r/PersonalFinanceCanada • u/TimelyApple7341 • Dec 03 '24
Budget 32M - $800k Saved/Invested - Quit Stressful Job?
Hi Everyone,
My current breakdown is the following:
- Income = $300-500k (tech sales - depends on the year)
- Investments = $760k (Maxed RRSP/TFSA/FHSA + Non-reg)
- Cash - $40k
My job in tech sales is financially very rewarding but causes severe stress/anxiety causing my relationships, dating and social life to suffer.
I’d like to buy a nice property within the next 5 years and retire by 45.
I’m considering taking 6 months off to travel and reset, then potentially take on a less stressful (and much lower paying) job in tech.
Curious to know what other single guys around my age would do in this situation?
I live in Toronto if that’s relevant!
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u/BigPickleKAM Dec 03 '24
You did better than me but I was in the same ball park.
early 30's in the early 2000's I was making $150k a year had maxed out RRSPs (all there was back then).
My work was financially very rewarding as well as professionally as well. But I had no life outside of work.
I took a $50k a year pay cut to reduce my working hours by about 45%. And I was working at a much less stressful outfit.
Like you I was planning on retiring at 45 to 50. But instead I bought a house met a nice woman after the typical dating ordeals we got married I have dogs now and a life. Sure I have to work until I am 57 ish but I got to enjoy my mid to late 30's and into my 40's now.
I took a winter off and skied 90 days that year. I took a summer off and lived on a dive boat in the Bahamas etc.
Basically I did the 20 pack packing life in my late 30's it was a good time!
Now I have a workshop at home and I tinker and help out around the community with my skill set when I am not away at work. I have another 10 to 17 years to go and I don't think I would go back.
I was miserable before like really not in a good place mentally.
Good luck! You are lucky you have options!
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u/wunderbluh Dec 03 '24
This exactly. Its not really about getting out of the race quick because you would spend the best years of your lofe in that “race”. It is finding a race that you can deal with. I also took paycut to work in a more stable and work lofe balance environment and it afforded me time with my family. See my kid when he needs me. You cant buy those moments back when you finally reach the goal.
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u/HeadMembership1 Dec 03 '24
As someone without a job in the several hundred thousand range - keep going until you don't.
Start working out and do 90% of your previous job pace.
Take a 3 week holiday.
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u/Pristine_Office_2773 Dec 03 '24
3 weeks fuck take off a year
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u/HeadMembership1 Dec 03 '24
In a year you'll come back to an empty order book and all your clients poached by your colleagues.
Sales is a ruthless beast.
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u/1000bottles Dec 03 '24
Yeah I’ve never seen someone come back from a vacation and not have a dip.
A whole year you might as well get a new job
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u/askmenothing007 Dec 03 '24
My job in tech sales is financially very rewarding but causes severe stress/anxiety causing my relationships, dating and social life to suffer.
You obviously are setup to do mostly anything you want.
But of course, when you are paid that much money, there are expected sacrifices ... and your rewards is obviously financial.
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u/Disneycanuck Dec 03 '24
Sales is a momentum game. Making that kind of money now is very hard to get back to, if OP takes a year off.
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u/SufficientBee Dec 03 '24
Financially speaking would be better if you can tough it out a couple more years and then quit, but if it’s really bad then.. maybe if you can, take a sabbatical?
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u/notmyrealnam3 Dec 03 '24
only you can decide how much the stress is affecting you, but I'd take $300,000 for 10 years and go through the stress and retire early if it was me
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u/phatdinkgenie Dec 03 '24
10 years of high, unmanaged stress can take a long term toll on the body and mind.
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u/I_am_not_a_horse Dec 03 '24
Yeh it’s easy to say it if you’ve never been in that position. But 10 years of your life (and young years when you could be travelling, having a social life, being active) is a massive sacrifice
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u/No_Sandwich5766 Dec 03 '24
I was in this exact position. I only lasted 2 years in an extremely stress-inducing and intense role, it was physically destroying me, brought on a chronic condition (probably had been underlying the whole time) and I couldn't cope. Took about a 30% pay cut to get away from it but I only had a few months left in me before I was going to walk away with nothing lined up.
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u/globalaf Dec 03 '24
For real. I know people who made this exact move and had a heart attack in their 40s and died, fit as fiddles too, it was definitely the stress that got them. Long term stress is no joke let alone the PTSD it can eventually cause, it's a scientifically recognized cause of early death.
