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100k net worth and miserable at the same time
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UgSlayer Offline
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Post: #26
RE: 100k net worth and miserable at the same time
(06-20-2012 10:18 AM)Scarecr0w Wrote:  
(06-19-2012 07:10 PM)snoop Wrote:  
(06-16-2012 05:41 PM)Scarecr0w Wrote:  
(06-16-2012 04:57 PM)UgSlayer Wrote:  Does your sister have a job? If not tell her to get one. Why are they living with you in South America and not the United States? What country do you live in? Sounds like a lot of pressure for one man, considering they are both physically able to work.

My suggestion is to give them a time frame to move out. Just because they're your blood relatives does not mean you have to bust your ass for them.

My mother cant work, she is old(70+) and a retiree. My sister is an adult yeah and also works,
but she doesnt earn a lot of money and her work is temporary unless she finds a new one or
stays at her current one(if she is told to stay).
I'm definitely considering quiting my office job and leaving abroad for some time, but still i will have to pay the rent (600 dollars a month) and without a steady income bothers me a lot..
PS: i not from the United States.

1. is the 100k cash savings? or are you talking about things like retirement accounts, or some combination of retirement, investments, cash, etc?

2. Is the rent the only thing you have to pay for them? If so, and if you have 100k in cash, think of things this way. For $7200, barely over 7% of your total assets, you are buying yourself an entire year of your life to do with as you choose. or just go half a year for $3600 and spend the other half making it as memorable as possible. You return 6 months laters and still have around 90k.

Just 100k cash savings thats it.
Well the most important thing that i pay is the rent ( which is the most expensive cost that we have), but also i help with other things like food, and utilities. Still your assesment of point number 2 is possible.
I'm also wondering if its a good decision to study a master's degree abroad, (not the US because its outrageously expensive for foreigners) but maybe in europe. I could earn a masters degree while living abroad for some time...
what do you think?

Sounds good. If you apply to PhD programs, you can often recieve a stipend along with tuition assistance. In socialist countries, higher education is free. Look at universites in scandinavia, france.
06-20-2012 10:54 AM
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WanderingSoul Offline
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Post: #27
RE: 100k net worth and miserable at the same time
Why is your sisters income so low and unstable? Is she uneducated? Even though it fucking sucks, maybe paying for her to attend a trade school where she can obtain a decent paying job after might be the best way for you to alleviate your financial burden. You shouldn't HAVE to do that, but maybe it makes the most sense for you long term. Give her a little now so she can support herself. Tell her in exchange that your mother has to live with her from now on.
06-20-2012 10:55 AM
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Scarecr0w Offline
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Post: #28
RE: 100k net worth and miserable at the same time
(06-20-2012 10:54 AM)UgSlayer Wrote:  
(06-20-2012 10:18 AM)Scarecr0w Wrote:  
(06-19-2012 07:10 PM)snoop Wrote:  
(06-16-2012 05:41 PM)Scarecr0w Wrote:  
(06-16-2012 04:57 PM)UgSlayer Wrote:  Does your sister have a job? If not tell her to get one. Why are they living with you in South America and not the United States? What country do you live in? Sounds like a lot of pressure for one man, considering they are both physically able to work.

My suggestion is to give them a time frame to move out. Just because they're your blood relatives does not mean you have to bust your ass for them.

My mother cant work, she is old(70+) and a retiree. My sister is an adult yeah and also works,
but she doesnt earn a lot of money and her work is temporary unless she finds a new one or
stays at her current one(if she is told to stay).
I'm definitely considering quiting my office job and leaving abroad for some time, but still i will have to pay the rent (600 dollars a month) and without a steady income bothers me a lot..
PS: i not from the United States.

1. is the 100k cash savings? or are you talking about things like retirement accounts, or some combination of retirement, investments, cash, etc?

2. Is the rent the only thing you have to pay for them? If so, and if you have 100k in cash, think of things this way. For $7200, barely over 7% of your total assets, you are buying yourself an entire year of your life to do with as you choose. or just go half a year for $3600 and spend the other half making it as memorable as possible. You return 6 months laters and still have around 90k.

Just 100k cash savings thats it.
Well the most important thing that i pay is the rent ( which is the most expensive cost that we have), but also i help with other things like food, and utilities. Still your assesment of point number 2 is possible.
I'm also wondering if its a good decision to study a master's degree abroad, (not the US because its outrageously expensive for foreigners) but maybe in europe. I could earn a masters degree while living abroad for some time...
what do you think?

Sounds good. If you apply to PhD programs, you can often recieve a stipend along with tuition assistance. In socialist countries, higher education is free. Look at universites in scandinavia, france.

i'm afraid that is not the case for citizens that are not part of the european union... sweden has started charging tuition to foreigners outside the EU. I think norway is still free though,
but the cost of living is expensive... i will shop around...
06-20-2012 11:17 AM
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snoop Offline
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Post: #29
RE: 100k net worth and miserable at the same time
(06-20-2012 10:18 AM)Scarecr0w Wrote:  
(06-19-2012 07:10 PM)snoop Wrote:  1. is the 100k cash savings? or are you talking about things like retirement accounts, or some combination of retirement, investments, cash, etc?

