have about 9 years to do it.
It's all relative to location, salary, goals...
Is this in addition to a retirement fund? What's your current salary?
MoreDeetzPls wrote:
It's all relative to location, salary, goals...
Is this in addition to a retirement fund? What's your current salary?
Yeah this is cash. 401k is at something like 12-15k. Salary is just under 90k. High COL area right now. Job is super relaxed (too relaxed) in an industry I don't find interesting at all.
That's a better retirement fund than most at 26. Before you go on a jobless spending free, I'd recommend shooting to have equal amount in retirement as salary (90k) in retirement by early 30s. May sound like a lot but check out a compounding interest calculator to see how much it pays to have a good egg early on.
Guess what... all industries suck.
Everything gets boring after enough years. Some may take 2 years, some may take 10.
Most people would kill for a relaxed job, especially one that pays $90k. When you get on the other side of the fence, working in a high-stress job, you'll look back at how silly you were being at 26.
Bring your passion to work, it's you who is not interesting, not your industry. There is so much to learn in even the most (seemingly) menial industry, that one person will never know everything about it. You're still at that age where you know everything and you are so much smarter then everyone else.
Actively search out new challenges, never leave work without learning something new, either through your own research or through a co-worker. Ask your managers for new challenges or projects that are beyond your current scope. Show some initiative, be humble, and take pride in your work.
Finding a job that follows your passion will eventually destroy your passion. Life always gets the last laugh, that is my guarantee to you.
I've been aggressively saving since graduating college and now I'm in my mid 30s and a multimillionaire.
Or you could just blow it all on crap you don't need that won't make you a happy or a better person.
If you're gonna take a break, now is the best time as the job market is red hot. You will have no problem finding another gig.
Moo Goo wrote:
If you're gonna take a break, now is the best time as the job market is red hot. You will have no problem finding another gig.
The risk is that the market is NOT red hot after he is done taking a break. To people 15-40 years older the idea of taking a break because you are burned out in your 20s is somewhat bizarre.
WealthMaster LLC wrote:
Go find some ladyboys in Thailand like other guys your age brah!
สวัสดี Perhaps you can give him advice as to the best places you have been to.
60,000 is a good start and you are on the right path. You should not quit your job.
You should find another job while you have this one.
Before you start your new job, take a few thousand dollars and travel somewhere interesting to you. And don't do "10 European Cities in 10 days!" trips. Go some place interesting and be there. Meet people. Eat the food.
As a rough number, keep 3-6 months of rent in a savings account. Stick the rest in a ROTH if you don't have one already.
CosbyBabies wrote:
Guess what... all industries suck.
Everything gets boring after enough years. Some may take 2 years, some may take 10.
Most people would kill for a relaxed job, especially one that pays $90k. When you get on the other side of the fence, working in a high-stress job, you'll look back at how silly you were being at 26.
Bring your passion to work, it's you who is not interesting, not your industry. There is so much to learn in even the most (seemingly) menial industry, that one person will never know everything about it. You're still at that age where you know everything and you are so much smarter then everyone else.
Actively search out new challenges, never leave work without learning something new, either through your own research or through a co-worker. Ask your managers for new challenges or projects that are beyond your current scope. Show some initiative, be humble, and take pride in your work.
Finding a job that follows your passion will eventually destroy your passion. Life always gets the last laugh, that is my guarantee to you.
this advice really rings true from my experience. He is spot on.
Also, much of the advice here is excellent, imo, like that about finding a new job and taking a little vacation.
One other idea i have for you is to look at the field you are in and see how you can leverage what you've been doing to gain a foot hold in something which interests you a little more. Maybe it might even involve going back to school for awhile, but when you get out, your previous experience will be valued in your new field. I followed a path like that and it opened some doors that probably wouldn't have been as accessible otherwise.
Just work with what you've got to achieve something you can apply yourself to.
Best to you.
It's a good start, but $60,000 can quickly become zero with some misfortune (medical bills, etc.). But, you're off to a good start.
Until you're to the point where your money can work for itself and you can sustain your standard of living ad infinitum by living off of your investments, you need to keep pressing. You aren't truly financially independent until that happens. You probably need at least 200k-300k before you can even start having a discussion about taking time off or quitting a job (and even then you probably couldn't quit forever). Some however would quit in your exact shoes and that's a huge mistake.
But, in the mean time, there's nothing wrong with rewarding yourself a little bit here and there. Quitting your job would be a massive mistake unless you have something comparable (and a sure thing) lined up to replace that source of income though. Few people like their jobs. Suck it up and keep pressing -- you're young. Grind it out and reap the rewards later.
It's nothing. Wait till you have to get your roof done, pay college expenses, etc...
The Other Guy84 wrote:
It's a good start, but $60,000 can quickly become zero with some misfortune (medical bills, etc.). But, you're off to a good start.
Until you're to the point where your money can work for itself and you can sustain your standard of living ad infinitum by living off of your investments, you need to keep pressing. You aren't truly financially independent until that happens. You probably need at least 200k-300k before you can even start having a discussion about taking time off or quitting a job (and even then you probably couldn't quit forever). Some however would quit in your exact shoes and that's a huge mistake.
But, in the mean time, there's nothing wrong with rewarding yourself a little bit here and there. Quitting your job would be a massive mistake unless you have something comparable (and a sure thing) lined up to replace that source of income though. Few people like their jobs. Suck it up and keep pressing -- you're young. Grind it out and reap the rewards later.
horrible advice, ignore this guy.
Or "suck it up" and "grind" your life away.
your choice
derp wrote:
horrible advice, ignore this guy.
Or "suck it up" and "grind" your life away.
your choice
I'm with Derp on this one. I grinded in my twenties and am taking some time off now in my thirties. It is great but some of it would have been more fun when I had more training upside, wasn't so injury-prone and was more single. Go hang with some friends at altitude for a bit, check out the country, and don't spend too much. A job will be there in the fall when it's time to get back on the grind.