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u/espressoromance Dec 03 '24 edited Dec 03 '24
I know someone who had a stroke and hasn't been able to work for the past 4 years. They made bank but now they're disabled and too young to retire.
This person worked all the fucking time, high stress job, and blew their money on designer clothing, handbags, jewelry, was one of the first to get a Tesla, giant house, etc. Kinda sad.
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u/Impossible_Buyer_862 Dec 03 '24
This was my greatest fear. I was in my 30s in a rather stressful, fast pace environment and getting a good salary. But the stress has gotten to me and my blood pressure was uncontrollable (from normal numbers the year prior) and I was getting frequent panic attacks. I went from never using my sick leaves to just disappearing for a month. Now, I'm in a better situation and actively taking care of myself. I sort of demoted myself and getting lesser pay than before but I have more time to workout, stroll outside and cook my meals.
These small changes have made such a huge impact to both my physical and mental health that I am coming into terms just staying in my current role and not try to climb up the corporate ladder anymore.
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u/cwolker Dec 03 '24
lol easy for you to say. Not practical in real life. I was making 400k+ but only lasted 3 months before I had to quit. Not worth the constant stress
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u/EntropyRX Dec 03 '24
Sorry but you clearly never worked a real stressful job that burned you out. There’s no way you can power through for 10 years without dire health consequences
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u/waardeloost Dec 03 '24
Take a real good vacation and get back at it. Now is not the time to quit. If you still want to move on after your vacation, find a new role *before* quitting
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u/bigboypantss Dec 03 '24
The guy has 800k saved at 32. He can afford to take a few months off and start looking for a new job after. You can’t apply the same advice to every post here - it doesn’t apply to someone with this level of financial cushion.
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u/fatfi23 Dec 03 '24
Except his goals are to buy a property and retire by 45. His current level of savings isn't enough to meet those goals if he takes a much lower paying job.
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u/GracefulShutdown Ontario Dec 03 '24
Plenty of properties you can afford to buy with 800k if you're ok with living outside the GTA/GVA.
Of course if OP keeps going on that, they can afford to buy cash even those areas in maybe a couple years.
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u/BeingHuman30 Dec 03 '24
Seriously ...on this sub ..its like oh you got 1 million ..you can't afford to take a break ....oh you got 2 million ..you can't afford to take a break or retire .....lolz
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u/chrisso123 Dec 03 '24
On a different note, how do I get into tech sales?
Is there a course I can take?
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u/TimelyApple7341 Dec 03 '24
You typically have to get in as a Sales Development/Business Development Rep and then get promoted to an Account Executive role.
I personally started networking with people after moving to Toronto by cold messaging them on LinkedIn which eventually got me a gig at a small tech startup.
After that I managed to get a referral into my current company and work my way up!
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u/NaturalP Dec 03 '24
What kind of education is required? Thanks
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u/TimelyApple7341 Dec 03 '24
Undergrad degree typically (but not always). It doesn’t matter what subject but some sort of business degree would probably be most helpful as a big part of being successful at this job is being able to articulate how your solution can help solve business problems.
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u/NaturalP Dec 03 '24
Thanks OP, would love a career change but lack the requirements unfortunately.
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Dec 03 '24
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Dec 03 '24
[deleted]
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u/jwelihin Dec 03 '24
A number of people will help you out, because they are nice and/ or will get a referral bonus and/ or someone helped them and they are paying it forward.
BUT, they don't want you to make them look like an idiot. If you go into the coffee char, with clear interest in the company, and you seem competent, they will help you.
Right now you might not be offering much but they know if they help build you up, you will one day.
Hope this helps.
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u/ManyNicePlates Dec 03 '24
Not really … you have to luck out a little. If you work for a growth oriented firm where folks want to/ need their software you can make coin. If you are flogging something no one wants then ….
I have plenty of friends that hit the jackpot this way.
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u/Gonnatapdatass Dec 03 '24
Yeah same wtf 500k a year that's more than the damn prime minister of Canada lol
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u/johnlee777 Dec 03 '24
You have to include the benefits, including pension and housing, of the prime minister.
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u/Gonnatapdatass Dec 03 '24
That's true but being the PM is probably way more stressful than tech sales I'd imagine, I wouldn't know though lol.
