I just hit 3 Million and Put in to Retire

Discussion in 'Novartis' started by anonymous, Feb 12, 2021 at 7:48 AM.

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  1. anonymous

    anonymous Guest

    At Novartis, not Retina because don't want my Novartis division figuring this out, but I am elated. I just hit 3 million with non-retirement, previous IRAS and Fidelity here at Novartis. This doesn't include my house. You can do this by putting 15-20% away early on in career, living on less, stop shopping for clothes etc. Kiss the industry goodbye and enjoy life. I am a rep and have been my whole career and retiring at the young age of 57
     

  2. anonymous

    anonymous Guest

    You sir have won!...at least by your measures. I agree that if early retirement and living beneath your means is the end goal than your suggestions are rock solid. I would say great advice for the majority of young people. I went a different route and may regret it but I highly doubt it. I only put away probably an average of 8% over the past twenty years and have switched companies a few times. I will likely not be able to retire until im 64 or so....but things Ive done that were far more important to me during the past 25 years or so. Traveled to exotic ( and some not so exotic ) locals almost yearly with incredible memories and forged lifelong friendships . I dated some of the most beautiful women and treated them better than I probably shouldve regarding expenses etc but ohhhh the memories. I bought a Corvette ( Z06...) that I still have and enjoy immensely! I play golf with my buds every weekend at really nice courses but enjoy it beyond measure and basically buy whatever I need within reason. I save and invest over and above that 8% as well. I have around 800K ( total liquid ) and Im 53. Ill never catch you nor do I feel the need to...I appreciate what you've done ( and will be a bit jealous I suppose by your early retirement )...but no way I would trade lives when we are on our death beds.
     
  3. anonymous

    anonymous Guest

    Totally agree with last poster. In similar situation at 62. Similar amount in 401K, going to keep working and good with it. Have had a wonderful life traveling with my family, beautiful vacations staying at 5 star resorts. Wouldn’t trade that for the world. Wonderful memories that we all cherish. Beautiful home and enjoyed all that went with it. Some of my friends and acquaintances already dead or not enjoying life due to illness. Strike a good balance because all that money saved is worthless if you can’t enjoy it. No regrets here. Best to you.
     
  4. anonymous

    anonymous Guest

    that's an accomplishment. you can do what you choose and have chosen happiness and I don't hear anything about frugality other posters are mentioning. Congrats to the original poster
     
  5. anonymous

    anonymous Guest

    Wow. CEM in retina here. That is impressive. I'm early 40's trying to catch up and hope I can eek out 1.5M by time I'm your age. Thank you
     
  6. anonymous

    anonymous Guest

    Not to rain on your parade...But 3M is not nearly enough in today’s world. 5M should be the absolute minimum for you to consider. I wouldn’t quit just yet to enjoy life if I were you. Huge mistake imo.
     
  7. anonymous

    anonymous Guest

    Last poster so ignorant. Unless he/she is spending more than 3.5-4% of their money for 30-35 years. 5 million would net approx $200,000 a year. If you need that much good for you, most Americans don't.
     
  8. anonymous

    anonymous Guest

    It is striking a balance. I think it’s good advice to live below ones means, but that’s easier said than done. One can scrape and not enjoy life while younger in order to have money in retirement, but life and health aren’t guaranteed. That being said, many people buy too much crap that they don’t really need.
     
  9. anonymous

    anonymous Guest

    Keep the name calling out of this. I actually agree. 3M is a good accomplishment but nowhere near retirement. They shouldn’t quit just to “enjoy life.” Who just does that? 5M or even 6M should be the goal for a worryfree life.
     
  10. anonymous

    anonymous Guest

    Here we go with the 5 million guy again. This guy is a total idiot. 5 million will never be accomplished by most people. So I guess you think people should work until they drop dead. You are a dumbass.

    My spouse is retired with a guaranteed 60K a year until we both die. I will have over 1.2 million by 60 and we have no debt. I could walk right now but plan to coast in this job for another year or two to shore up the liquid cash leg of our three legged stool. The life expectancy in this country is just under 80 years old. It will be over fast. Enjoy the life you have left.
     
  11. anonymous

    anonymous Guest

    This is the question I ponder constantly. I'm 50 with no debt and slightly more net worth than what is being discussed. We all are lucky because we are in the top 3% of country in net worth and really don't need anything. I question did I waste my career being a pharma rep? Forget about the money, free time and easy job. Could I have done something that would have been more positive for society. Novartis is considered by many to be as unethical as it comes and your name is associated with it. Does it bother you? At the end of the day when we are retired and are 70 years old, the money we accumulated will allow us to relax and reflect. My current reflection is did I sell my soul for the easy money when I should have jumped ship. Maybe this will change. Time will tell. I have a great life.
     
  12. anonymous

    anonymous Guest


    This is highly accurate and great advice...but even what you are doing as a couple is exceptionally rare. Other than old timers that have somehow survived for 25 plus years in this business and are married to a woman that made similar money for most of their career...your situation is maybe only 10% of current 55+ year olds in this country. Congratulations on you and your wife winning! It is awesome to be in that situation. I am early 50's and will be a similar boat as you at your age...My wife has done ok but will be nowhere near your spouses income. We live a great life and hurt for nothing but it does worry me to think we will probably have a combined nut of about 1.2-1.4 million at retirement age. That probably puts us in the top 15% or so of retirees. The 5m figure would put a couple in the top 2% for sure ( completely unattainable for most Americans and probably completely unnecessary ). I imagine location and expectations are key factors as well as expenses at retirement age. 1.2 million goes a lot further in the mid west with no mortgage than 5 million would go in California with years left on a mortgage. Every situation is different! Good luck to all but I do recommend living your life to its fullest while saving because Ive already lost a few friends that saved way to much for retirement putting off their life only to find an early grave with all that money left to people more than happy to blow it. Live your life today!
     
  13. anonymous

    anonymous Guest

    Im pretty sure you voted for Trump. And you’re worried about ethics and negativity for society?
     
  14. anonymous

    anonymous Guest

    inspiring stories. I have enjoyed reading them.
     
  15. anonymous

    anonymous Guest

    Interesting thread. Im somewhat torn on the topic. Im in my thirties and got bit of a late start saving etc. Recently married with no kids and unlikely to want them / have them. I tend to think I need to maximize my contributions and live modestly in order to "catch up" but I have to admit, the thought of living that way for the next thirty years in order to try to enjoy the following twenty doesnt make much sense when I truly think about it. Things to ponder!
     
  16. anonymous

    anonymous Guest

     
  17. anonymous

    anonymous Guest

    The “YOLO” generation is the downfall of the country. Whatever happened to loyalty and dedication to your company for 30 years. You shouldn’t be thinking about enjoying life in your 30’s. Put in an honest days work. That’s what makes America, America. You’ll have time to enjoy retirement in your 60’s.
     
  18. anonymous

    anonymous Guest

    Congrats to the original poster! You have worked hard and saved so I’m sure you’ll enjoy your retirement....on the subject I think you can sacrifice initially to put yourself on solid financial ground then within reason live life fully, responsibly all the while building your nest egg.
     
  19. anonymous

    anonymous Guest

    Yep, the above poster is correct. The Yolo generation is screwed and they’ll pay when they don’t have anything to show for their career when the clock strikes midnight. It’s called FU money and I’m sure to check my balances every time a tattooed-up, insurrectionist, capital storming tech has a power trip and tries to blow up my lunch. I laugh every time because they think they’ve won. I’d like to think differently. My advice- put as much away as possible. It’s an effective numbing agent.
     
  20. anonymous

    anonymous Guest