2. Is the rent the only thing you have to pay for them? If so, and if you have 100k in cash, think of things this way. For $7200, barely over 7% of your total assets, you are buying yourself an entire year of your life to do with as you choose. or just go half a year for $3600 and spend the other half making it as memorable as possible. You return 6 months laters and still have around 90k.

Just 100k cash savings thats it.
Well the most important thing that i pay is the rent ( which is the most expensive cost that we have), but also i help with other things like food, and utilities. Still your assesment of point number 2 is possible.
I'm also wondering if its a good decision to study a master's degree abroad, (not the US because its outrageously expensive for foreigners) but maybe in europe. I could earn a masters degree while living abroad for some time...
what do you think?


Investing in yourself is typically one of the best investments you can make. Of course you need to select something that actually has a return on that investment, not just wildly chase pipe dreams like some people do with their college experience.

If you can find an online degree might be even better b/c then you can move around and get back to your fmaily whenever you like.
06-20-2012 05:24 PM
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Scarecr0w Offline
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Post: #30
RE: 100k net worth and miserable at the same time
(06-20-2012 05:24 PM)snoop Wrote:  
(06-20-2012 10:18 AM)Scarecr0w Wrote:  
(06-19-2012 07:10 PM)snoop Wrote:  1. is the 100k cash savings? or are you talking about things like retirement accounts, or some combination of retirement, investments, cash, etc?

2. Is the rent the only thing you have to pay for them? If so, and if you have 100k in cash, think of things this way. For $7200, barely over 7% of your total assets, you are buying yourself an entire year of your life to do with as you choose. or just go half a year for $3600 and spend the other half making it as memorable as possible. You return 6 months laters and still have around 90k.

Just 100k cash savings thats it.
Well the most important thing that i pay is the rent ( which is the most expensive cost that we have), but also i help with other things like food, and utilities. Still your assesment of point number 2 is possible.
I'm also wondering if its a good decision to study a master's degree abroad, (not the US because its outrageously expensive for foreigners) but maybe in europe. I could earn a masters degree while living abroad for some time...
what do you think?


Investing in yourself is typically one of the best investments you can make. Of course you need to select something that actually has a return on that investment, not just wildly chase pipe dreams like some people do with their college experience.

If you can find an online degree might be even better b/c then you can move around and get back to your fmaily whenever you like.

hmm
aren't online degrees just for remote education? or you can do them in the country they are offered?
06-22-2012 09:16 AM
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Divorco Offline
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Post: #31
RE: 100k net worth and miserable at the same time
(06-16-2012 05:41 PM)Scarecr0w Wrote:  i will have to pay the rent (600 dollars a month) and without a steady income bothers me a lot.

People typically pay 25%-33% of their income in rent. So in cheap South America, your mother and sister could easily live off $1800-$2400 per month, or $21,600-$28,800 per year. I won't get into the morality of ruining your life in your thirties. You have allowed this situation to happen, and you can easily afford to change it.

You need to make educational/career transition plans. It may pay less initially, but give you more happiness in the long-run. Negotiate an arrangement with mom and sister. For example, they could get part-time jobs, move someplace cheaper, etc. Then you could send a $1000 monthly stipend while you freelance travel or attend school.
06-22-2012 10:01 AM
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RedBull Offline
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Post: #32
RE: 100k net worth and miserable at the same time
(06-16-2012 04:21 PM)Scarecr0w Wrote:  Ok

This is the situation:
My life is a mess, 33 years old, working in a job that i hate (but earn good money) + i work as a freelancer in my spare time. I live in a foreign country with no friends at all (mostly because i have been working a lot, so no social life). My mother and sister live with me and depend on me to survive, and we dont possess a place to live (long sad story, so i have to rent).
Besides this gloomy scenario, i have achieved saving 100k dollars.( a real feat in south america).
I know that this kind of living is making my life miserable, and although i could still live like this for 1-2 years( saving more money in the process) i feel that i'm missing a lots of things to enjoy from life, and also this lifestyle is not healthy for me, I would like to travel, study or live by myself abroad for some time, but i fear quitting my office job would be an irresponsible decision. I thought about buying a home for my family, but i would have to spend all my hard earned money in that ( housing prices are skyrocketing in south america)
losing all my savings...
What the heck should i do?

dude to be honest, your family deserves it, buy them the home. try to work another year and keep that money for yourself, then you will be free from obligations. it would be the most admirable thing to do.
(This post was last modified: 06-22-2012 11:46 AM by RedBull.)
06-22-2012 11:38 AM
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polymath Offline
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Post: #33
RE: 100k net worth and miserable at the same time
I don't see how there could be a point in getting a master's unless you want to go into academics or it's a professional degree, like an M.Eng. or MBA. I know there are a few MBA programs that have respectable online programs for people who don't want to interrupt their careers. Maybe that would be right for you. An MBA would certainly provide you with more marketability, so you might be able to find a job where you don't have to be on call for so long, or at least where you would get paid more for it.