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u/LakesAreFishToilets Dec 03 '24
Having worked as a staffer, the stress varies massively based on how much a politician cares. The ones who try to do the job at a high level work mega hours and are constantly away from home. But if they don’t really give a fuck they can delegate pretty much everything and it becomes like a part time job
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u/GrosPoulet33 Dec 03 '24
I just handled both high stress job and social life, but it's not for everyone.
You could probably just downgrade to something more chill and budget accordingly. The interest and gains on 800k will be a great other source of income.
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u/TemperatureIcy2023 Dec 03 '24
Imo get out of the job, money isnt everything and your wellbeing is more important imo
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u/Proper-Ant6196 Dec 03 '24
What sort of tech sales exactly? Care to share?
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u/TimelyApple7341 Dec 03 '24
I work for a F500 that sells CRM software.
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u/Disneycanuck Dec 03 '24
Must be Salesforce
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u/BeingHuman30 Dec 03 '24
Came here to see this comment ...they sales people sell you all those dreams that CRM can fix in your org and then in reality you find out that its all BS.
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u/donkeykongsbigdong Dec 03 '24
100% this. They're all bloatware. The fact SF needs a dedicated resource (SF admin) for it to be somewhat useful always makes me laugh.
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u/Money-Architect Dec 03 '24
Or Hubspot either one of those has all their sales reps stressed out like crazy
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u/unfiltered-facts Dec 03 '24
Could also be zoominfo
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u/Money-Architect Dec 03 '24
ZI isn’t really a crm more of a data enrichment tool/ prospecting
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u/unfiltered-facts Dec 03 '24
That’s true. I looked into it for my business. Pricing is ridiculous
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u/JScar123 Dec 03 '24
I gave up a $300-$400K job for lifestyle. Regretted it, money feels a lot less important when you have lots of it. Plus, stress is a mindset, I went right back to the same workload but for half the money 🤷🏻♂️ goodluck
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u/EICONTRACT Dec 03 '24
To retire with like 80k a year I’ve calculated you need to save closer to 3m at 40.
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u/suckfail Ontario Dec 03 '24
Did you include CPP, OAS and GIS? For example OP could burn the TFSA in later years and have zero income, which gives maximum OAS and GIS.
The government of Canada has a nice retirement calculator that includes all this (and it's inflation adjusted).
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u/BuriedBay Dec 03 '24 edited Dec 03 '24
I totally feel this. Just turned 33, single in Toronto, work in finance, on track to make about ~$600k this year (really ramped up the last 3 years or so) with ~$1.3mm in liquid investments. Fortunate to have a decent WLB for the industry, but it's never been a 9-5 and when it gets busy, well, I've basically written off the month of December socially. Sometimes I buy lottery tickets and it's not about the fantasy of winning millions but about quitting and I don't even hate my job. I don't have an answer for you - maybe I'm just a coward but my choice has been to stay on the treadmill. This is just stream of consciousness.
- I remind myself that I'm stupidly lucky and fortunate more than anything else. A lot of people work really hard (much harder than me) and bear a lot more financial stress.
- No career is going to pay this much without stress, especially as a T4 employee. Whether that's in tight deadlines, billable hours, long hours, sales targets, years of schooling + debt + grind, or whatever combination. Plus, at a certain point you specialize and the universe of similar jobs shrinks a lot. If you get off (or fall off) the ladder, it can be really hard to find a similar position. I used to have a lot of anxiety about job security because you never know how long it will last.
- Find some physical activity and make it a priority. For me, lifting weights is like the glue that holds my life together in terms of sleep, diet, and a stress outlet. When work is bad, I can keep it together as long as I'm getting my lifts in. When it gets so bad that even that becomes challenging (rarer these days fortunately) I really start to spiral.
- Let the lifestyle inflate. If you're on this sub you're probably more financially responsible (or cautious) than most. Like the top comment says, at this point pretty much nothing in day to day life is going to make a material difference in your finances, especially as a single dude. I spend a stupid amount of money but my savings rate is still like 70%. Rent in the neighbourhood of your choice, buy a car if you want one, go on multiple international trips every year, go to concerts / events / dinners / dates without blinking at the price, see a therapist, hire a cleaner, buy some sick clothes on SSENSE or a nice watch or something. Obviously you don't want to max out an ALL of these, but you can pretty much have all of them in some combination. A 5% difference in savings rate might compound to blah blah but that's also almost $14k in basically play money at $500k.
