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Retired at 30, now I will return to work at 40
Down angle icon An icon in the shape of a downward pointing angle. Sam Dogen gave up financial freedom to give his family a bigger house. Courtesy of Sam Dogen
- Sam Dogen retired from his role as vice president at Credit Suisse in 2012 after more than a decade of intense savings.
- He planned to live off passive income from his stock and real estate investments.
- After having two children, Dogen intends to work again to meet his family’s financial needs.
This recounted essay is based on a conversation with Sam Dogen, a 46-year-old man from San Francisco. It has been edited for length and clarity.
Even as a child, I knew I didn’t want to be poor. I lived in five countries before settling in Virginia, USA, and I saw the clear dichotomy between rich and poor. I wanted to understand how people made money so I could live like the rich.
I studied economics at the College of William and Mary in Virginia because it was the cheapest option.
After graduation, I got a job as a financial analyst at Goldman Sachs on Wall Street in 1999.
My first day at the office lasted 14 hours. The first month was exhausting and stressful, and I realized I wouldn’t last another 40 years on Wall Street.
I was making $40,000 a year in semi-annual payments. If I invested 50% of my income for 20 years, I would save at least 20 years of living expenses. I could work until I was 42 and then live off 5-8% of my savings, stocks, and potential real estate income each year to get to 62. I would be set for life.
It was easy to save money because I was working a lot
I started saving just a month after starting at Goldman Sachs. Every month, I invested half of my salary in the S&P 500, a handful of random tech stocks, and 5% of that half in the general market. savings account.
After being advised by someone in our HR department, I maximized my 401(k). The less taxes I had to pay, the better for my savings goals, and there was a 401(k) match at my company.
I was able to save a lot because I was very frugal. For the first two years at Goldman Sachs, I lived in a studio in Manhattan, paying $700 a month in rent.
One of the advantages of working after 7pm was being able to enter the free cafeteria. I would have dinner there and take home leftovers for the next day. I also kept a budget for myself.
It was a plan born out of poverty. I worked 60+ hours a week, every week.
A promotion and move to San Francisco put me up the real estate ladder
In June 2001, I was recruited to join Credit Suisse and moved to San Francisco. My base salary jumped to $85,000. Now I was earning more, I saved 60% of each paycheck by putting money into long-term investments CDswhich are savings accounts with a high fixed interest rate that you cannot withdraw money from for a fixed period.
In 2003, at age 26, I decided to buy a two-bedroom apartment in San Francisco with the money I earned and saved from 1999 to 2003.
My goal was to diversify my wealth from stocks to real estate. I used 80% of my savings and liquid investments to put a 25% down payment on a condominium. I lived there with my then girlfriend, who helped pay some expenses.
At age 27, I was promoted to vice president of Credit Suisse and my income jumped to six figures, plus bigger potential bonuses. I saved and invested about 70% of my after-tax income in 2003, 2004, and 2005. In 2005, I bought a house for $1,520,000 in San Francisco and rented out my condo until I sold it in 2017. I had used up all of the my money. savings and investments to buy the house. It was a huge risk.
The 2009 crisis reduced my net worth but launched my career as a blogger
I continued my savings plan until the housing and stock markets crashed in 2009. I wasn’t laid off during the crisis, but I lost between 35 and 40 percent of my net worth in six months when stock and property prices plummeted.
I started my blog, Financial Samurai, in 2009 to cure. The more I wrote, the better I felt, because I connected with other people going through the same fears on the road to financial independence.
In October 2011, at age 34, I was earning a base salary of $250,000. Credit Suisse suffered several layoffs during the global financial crisis. I spoke to my HR manager who said more layoffs were coming. This was my way out of early retirement. I spoke to my manager and asked him to consider terminating me with a severance package and deferred compensation if I stayed on to train my junior employee.
In April 2012, I was laid off and received the severance package I had negotiated. It felt scary, but also like I had won the lottery. The compensation covered several years of my projected living expenses.
Retiring at 34
I retired at age 34 with a net worth of about $2.5 million after saving and investing 50-75% of my income for 12 years. I made about $80,000 from passive income of rent, stock dividends and CD income per year. I continued to save 50% of my income and live on $40,000.
In my last year of work, I saved even more of my income, about 80%, so the adjustment to living on less wasn’t huge. It was offset by the increased freedom I had. After I retired, I realized that I didn’t need as much money as I thought to be happy.
In 2015, my wife also retired. She is three years younger than me and we planned for her to retire at 35.
After she left, we had to pay for all her health benefits. It cost us about $1,680 a month in healthcare premiums because we didn’t qualify for subsidies.
Having children consumed a large part of our passive income budget
After our son was born in 2017, we started spending more of our passive income. We spent even more of our passive income when our daughter was born in 2019. We now pay $2,500 a month for unsubsidized health premiums for a family of four. Preschool for each child came to $3,200 a month. We are spending almost 100% of our passive income now.
I believe I failed at early retirement. Despite being without a job for 12 years, I recognize that I need to save and earn more to generate more passive income. I didn’t expect to have two children after trying so long to have one.
When we retired, my wife and I were looking forward to living on less than $100,000 a year in early retirement. But our annual expenses are over $250,000 a year. We chose to have two children and stay in expensive San Francisco. As a result, we must pay the price accordingly.
I want to go into technology consulting part-time
I vowed to be a stay-at-home dad until my kids were in school full time. My second child will start school in September, so I’m thinking about going back to work part time.
I would like to consult part-time for a technology startup in San Francisco, where there is a lot of buzz around technology and AI.
In retrospect, retiring at 34 was too soon. If I could retire again, I would have tried to hold out until I was 40. But I’m not sure my health would have cooperated or if we would have been able to have children if I did. I was very stressed at work.
My challenge now is finding meaningful part-time work. I tried consulting part-time at a fintech startup earlier this year, but it took a lot out of me and interfered with my parenting duties. At least I know better what to look for this fall when my daughter starts school full time.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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