To me, it sounds like the responsibility of taking care of your family weighs heavily upon your shoulders. You can't take care of them forever, but that doesn't mean you should not try to take care of them. What's important is finding a way to do that without feeling miserable about work, and without worrying about their future (and, of course, your own).

You said that right now you have about 100k in cash. I am assuming that you have this in a savings account, earning some -- but not much -- interest. You yourself said that housing prices are skyrocketing. If you buy a house, that would probably yield a better long-run return than keeping 100k in cash or a savings account, and it would give your family a reliable place to live while you figure out your career options.

IMPORTANT: Don't think of buying a home as spending your hard-earned money. Your money is losing value right now anyway if your interest rate is lower than the inflation rate. Think of a home as an investment. Its value increases as the surrounding area becomes developed and demand increases. When you sell, you get your money back plus some.

I'm pretty young but if I were in your shoes, I would keep working, invest the bulk of my savings in a modest home, and look for a respectable online MBA program.
06-25-2012 07:28 AM
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Scarecr0w Offline
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Post: #34
RE: 100k net worth and miserable at the same time
(06-25-2012 07:28 AM)polymath Wrote:  I don't see how there could be a point in getting a master's unless you want to go into academics or it's a professional degree, like an M.Eng. or MBA. I know there are a few MBA programs that have respectable online programs for people who don't want to interrupt their careers. Maybe that would be right for you. An MBA would certainly provide you with more marketability, so you might be able to find a job where you don't have to be on call for so long, or at least where you would get paid more for it.

To me, it sounds like the responsibility of taking care of your family weighs heavily upon your shoulders. You can't take care of them forever, but that doesn't mean you should not try to take care of them. What's important is finding a way to do that without feeling miserable about work, and without worrying about their future (and, of course, your own).

You said that right now you have about 100k in cash. I am assuming that you have this in a savings account, earning some -- but not much -- interest. You yourself said that housing prices are skyrocketing. If you buy a house, that would probably yield a better long-run return than keeping 100k in cash or a savings account, and it would give your family a reliable place to live while you figure out your career options.

IMPORTANT: Don't think of buying a home as spending your hard-earned money. Your money is losing value right now anyway if your interest rate is lower than the inflation rate. Think of a home as an investment. Its value increases as the surrounding area becomes developed and demand increases. When you sell, you get your money back plus some.

I'm pretty young but if I were in your shoes, I would keep working, invest the bulk of my savings in a modest home, and look for a respectable online MBA program.

Thanks for your insight. my idea is to study a masters abroad, not studying it online. ( i want the complete experience of studying abroad). About buying a home, i dont like the idea of investing all my money on a home, specially here that houses in a good neighborhood costs more than 100k.(modest homes are in modest neighborhoods, they are ugly and not safe).
Anyway the best scenario would be to continue working my ass off for a couple of years so i can save 200k but that would be really tough and a pain in the ass...
I know that in germany universities have free tuition for postgraduate studies even for foreigners..that is tempting...
06-25-2012 10:04 AM
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WestCoast Offline
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Post: #35
RE: 100k net worth and miserable at the same time
(06-25-2012 10:04 AM)Scarecr0w Wrote:  
(06-25-2012 07:28 AM)polymath Wrote:  I don't see how there could be a point in getting a master's unless you want to go into academics or it's a professional degree, like an M.Eng. or MBA. I know there are a few MBA programs that have respectable online programs for people who don't want to interrupt their careers. Maybe that would be right for you. An MBA would certainly provide you with more marketability, so you might be able to find a job where you don't have to be on call for so long, or at least where you would get paid more for it.

To me, it sounds like the responsibility of taking care of your family weighs heavily upon your shoulders. You can't take care of them forever, but that doesn't mean you should not try to take care of them. What's important is finding a way to do that without feeling miserable about work, and without worrying about their future (and, of course, your own).

You said that right now you have about 100k in cash. I am assuming that you have this in a savings account, earning some -- but not much -- interest. You yourself said that housing prices are skyrocketing. If you buy a house, that would probably yield a better long-run return than keeping 100k in cash or a savings account, and it would give your family a reliable place to live while you figure out your career options.

IMPORTANT: Don't think of buying a home as spending your hard-earned money. Your money is losing value right now anyway if your interest rate is lower than the inflation rate. Think of a home as an investment. Its value increases as the surrounding area becomes developed and demand increases. When you sell, you get your money back plus some.

I'm pretty young but if I were in your shoes, I would keep working, invest the bulk of my savings in a modest home, and look for a respectable online MBA program.