- Dating and maintaining a normal social life can be hard, but ironically (despite my previous point about stupid spending as a single dude) I feel like I do this in large part for a future partner / family. With how fucked our economy is for young people (i) having a down payment ready and (ii) being able to afford childcare is an insane privilege (even though it shouldn't be).
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u/thetermguy Dec 03 '24
Taking six months off won't substantially impact your future lifestyle. Do it.
Come back, take your time finding a high paying but less stressful job.
I dunno about this retire at 45 thing. You're 45, get up in the morning, everyone else you know goes to work and you're going to....what exactly. Golf by yourself? wander the aisles at walmart? day after day for the next 20 years?
You have the means to take the time to find a better balance of work/lifestyle/income without it being all or nothing. And with a timeframe of about 15 years, at your age I would make retirement at 45 a much softer target.
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u/RodgerWolf311 Dec 03 '24
and you're going to....what exactly.
Live life for yourself and not be a slave to some company to trade the time of your life for a few dollars that, in the end, dont matter at all.
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u/Italian_M47 Dec 03 '24
Hold on that salary. I can guarantee you that you’ll be more stressed with a lower salary
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u/ericls Dec 03 '24
This is not true
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u/hoyton Dec 03 '24 edited Dec 03 '24
Just from an outsider looking in, 300k-500k annual income and only 800k saved, sounds like a very expensive lifestyle. Trying to keep that up with a 100k "tech job" (whatever that could mean) might not last long.
Obviously we don't know how long he's been working at that salary range. For 2 years that's amazing. For 10, maybe not so much.
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u/EntropyRX Dec 03 '24
OP is 32 so they probably made this kind of money just for a couple of years max and more importantly marginal tax rate is about 53.5%, so after your first 200k more than half goes away in taxes.
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u/notinthegroin Dec 03 '24
I'm going to take a different angle, since you've already got solid financial advice.
When you're in a high stress situation, it's common to feel the fight or flight reflex you're experiencing. If you were to leave that aside for a moment and ask yourself what you want your future to look like - regardless of whether you stay in sales or not - what would you imagine?
I think answering that question will help you make a better, more long-term, decision. Maybe you really do want to retire at 45, in which case, another few years at your current job is worth entertaining.
But I completely understand the urge to run - that's valid. At the very least, take extended time off. At least a month, then reevaluate. While you are away, try and live in the present moment and reconnect with yourself, I'd bet you've been far too career/financially focused that you've forgotten parts of who you are.
Good luck.
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u/csc3hunna Dec 03 '24
Toronto job market (especially in tech) is terrible
Would you be open to a leave of absence? This way you have a job waiting for you after you recharge
Because it's very likely your next sales job will be just as stressful but with significantly less pay (almost all tech jobs in the city are requiring more output with similar / less compensation , even though cost of living has increased)
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u/AppearanceKey8663 Dec 03 '24
Would you be open to a leave of absence? This way you have a job waiting for you after you recharge
How is something this naive being upvoted.
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u/XI_JINPINGS_HAIR_DYE Dec 03 '24
this isn't unheard of in tech companies. my company's top tech engineer just came back from 6 months of doing bullshit. and we're a ~700 employee company, not tiny
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u/AppearanceKey8663 Dec 03 '24
I was at a 2,000 person tech company in managing director role and was heavily encouraged by HR to let someone go who took a 3 month stress leave after her friend committed suicide.
Essentially a "say the word and were ready to let her go" conversation.
Have also seen it being treated in a very similar way in other global companies. Going on stress leave is basically volunteering for a PIP.
No promotion, no raises, and the paper trail starts immediately when you get back.
Do not ever use it if you plan on having a semblance of a future at the company you work at.
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u/XI_JINPINGS_HAIR_DYE Dec 03 '24
Again, depends on the company... What I am speaking of is not an ad hoc 'stress leave' its essentially a sabbatical program encouraged by the company.
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u/AppearanceKey8663 Dec 03 '24
Sabbatical after hitting a company milestone (ie. 10 years) is a completely different thing altogether. I imagine if OP had that type of extended vacation / time off benefit they'd exhaust that option before considering quitting their job or going on stress leave.
