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06.05.20, 21:05 PM General Topics
31 replies
Just found out that a finance friend is retiring at the ripe old age of 40-something. I work in healthcare, work hard and proud of what I do, make a good living, etc. But part of me is just so jealous - this person who just shuffles other people's money around has been so well compensated that they can retire, while I know that i have another 25+ years that I'll get to/have to keep working. [ Reply | Watch | Flag ]
General Topics 06.05.20, 09:05 PM Flag
 

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Just know that that’s EXTREMELY rare even among the finance people. [ Reply | More
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General Topics 06.05.20, 09:09 PM Flag
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OP: And yet, here we are. They're lovely people, at least, but still leaves me feeling at least as sad for myself as I am happy for them. [ Reply | More
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General Topics 06.05.20, 09:16 PM Flag
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Because they don't want to -- it's never enough. [ Reply | More
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General Topics 06.05.20, 09:50 PM Flag
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THIS. Plenty of finance people, if they manage their money correctly could easily retire. They choose not to, because as much as they like to make money, they like to spend. [ Reply | More
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General Topics 06.06.20, 10:25 PM Flag
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Many are being laid off or have not had a significant bonus in quite some time. [ Reply | More
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General Topics 06.05.20, 10:56 PM Flag
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boo fricken' hoo [ Reply | More
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General Topics 06.05.20, 11:14 PM Flag
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NP: This is because many people in finance have the most high-maintenance, costly lifestyles. [ Reply | More
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General Topics 06.06.20, 10:25 PM Flag
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must have family money, or really lucky. [ Reply | More
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General Topics 06.05.20, 09:43 PM Flag
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Full retirement or going to find something else to do? This wouldn't have been my choice at 40 even if I could have afforded it, but good for him or her, I guess. And I get how you feel. Compensation is so out of scale. [ Reply | More
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General Topics 06.05.20, 09:44 PM Flag
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Just a little burned out here. COVID, racial aggression, working so frickin hard. Just catching me at a vulnerable moment. [ Reply | More
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General Topics 06.05.20, 10:11 PM Flag
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I fully support your feelings of discomfort [ Reply | More
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General Topics 06.05.20, 10:18 PM Flag
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+1 [ Reply | More
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General Topics 06.05.20, 11:15 PM Flag
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Yeah, don't feel guilty over your feelings. [ Reply | More
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General Topics 06.05.20, 10:46 PM Flag
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OP: Thanks - you're right. [ Reply | More
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General Topics 06.05.20, 11:12 PM Flag
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umm this person is not retiring. This person was told they were going to be laid off and took a less embarrassing way. My brother did this too. He "retired" at 50 and got another job later on. [ Reply | More
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General Topics 06.05.20, 11:47 PM Flag
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This. Very common in finance. [ Reply | More
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General Topics 06.05.20, 11:51 PM Flag
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No one is retiring in this type of market in finance [ Reply | More
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General Topics 06.06.20, 12:11 AM Flag
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yep [ Reply | More
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General Topics 06.06.20, 12:20 AM Flag
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This. And IF they were truly retiring, they would at least wait for one last bonus. [ Reply | More
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General Topics 06.06.20, 01:52 AM Flag
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+4. [ Reply | More
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General Topics 06.06.20, 09:47 PM Flag
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I have 2 female friends both single, not from wealth families who retired at 40. That was about 10 years ago. Sometimes it is hard for us to relate. I'm overwhelmed with 2 kids and working ft and they are planning their next trip to Europe or outing to s hot new restaurant. But true friendship can transcend different circumstances. [ Reply | More
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General Topics 06.06.20, 12:40 AM Flag
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A previous job put me in touch with leaders of the FIRE movement (Financial Independence, Retire Early). The ones who will make it to death without having to work again are not the people traveling to Europe or going to hot new restaurants. They prioritize not working above all else, and the trade off is any shred of luxury. [ Reply | More
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General Topics 06.06.20, 01:55 AM Flag
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Agreed unlikely it was “retiring.” This is the age when families prepare for college, getting kids set up in life, caring for elderly parents and then their own retirement. I have a friend who fits that “retirement” category and I’m not wholly convinced he’s thrilled with it nor is his wife. I’m not crying for them but the reality of elder care, college etc etc and of course health insurance is real, and when you are living a certain lifestyle that can be hard to maintain for the rest of yours and your kids’ lives. Of course if someone truly made hundreds of millions of dollars I get it. But even if I had $20m I would be wary of retirement in my 40’s - not because of my costs of life but because of succession and elder care planning. [ Reply | More
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General Topics 06.06.20, 02:21 AM Flag
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Although I recognize the independent wealth figures in as well. I guess it’s how they spin it. In this case it was spun dubiously in public media so it’s unclear. [ Reply | More
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General Topics 06.06.20, 01:54 PM Flag
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It could be either: 1) They are being forced to "retire" as many people in finance get pushed out at this age. Or 2) They saved enough and feel this is a good time to get out.....hard to tell though. [ Reply | More
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General Topics 06.06.20, 03:47 AM Flag
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ITA. He may be pushed out, has enough to live off and is thinking next move. [ Reply | More
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General Topics 06.06.20, 09:48 PM Flag
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MD Mom. I thought long a hard about this and realized that retirement is not the right goal. For me, a focused Type A personality, not having a structure and purpose in my day would be deadly. I need to be needed, to feel important, to lead other people on my team. Charity or reading or exercise or gardening is not going to do it for me. I am the happiest when I work at 60% workload: still feel needed, but have time to do other things without being compensated like academic pursuits, teaching, writing, exercise, occasional facial pre-covid, etc. I think FIRE movement has it right: once you get to the point that you don't care about how much you make you work for fun. I am not there yet, but I notice that I start choosing responsibilities not only based on financial incentive. I am lucky to actually love what i do (when I am not stressed or overworked), I hope you do too, OP. [ Reply | More
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General Topics 06.06.20, 12:24 PM Flag
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For lots of people, happiness dips at retirement -- and those are people who've worked long, productive lives. [ Reply | More
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General Topics 06.06.20, 02:39 PM Flag
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Thank you for whatever you are doing in healthcare - it's so needed right now. I'm sure that doesn't get rid of the jealousy, but you are valued. [ Reply | More
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General Topics 06.06.20, 07:12 PM Flag
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I don't think it's about your friend. It's about you and your discontent with the next 25 years of your life. [ Reply | More
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General Topics 06.06.20, 10:26 PM Flag
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You really have no idea what this ‘friend’ does, how much value they add for their clients, how much risk they take and how stressful it is. No reason to be bitter and judgmental about it. Just myob [ Reply | More
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General Topics 06.06.20, 10:44 PM Flag
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