Thanks for your insight. my idea is to study a masters abroad, not studying it online. ( i want the complete experience of studying abroad). About buying a home, i dont like the idea of investing all my money on a home, specially here that houses in a good neighborhood costs more than 100k.(modest homes are in modest neighborhoods, they are ugly and not safe).
Anyway the best scenario would be to continue working my ass off for a couple of years so i can save 200k but that would be really tough and a pain in the ass...
I know that in germany universities have free tuition for postgraduate studies even for foreigners..that is tempting...

I am on my way out again, but had to jump in on this post because that advice is god awful. Plain and simple. If you are doing well in your career do not for the love of god, do not stop the train.

MBA?! = Must Be Average degree...
PHD?! = Pussy Hard-on Disease (strong belief you are special)

The real issue for you is finding a balance between stacking money and helping your family. Right now you are helping too much. Your desire to go get more education is actually a desire for relaxation... I would let off the gas a tad on the saving/working and continue moving up albeit at a slightly lower clip. When you feel better you hit the gas again.

Only caveat here is if you really can get a large multiple factor on next level education, 2x or more. Doubtful based on how much u have saved.
06-25-2012 10:58 AM
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Scarecr0w Offline
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Post: #36
RE: 100k net worth and miserable at the same time
(06-25-2012 10:58 AM)WestCoast Wrote:  
(06-25-2012 10:04 AM)Scarecr0w Wrote:  
(06-25-2012 07:28 AM)polymath Wrote:  I don't see how there could be a point in getting a master's unless you want to go into academics or it's a professional degree, like an M.Eng. or MBA. I know there are a few MBA programs that have respectable online programs for people who don't want to interrupt their careers. Maybe that would be right for you. An MBA would certainly provide you with more marketability, so you might be able to find a job where you don't have to be on call for so long, or at least where you would get paid more for it.

To me, it sounds like the responsibility of taking care of your family weighs heavily upon your shoulders. You can't take care of them forever, but that doesn't mean you should not try to take care of them. What's important is finding a way to do that without feeling miserable about work, and without worrying about their future (and, of course, your own).

You said that right now you have about 100k in cash. I am assuming that you have this in a savings account, earning some -- but not much -- interest. You yourself said that housing prices are skyrocketing. If you buy a house, that would probably yield a better long-run return than keeping 100k in cash or a savings account, and it would give your family a reliable place to live while you figure out your career options.

IMPORTANT: Don't think of buying a home as spending your hard-earned money. Your money is losing value right now anyway if your interest rate is lower than the inflation rate. Think of a home as an investment. Its value increases as the surrounding area becomes developed and demand increases. When you sell, you get your money back plus some.

I'm pretty young but if I were in your shoes, I would keep working, invest the bulk of my savings in a modest home, and look for a respectable online MBA program.

Thanks for your insight. my idea is to study a masters abroad, not studying it online. ( i want the complete experience of studying abroad). About buying a home, i dont like the idea of investing all my money on a home, specially here that houses in a good neighborhood costs more than 100k.(modest homes are in modest neighborhoods, they are ugly and not safe).
Anyway the best scenario would be to continue working my ass off for a couple of years so i can save 200k but that would be really tough and a pain in the ass...
I know that in germany universities have free tuition for postgraduate studies even for foreigners..that is tempting...

I am on my way out again, but had to jump in on this post because that advice is god awful. Plain and simple. If you are doing well in your career do not for the love of god, do not stop the train.

MBA?! = Must Be Average degree...
PHD?! = Pussy Hard-on Disease (strong belief you are special)

The real issue for you is finding a balance between stacking money and helping your family. Right now you are helping too much. Your desire to go get more education is actually a desire for relaxation... I would let off the gas a tad on the saving/working and continue moving up albeit at a slightly lower clip. When you feel better you hit the gas again.

Only caveat here is if you really can get a large multiple factor on next level education, 2x or more. Doubtful based on how much u have saved.

You are right about the desire of relaxation. I thought that by studying abroad i would relax a bit and also earn a degree. But my ambitious self also tells me that quitting my job would make me lose my ability to save money...its a tough call
06-25-2012 11:32 AM
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WestCoast Offline
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Post: #37
RE: 100k net worth and miserable at the same time
If you are saving a good amount of cash I would let off the pedal a tad. If you get "laid off" because of it you'll get unemployment. If you don't, hint I doubt u will, then you'll be healthier physically and mentally.

I say the same thing. If you're so talented why do you need so many credentials? Don't they want to keep you?

Sounds like you are giving too much. Let off a bit, maybe set off an hour or two to do a fun hobby (surf, dance, cook, read) whatever. If you are up and to the right... Never stop let it roll.

Finally, when u get advise from people ask yourself "would I want his life" if not, probably best to avoid his/her advise. I almost made the same mistake.
(This post was last modified: 06-25-2012 11:43 AM by WestCoast.)
06-25-2012 11:42 AM
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Scarecr0w Offline
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Post: #38
RE: 100k net worth and miserable at the same time
(06-25-2012 11:42 AM)WestCoast Wrote:  If you are saving a good amount of cash I would let off the pedal a tad. If you get "laid off" because of it you'll get unemployment. If you don't, hint I doubt u will, then you'll be healthier physically and mentally.