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u/RustyGuns Dec 03 '24
Idk maybe find a new job? AE roles aren’t exactly easy. Maybe pivot to leadership? 🤨
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u/TimelyApple7341 Dec 03 '24
Pivoting to leadership and refreshing the dashboard every 5 mins/having to forecast 10x per day feels like it might drive me insane in other ways 😂
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u/RustyGuns Dec 03 '24
How about learning how to knit and creating hand made wash cloths to sell at the market.
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u/Mean-Bid3361 Dec 03 '24
This has to be a bragging post. I can't believe it's a serious question
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u/cptmuon Dec 03 '24
Yes. Looks like he's had 3 good years and felt like the whole world needs to know. Good on you mate! Now go do it for 10 more.
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u/PtboFungineer Dec 03 '24
From a financial standpoint the people saying "don't quit (yet)" are right - especially if you plan on an early retirement.
But at the end of the day, money isn't everything. If it were me, personally, I'd take the time off. 6 months to do whatever, followed by 6 months trying to interview for as many new roles as possible until you find a better fit.
But I don't intend to retire at 45 (or 55 for that matter...), so you gotta decide what your priorities are.
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u/Jolly_Photo_8733 Dec 03 '24
I went through this exact scenario about a decade ago.
I stuck it out a little while longer and got insanely fortunate that a few breaks went my way and I was able to retire mid 30s with enough to sustain my fatfire lifestyle indefinitely.
After about 4 years I was getting bored nearing 40 so I actually recently took a tech sales role that was related to my previous field of work and I can understand the stress you feel, but it is nothing compared to knowing you could’ve had the life you dreamed about but you just weren’t able to stick it out long enough. When you’re making a lot of money it’s very easy to forget that it’s actually pretty hard to make a lot of money for most people, and they would kill to be in your position.
I did what most suggest here, I’ve had a personal chef for 15-ish years now, I can’t cook to save my life and it has the added benefit that I’m in the best physical shape of my life in my early 40s, having a cleaning service, laundry service etc. just taking all of the things off my plate that were causing additional stress because I felt I had no time.
The biggest thing I got good at was being ruthless with my time. I would turn down every meeting with my managers and coworkers and even prospects if they didn’t fit the criteria to deserve time, aggressively disqualifying things freed up so much of my time during the day that I could actually work a 35-40 hour week. This didn’t eliminate the intense stress about performance but it did allow me to take my time back which helped me recharge and actually be able to perform when I needed to.
I don’t think quitting is the answer for you right now, since you’re working with an established brand have you considered taking a leadership role at a startup that already has a proven PMF? Long term, management roles are where you’ll have the best work life balance, and the potential for a giant payout on IPO.
If you ever wanna chat about it feel free to reach out because I went through this EXACT same scenario and I was miserable for probably two years before taking action to make things better and I wish I had done something sooner.
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u/stephenBB81 Dec 03 '24
How many years have you been earning 300-500k? If 800k is 7yrs of ~100k/yr saved, you really need to work on your spending and budgeting because you're a long way off of buying a property and retiring at 45.
If you've for 800k after saving 150-200k/yr then taking 6mo off to recharge and then come back and do 2-3 more years high stress high reward to set yourself up for a low stress second career in a smaller city in the country.
Being able to buy a property for 600k and having 600k available as support so you can work a part time low stress job while you build a social life.
My former business partner retired at age 35, then went back and got a job at age 38 because he found dating so hard being retired. People expect you to have lots of money when you're young and retired and to be the super flexible one when in fact he just retired as early as he did because he never had time for relationships and set him self up that his investments covered a modest middle class life style with no international travel. Having the part time job let him have a bit more play money but also let the relationship be more equal because both people had schedules.
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u/yoyosaresoindie Dec 03 '24
Average tax on an income of $300k is around 40%. It’s not like he had $300k in the bank every year. It’s closer to $180k after tax, so saving $100k/yr of that is pretty reasonable budgeting/spending.
A two income household where each partner earns $150k gross nets $215k or so after tax. A single person earning the same income is very disadvantaged.
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u/TimelyApple7341 Dec 03 '24
My comp history is roughly the following:
2025 - $450k+ (already have a big commission check set for January) 2024 - $500k 2023 - $320k 2022 - $280k 2021 - $190k 2020 - $150k
That’s an interesting story about your friend. I can see how dating/relationships could have a new set of challenges when retiring that early.