I say the same thing. If you're so talented why do you need so many credentials? Don't they want to keep you?

Sounds like you are giving too much. Let off a bit, maybe set off an hour or two to do a fun hobby (surf, dance, cook, read) whatever. If you are up and to the right... Never stop let it roll.

Finally, when u get advise from people ask yourself "would I want his life" if not, probably best to avoid his/her advise. I almost made the same mistake.

The problem is that i hate my job. I'm just keep it because i earn a good amount of money, but i hate it and the worst of all is that i have to be on call 15 days a month and i dont get paid for those extra hours in case i have to show up for an emergency... its stressful..
06-25-2012 12:50 PM
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WestCoast Offline
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Post: #39
RE: 100k net worth and miserable at the same time
Your complaints are falling on deaf ears until you address exactly what you hate.

I hated my old job for similar reasons, try asking to adjust your schedule, try asking to get maybe 10 days of on call instead of 15. Be proactive.

If you hate the job so much why are you doing well? Why are you succeeding. There is something you enjoy. If you truly hate it then leave. You may have golden handcuff syndrome.

My guess is your situation is very similar to my old one, when you get moved up/are doing well they will ask more and more of you stretching you thinner and thinner. The solution is to put your foot down. I got a competin job offer. I said I want xyz done or I am gone. They knew I was serious were more han happy to no longer call me on Saturday nights for shit. I now go out every saturday and Ignore my work phone. You're at an apex where they think you are a pawn. Flip the script, don't be a doormat, but do it intelligently. People saying to just "leave" are fools, same with ones who say "just suck it all up" make a small change in the direction you want to stop the mental hemmorage.
06-25-2012 01:26 PM
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Scarecr0w Offline
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Post: #40
RE: 100k net worth and miserable at the same time
(06-25-2012 01:26 PM)WestCoast Wrote:  Your complaints are falling on deaf ears until you address exactly what you hate.

I hated my old job for similar reasons, try asking to adjust your schedule, try asking to get maybe 10 days of on call instead of 15. Be proactive.

If you hate the job so much why are you doing well? Why are you succeeding. There is something you enjoy. If you truly hate it then leave. You may have golden handcuff syndrome.

My guess is your situation is very similar to my old one, when you get moved up/are doing well they will ask more and more of you stretching you thinner and thinner. The solution is to put your foot down. I got a competin job offer. I said I want xyz done or I am gone. They knew I was serious were more han happy to no longer call me on Saturday nights for shit. I now go out every saturday and Ignore my work phone. You're at an apex where they think you are a pawn. Flip the script, don't be a doormat, but do it intelligently. People saying to just "leave" are fools, same with ones who say "just suck it all up" make a small change in the direction you want to stop the mental hemmorage.

I'm suceeding because i earn enough money at my office job to pay my expenses + saving 40-50% of that income and because i have a freelance job that pays also well and that money is 100% savings. The problem is that doing both at the same time means no social life, stress, and so on.
I think a solution would be to find another office job that doesnt have on call duties and pays a decent amount of money to survive + keeping the freelancing stuff....
06-26-2012 02:40 PM
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WestCoast Offline
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Post: #41
RE: 100k net worth and miserable at the same time
Agree and believe that is a more logical move rather than dropping everything so to speak.
06-26-2012 03:34 PM
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whosyourdaddy Offline
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Post: #42
RE: 100k net worth and miserable at the same time
(06-22-2012 10:01 AM)Divorco Wrote:  
(06-16-2012 05:41 PM)Scarecr0w Wrote:  i will have to pay the rent (600 dollars a month) and without a steady income bothers me a lot.

People typically pay 25%-33% of their income in rent. So in cheap South America, your mother and sister could easily live off $1800-$2400 per month, or $21,600-$28,800 per year. I won't get into the morality of ruining your life in your thirties. You have allowed this situation to happen, and you can easily afford to change it.

You need to make educational/career transition plans. It may pay less initially, but give you more happiness in the long-run. Negotiate an arrangement with mom and sister. For example, they could get part-time jobs, move someplace cheaper, etc. Then you could send a $1000 monthly stipend while you freelance travel or attend school.

I doubt it even costs that much, unless he lives in Sao Paulo, rio or BA. 600 for rent, 400 in extra help and tell his sister to get a job and cover the rest.

As for advice in what to do, we don't exactly know how the situation is like in your specific country, region and IT market. Hard to tell you to quit if especially as 100K savings at 33 is nothing to sneeze at, since it probably the equivalent of like 500K savings here in America!!
06-26-2012 07:02 PM
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Scarecr0w Offline
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Post: #43
RE: 100k net worth and miserable at the same time
(06-26-2012 07:02 PM)whosyourdaddy Wrote:  
(06-22-2012 10:01 AM)Divorco Wrote:  
(06-16-2012 05:41 PM)Scarecr0w Wrote:  i will have to pay the rent (600 dollars a month) and without a steady income bothers me a lot.

People typically pay 25%-33% of their income in rent. So in cheap South America, your mother and sister could easily live off $1800-$2400 per month, or $21,600-$28,800 per year. I won't get into the morality of ruining your life in your thirties. You have allowed this situation to happen, and you can easily afford to change it.

You need to make educational/career transition plans. It may pay less initially, but give you more happiness in the long-run. Negotiate an arrangement with mom and sister. For example, they could get part-time jobs, move someplace cheaper, etc. Then you could send a $1000 monthly stipend while you freelance travel or attend school.

I doubt it even costs that much, unless he lives in Sao Paulo, rio or BA. 600 for rent, 400 in extra help and tell his sister to get a job and cover the rest.

As for advice in what to do, we don't exactly know how the situation is like in your specific country, region and IT market. Hard to tell you to quit if especially as 100K savings at 33 is nothing to sneeze at, since it probably the equivalent of like 500K savings here in America!!

We have 6% unenployment rate, but that doesnt mean that there are well paid jobs. The market is really small, thats a disadvantage. I wouldnt say 100k is equivalent to 500k in america, i would say is equivalent to 350-400k in america. anyway for now i will try to keep going until december when i hope i wil find a new job or i should have decided to study abroad a postgraduate degree
06-26-2012 09:58 PM
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polymath Offline
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Post: #44
RE: 100k net worth and miserable at the same time
(06-25-2012 10:58 AM)WestCoast Wrote:  
(06-25-2012 10:04 AM)Scarecr0w Wrote:  
(06-25-2012 07:28 AM)polymath Wrote:  I don't see how there could be a point in getting a master's unless you want to go into academics or it's a professional degree, like an M.Eng. or MBA. I know there are a few MBA programs that have respectable online programs for people who don't want to interrupt their careers. Maybe that would be right for you. An MBA would certainly provide you with more marketability, so you might be able to find a job where you don't have to be on call for so long, or at least where you would get paid more for it.

To me, it sounds like the responsibility of taking care of your family weighs heavily upon your shoulders. You can't take care of them forever, but that doesn't mean you should not try to take care of them. What's important is finding a way to do that without feeling miserable about work, and without worrying about their future (and, of course, your own).

You said that right now you have about 100k in cash. I am assuming that you have this in a savings account, earning some -- but not much -- interest. You yourself said that housing prices are skyrocketing. If you buy a house, that would probably yield a better long-run return than keeping 100k in cash or a savings account, and it would give your family a reliable place to live while you figure out your career options.

IMPORTANT: Don't think of buying a home as spending your hard-earned money. Your money is losing value right now anyway if your interest rate is lower than the inflation rate. Think of a home as an investment. Its value increases as the surrounding area becomes developed and demand increases. When you sell, you get your money back plus some.

I'm pretty young but if I were in your shoes, I would keep working, invest the bulk of my savings in a modest home, and look for a respectable online MBA program.

Thanks for your insight. my idea is to study a masters abroad, not studying it online. ( i want the complete experience of studying abroad). About buying a home, i dont like the idea of investing all my money on a home, specially here that houses in a good neighborhood costs more than 100k.(modest homes are in modest neighborhoods, they are ugly and not safe).
Anyway the best scenario would be to continue working my ass off for a couple of years so i can save 200k but that would be really tough and a pain in the ass...
I know that in germany universities have free tuition for postgraduate studies even for foreigners..that is tempting...

I am on my way out again, but had to jump in on this post because that advice is god awful. Plain and simple. If you are doing well in your career do not for the love of god, do not stop the train.

MBA?! = Must Be Average degree...
PHD?! = Pussy Hard-on Disease (strong belief you are special)

The real issue for you is finding a balance between stacking money and helping your family. Right now you are helping too much. Your desire to go get more education is actually a desire for relaxation... I would let off the gas a tad on the saving/working and continue moving up albeit at a slightly lower clip. When you feel better you hit the gas again.

Only caveat here is if you really can get a large multiple factor on next level education, 2x or more. Doubtful based on how much u have saved.

For somebody who has a technical background, an MBA is a pretty solid thing to pursue. If you're some scrub from a worthless background, then an MBA won't make your resume shine, but you'll find that a lot of graduates from top schools will work for a few years, then get an MBA.

There must be a reason why you think there's no value to an MBA -- beyond a couple meaningless acronyms -- and I'm curious what that reason is. The OP says his net worth is 100k...that's respectable but it's not like he's on the gravy train, and he sounds unhappy. Clearly something's gotta change.

I don't know what's right for the OP, but I know what I would do in his situation. School tends to help people get hired when done right.

The reason I mentioned online programs is that if the OP picks one that is affiliated with a respectable university, he can get a useful degree without dropping everything and spending tons of time as a full-time student.