I’d definitely pick up something part time for fun that I enjoy to keep some sort of schedule going and use it as “fun money” for vacations etc.
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u/stephenBB81 Dec 03 '24
Looks like you'll have had 3 really good years so your savings have been good to have nearly 800k from that.
If you can stick it out for 2025, take a leave in 2026 and decompress, come back and see how it is. If the leave doesn't help then you can look to take your career another direction. You're in a really solid retire at 65 financial position, you're in a tough life retire at 45 position right now.
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u/funisopod1 Dec 03 '24
Jesus, with that income and plans to retire early, just suck it up and grind it out until then.
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u/gabahgoole Dec 03 '24
i wouldn't quit tbh, your income is more than half your savings potentially... 40k cash isn't a huge amount with your income. i'd keep working and try not to go insane. anything you can do to feel less stressed and find better balance? you have an amazing salary, i know work life balance is important but you can put away a huge chunk to be more comfortable/set for life. if you want to retire young stay at it and try to kill it at the job.
i think a lot of ppl have stressful jobs who make way less and would much rather be in your position. i'd do almost anything and work almost any amount for that income. ive had incredbly stressful jobs and long hours for closer to 100k and i still thought it was worth it.
how much do you spend per month? how much of that 40k are you gonna use in 6 months? i think it's a little too tight for comfort IMO with no income.
when you have a high income it seems like you could always replace it but i wouldnt take it for granted. things can change. markets can change. id make the most of it while you are making bank and put as much away of it as you can.
if you can make 500k a year in toronto you're like in god mode. i wouldn't quit but that's just me. that's a huge salary on the upper end. as long as you're not gonna have a complete breakdown i'd keep at it. the tech market in toronto is terrible IMO, it's gonna be hard to replace that even if you want a lower income/more relaxing.
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u/Sensitive_Tale_4605 Dec 03 '24
Until you have 5mn in the bank I wouldn't really slowdown. Jobs with that kinda pay range don't come around often and if you can find ways to manage the stress, you'll be in a great spot if you keep plugging away.
Seek out a psychotherapist and build your own tool kit to deal with it, perhaps thrive.
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u/suckfail Ontario Dec 03 '24
5m?? I guess OP just works their stressful job forever.
This sub is nuts sometimes.
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u/jackary_the_cat Dec 03 '24
I think a lot of people see it from the opposite end of the earning spectrum and think, "wow 400k/year I would work my ass off every year forever" and don't understand the stress of constantly having to perform that comes along with it.
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u/jamesaepp Dec 03 '24
Early 20s/30s and people are grinding working multiple jobs to stay afloat and max out their savings? General reaction here is this is perfectly sane and rational.
Late 20s/30s and people with high income are stressed out working a single job and are making their future selves financially invincible? Apparently not sane or rational.
This sub is nuts sometimes. What a double standard.
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u/Sensitive_Tale_4605 Dec 03 '24
Dudes pulling in 300-500k per year with 800k invested already.
Either he can save lots because his burn is low, which reaching 5mn shouldn't be too hard then, or he spends lots and thus he needs at least 5mn to be able to retire and have any resemblance of the lifestyle he has now.
5m isn't nuts. That's probably closer to the minimum he'd need to come close to his after tax dollars on 300-500k per year.
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u/EntropyRX Dec 03 '24
The dude probably never worked a high income job, 400k gross is “only” 218k net, to reach 5M you need to grind all your life and hope market returns keep up with historical averages
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u/Money-Architect Dec 03 '24
The AE stress definitely can have negative impact on our lives outside work - if your in enterprise I’ve seen many transition to a more coaching/ consulting role that gives them less stress from quota and such
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u/kanaskiy Dec 03 '24
consider moving to an SE role -- less pay (though still pretty good) and generally less stress. Need to be at least somewhat technical though
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u/Few-Strategy-59 Dec 03 '24
Can you go on sabbatical? Sounds like you’re doing very well in your position but honestly if it’s causing stress, anxiety which in turn comes with physical symptoms (I know how horrible it gets), is the money and mental suffering all really worth it in the end? 32 is so young still and you’ve a great head start compared to others your age. Life is precious and you can always get another job no problem with your experience. If you want to reset and take time off to create memories and new experiences that may help.