And also, I just want to reiterate that typically it's unwise to keep cash sitting around without investing it.

OP, I know all we can do is give you words of advice with the hope that you find some of it useful. It seems like you have your head on straight. Whatever you choose to do, I wish you the best of luck.
06-28-2012 02:30 PM
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WestCoast Offline
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Post: #45
RE: 100k net worth and miserable at the same time
My point for an MBA being useless is the following: if you're so good why did they make you go back to school?

Only real place to go and get an MBA is management consulting. It's a financial sham to go and get an MBA in the majority of professions.

True cost of an MBA is $120K (post tax money) thats roughly $200K salary. Now add the lost salary from the 2 yrs you didn't work. Say u were making what 75K? Your true pre tax cost is $350K, adjust for taxes so call it $250K opportunity cost.

Say you get $25K more a year with the MBA? Say you save all of it? Post tax you save an extra 15K. Takes you 15+ years to recover the cost. This is ridiculous. Not to mention the rate on your student debt. (if they pay for the whole thing then sure party on and get it but very few co's do that now)

The nay Sayers will say "but I can make more money with that MBA!". Whose the first one that gets fired? Middle management. Better to just move up the hard way. Top tier MBA schools are really just networking parties. You use the same text books as undergrad degrees. OP IMHO is just thinning himself out too much, better not flip the boat and make minor adjustments. Chasing the college dream again is fool hearty for most.
(This post was last modified: 06-28-2012 05:40 PM by WestCoast.)
06-28-2012 05:36 PM
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Lemmo Offline
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Post: #46
RE: 100k net worth and miserable at the same time
(06-28-2012 05:36 PM)WestCoast Wrote:  My point for an MBA being useless is the following: if you're so good why did they make you go back to school?

Only real place to go and get an MBA is management consulting. It's a financial sham to go and get an MBA in the majority of professions.

True cost of an MBA is $120K (post tax money) thats roughly $200K salary. Now add the lost salary from the 2 yrs you didn't work. Say u were making what 75K? Your true pre tax cost is $350K, adjust for taxes so call it $250K opportunity cost.

Say you get $25K more a year with the MBA? Say you save all of it? Post tax you save an extra 15K. Takes you 15+ years to recover the cost. This is ridiculous. Not to mention the rate on your student debt. (if they pay for the whole thing then sure party on and get it but very few co's do that now)

The nay Sayers will say "but I can make more money with that MBA!". Whose the first one that gets fired? Middle management. Better to just move up the hard way. Top tier MBA schools are really just networking parties. You use the same text books as undergrad degrees. OP IMHO is just thinning himself out too much, better not flip the boat and make minor adjustments. Chasing the college dream again is fool hearty for most.

MBAs are pretty much a necessity for making the leap from analyst to associate in investment banking and, to a lesser extent, consulting. Employers will typically pay for their analysts to go get an MBA. If you aren't in banking or consulting and/or your employer isn't paying the tuition, an MBA is not worth the bother. If you check out the tuition rates for an MBA from a top school, you'll see that they are astronomical (53,500/year at Harvard) even by the standard of the Ivies.
07-01-2012 11:03 AM
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WestCoast Offline
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Post: #47
RE: 100k net worth and miserable at the same time
(07-01-2012 11:03 AM)Lemmo Wrote:  
(06-28-2012 05:36 PM)WestCoast Wrote:  My point for an MBA being useless is the following: if you're so good why did they make you go back to school?

Only real place to go and get an MBA is management consulting. It's a financial sham to go and get an MBA in the majority of professions.

True cost of an MBA is $120K (post tax money) thats roughly $200K salary. Now add the lost salary from the 2 yrs you didn't work. Say u were making what 75K? Your true pre tax cost is $350K, adjust for taxes so call it $250K opportunity cost.

Say you get $25K more a year with the MBA? Say you save all of it? Post tax you save an extra 15K. Takes you 15+ years to recover the cost. This is ridiculous. Not to mention the rate on your student debt. (if they pay for the whole thing then sure party on and get it but very few co's do that now)

The nay Sayers will say "but I can make more money with that MBA!". Whose the first one that gets fired? Middle management. Better to just move up the hard way. Top tier MBA schools are really just networking parties. You use the same text books as undergrad degrees. OP IMHO is just thinning himself out too much, better not flip the boat and make minor adjustments. Chasing the college dream again is fool hearty for most.

MBAs are pretty much a necessity for making the leap from analyst to associate in investment banking and, to a lesser extent, consulting. Employers will typically pay for their analysts to go get an MBA. If you aren't in banking or consulting and/or your employer isn't paying the tuition, an MBA is not worth the bother. If you check out the tuition rates for an MBA from a top school, you'll see that they are astronomical (53,500/year at Harvard) even by the standard of the Ivies.

Sorry have to call you out. You don't need an MBA to be an associate. I am living proof.

Again follow the advice i gave in zeus's change life post. If you're so good yet again, why do you NEED so many credentials. I skipped the MBA, it's a fools game. Again: MUST BE AVERAGE degree.