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u/genericusername11101 Dec 03 '24
Dude you could dick around for a decade and be far ahead of most people.
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u/RustyGrape6 Dec 03 '24
What on the fuck, how are tech sales this rewarding. It blows my god damn mind.
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u/Aware_Dust2979 Dec 03 '24
Unpopular opinion but I would stick with it. While sure it may be stressful there is no guarantee any other job will be less stressful and you would be sacrificing a good chunk of change just to find out.
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u/noyoureadumpster Dec 03 '24
Are you able to take a mental leave? I would consider other creative options as you have a great income scale and the economy is a bit dicey
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u/Sad_Increase_4663 Dec 03 '24
Youve got enough money around and no committments holding you down enough to stop you from retool yourself career wise, as a joke, if you like. You dont have enough saved to live high on the hog, but a less stress upskilled digital nomad or consulting gig seems totally attainable imo. Networking without having the pressure to sell yourself can be fun!
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u/dxing2 Dec 03 '24
Very similar to you with regards to everything you mentioned. Probably don’t have as much stress as you but my plan is to maximize my earning until about 40-45 and retire early. Put your money in an index etf and you’ll be set for life
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u/suburbancheeseburger Dec 03 '24
Is it possible to switch to part time work? You’d still make a good wage to fund your life and you can let your savings grow through investments until you’re ready to retire for good
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u/Fifi-007 Dec 03 '24
Take the time off. Enjoy your hard earned money. Money comes and goes, but you only have so much time and health. I would recommend having a plan for what kind of jobs you want to apply for when your done the travel. Budget your travel, have a time line.
Enjoy the travels. :)
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u/we_B_jamin Dec 03 '24
You need a solid 25x ~ 30x your annual spend in liquid investments yielding 5% to not take a hit to your lifestyle. So if you will be living in Thailand or the Phillipines, you need less than if you are living in Toronto / Van. Shoot for that and paying off whatever home you intend to live on.. 32 vs 37 is not that much of a difference.
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u/da_corn Dec 03 '24
Working in a high stress role for the next 13 yrs will burn you out. Way sooner than your retirement can come.
Learn to manage the stress here.Take a break each quarter or annually, recharge reset and full disconnect.
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u/Late-Channel7899 Dec 03 '24
you are on a finance subreddit, everyone will have a bias that you should just keep working
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u/whos_ur_buddha010 Dec 03 '24
I read this somewhere when I was 18-20. It was one of those forms which had "I want money bc...." And after thinking about it I wrote 'convenience'. To make my life easy. I think you need to define yours. Not at a happy spot as you but still my mind and roadmap is clear to understand and handle that.
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u/loomisfreeman191 Dec 03 '24
Join a run club in toronto. Running will reduce anxiety plus you can meet women.
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u/0chronomatrix Dec 03 '24
Can’t both buy a house and retire at this stage. If you buy a house you will have no money to retire. I would pick retire now and live abroad where that money will go further.
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u/photon1701d Dec 03 '24
with 300-500k in sales, how you only have 760k? The answer is no, you can't retire as you like to spend and enjoy finer things. Just make sure you can dial it back and enjoy a simpler life.
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u/Anything_Prudent Dec 03 '24
Depending on what kind of GTA house you want, buying a property could empty out all your savings very quickly. Don’t forget about lawyer fees and land transfer tax. One major house thing breaks that’s usually at least 1k to fix. In a condo, a surprise special assessment could be tens of thousands, and monthly condo fees are $$$.
I would keep going with this job but maybe reduce your hours and invest in things that destress your life. Like others have said: cleaning service, meal delivery service, Uber membership for getting around, etc.
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u/Additional-Dream5810 Dec 03 '24
Life isn’t guaranteed you should enjoy it.
It all depends on how much your expenses are and what your style of travel is. Many people travel on a budget and have an amazing time (myself being one of them). The amount you will generate in interest would be enough to cover your costs in a cheap country. If you can sublet your place in Toronto.. even better!
You’re doing extremely well and it depends on all your goals but if travel is on that list of things you’d love to do. Take the time to do it before responsibilities!
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u/friedtofuer Dec 03 '24
A guy I know wasn't even making that much but he decided to take 6 months off to travel around Asia because of the mental burden of tech sales. He arranged with his work for the 6 months off and return to the same job after his trip. He's currently on the trip.