Are you making the company more money? They won't let you leave, they'll pay up.

Finally, no they won't pay anymore. This is bullshit. If they pay nowadays, its because they think you are extremely hard working but your social skills are whack so they are trying to "fix you". Avoid at all costs. If you think you need an MBA to be promoted you're crazy and doing something wrong.
07-01-2012 01:18 PM
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Lemmo Offline
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Post: #48
RE: 100k net worth and miserable at the same time
(07-01-2012 01:18 PM)WestCoast Wrote:  
(07-01-2012 11:03 AM)Lemmo Wrote:  
(06-28-2012 05:36 PM)WestCoast Wrote:  My point for an MBA being useless is the following: if you're so good why did they make you go back to school?

Only real place to go and get an MBA is management consulting. It's a financial sham to go and get an MBA in the majority of professions.

True cost of an MBA is $120K (post tax money) thats roughly $200K salary. Now add the lost salary from the 2 yrs you didn't work. Say u were making what 75K? Your true pre tax cost is $350K, adjust for taxes so call it $250K opportunity cost.

Say you get $25K more a year with the MBA? Say you save all of it? Post tax you save an extra 15K. Takes you 15+ years to recover the cost. This is ridiculous. Not to mention the rate on your student debt. (if they pay for the whole thing then sure party on and get it but very few co's do that now)

The nay Sayers will say "but I can make more money with that MBA!". Whose the first one that gets fired? Middle management. Better to just move up the hard way. Top tier MBA schools are really just networking parties. You use the same text books as undergrad degrees. OP IMHO is just thinning himself out too much, better not flip the boat and make minor adjustments. Chasing the college dream again is fool hearty for most.

MBAs are pretty much a necessity for making the leap from analyst to associate in investment banking and, to a lesser extent, consulting. Employers will typically pay for their analysts to go get an MBA. If you aren't in banking or consulting and/or your employer isn't paying the tuition, an MBA is not worth the bother. If you check out the tuition rates for an MBA from a top school, you'll see that they are astronomical (53,500/year at Harvard) even by the standard of the Ivies.

Sorry have to call you out. You don't need an MBA to be an associate. I am living proof.

Again follow the advice i gave in zeus's change life post. If you're so good yet again, why do you NEED so many credentials. I skipped the MBA, it's a fools game. Again: MUST BE AVERAGE degree.

Are you making the company more money? They won't let you leave, they'll pay up.

Finally, no they won't pay anymore. This is bullshit. If they pay nowadays, its because they think you are extremely hard working but your social skills are whack so they are trying to "fix you". Avoid at all costs. If you think you need an MBA to be promoted you're crazy and doing something wrong.

I'm talking about the bulge brackets and M&A. At the smaller IBs and in sales/trading, the practices may be different. We must be talking about different markets. No one involved in M&A IB can doubt the importance of what are - I will grant - meaningless educational credentials. You don't even get in the front door without them. Good luck getting an interview at Goldman with a state school education.

And the idea that the MBA class is at Harvard to be "fixed" is crazy. You wouldn't last in the job much less receive a free top 10 education if you need to be fixed. You may be right about getting employers to pay for tuition. I haven't had to look into it post-financial crisis. Makes sense they would cut back.
07-01-2012 02:16 PM
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WestCoast Offline
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Post: #49
RE: 100k net worth and miserable at the same time
Again calling you out. I am @ bulge. End of story.

Also dropping goldman tells me you dont work in industry, smart propel get offers from GS and use that to make more money from current company. If you are droppig GS like its a cash haven you're insane or a managing director. Doubtful.

Finally, again MBA just means you didn't network well enough. All a top end MBA is contacts, make them so you don't need to p that route. Wasting hundreds of thousands.
(This post was last modified: 07-01-2012 02:32 PM by WestCoast.)
07-01-2012 02:26 PM
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Lemmo Offline
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Post: #50
RE: 100k net worth and miserable at the same time
(07-01-2012 02:26 PM)WestCoast Wrote:  Again calling you out. I am @ bulge. End of story.

Also dropping goldman tells me you dont work in industry, smart propel get offers from GS and use that to make more money from current company. If you are droppig GS like its a cash haven you're insane or a managing director. Doubtful.

Finally, again MBA just means you didn't network well enough. All a top end MBA is contacts, make them so you don't need to p that route. Wasting hundreds of thousands.

Um. Not end of story. And the belligerence is a bit childish. I assume you're on the trading/sales side. I'm a lawyer and work with IBs every day in capital markets and M&A work. Have never dealt with anyone with just a BA (most had MBAs, a few PhDs and back in the gravy days a lot of JDs were getting hired as associates). But I'm not arguing anyone should get an MBA. If someone isn't in a position where it has been made clear to them internally that they need an MBA to progress, there likely isn't a point. The investment is too large for whatever vague professional/networking benefits might be obtained.
07-01-2012 02:44 PM
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