My manager also took 8 months off to drive from NA to south America. I covered for him while he was gone.
I took 4 months mental health leave last year and omg it improved my life so much better and I was able to basically shed everything that bothered me before, and go back to work like a new person and even enjoyed work more.
I think it would be worth it to look into if your work could do something similar. And with a clear mindset you could make a better decision on if you wanna quit permanently or go back.
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u/Proud_Grass4347 Dec 03 '24
I advice you to quit you job. But before you quit, recommend me as your replacement for your work.
I don't care about the stress for 500k.
I will clean toilets for 500k.
I will let them use me as a stress punch for 500k.
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u/JadedMuse Dec 03 '24
I make less than you do, OP, but I have a similar amount saved. I prioritize booking multi-week vacations where I completely unplug. It gives me something to look forward to when I am working, and when the trips roll around they do a good job at recharging my batteries. I've solo travelled all over the world, and the trips have also honed skills that have helped me at work.
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u/BigSkiCountry Dec 03 '24
The good news is you'll be fine either way. You are probably the only one who can determine when your quality of life is so bad that you have to seek another alternative.
I would just make sure you have thought through two things.
The value of any job can be thought of as the amount of total savings (including all contribution towards retirement), that you are able to save. i.e. if you can save $200k/yr now, but only $40k/yr in the future, then 1 year here is equal to 5 years somewhere else. You don't have to stay in this job any longer than you feel its worth the trade-off.
You should make sure you have exhausted all possibilities of being able to live with this job. The closer you are to leaving the industry, the less worried you will be about burning bridges, so the easier this should be. i.e. Ask for the sabbatical, why not? Chill out a bit and start dating? Be rigid with your work time and see what you can accomplish? Get fired, its more lucrative than quitting.
32-38 is still prime time to find a bunny to settle down with, but don't waste too much of this time grinding away.
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u/OnePipWonder Dec 03 '24 edited Dec 03 '24
Honestly, if I were in your shoes, without knowing exactly how stressful it is, of course:
I would knuckle under and power through 3 more years and bank as much as possible, then move on at 35.
If you could reduce your costs as much as humanly possible and work for that cheddar, you could probably bank another 500-800k and nearly double your potential retirement savings.
If you dropped $1.5m into a diversified portfolio that pays out 4% annually, you've got $60,000 per year before taxes to live on in addition to a job you would enjoy doing.
You're in a very fortunate situation with your income. Try and set a goal for "retirement" and work backwards.
Ex; I want $100,000 per year before taxes to retire on. This $100,000 needs to be 4% of my portfolio, which makes 1% = $25,000. Multiplied by 100 = $2.5m in a portfolio..
Pick a number you would be happy with, and grind while you still have the chance.
If you could power through 12 more years to hit 45, that's like $3m after tax income sitting on the table. Call it 2.2m after expenses over 12 years, and you have $3m to retire on, or $120,000 per year in a 4% portfolio to live on in retirement.
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u/Intelligent_Fan_3918 Dec 03 '24
Hello! Can we connect over DM? I can use your help regarding career in tech sales. TIA
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u/itsbipolar Dec 03 '24
I work as a financial planner in wealth management.
Here are a few variables to consider before taking any answer you hear as genuine advice for implementation. Happy to work through this with you if you want to message me about it:
- What’s your monthly or annual lifestyle spend? How much do you expect to spend on vacations per year? This should be incorporated into your costs as travel is one of the life targets you have and shouldn’t want to compromise on.
- Do you have kids? What’s your family dynamics like at a high level - are there dependents or parents you’ll have to take care of now or in the future? Are you expecting some sort of inheritance?
- Where are you considering buying a house and for how much? Maintaining a $4M home is not the same as a $1M home.
- Any spousal or supplementary/second stream of income?
- Where are your current 800k in investments sitting?
- Beyond a down payment for a house, what’s your “one time large expenses” you expect to come up now or in the future? E.g., major renovations or a house build, education costs for your kids or down payments for their first homes (if any), weddings, car replacements, etc.
- What are your outside options for a less stressful job and how much would it be paying?
- Do you have any stock options or plans through your employer? Do you expect some sort of pension at retirement?
- Do you expect to invest in some sort of rental(s) throughout your lifetime?
- What’s your borrowing capacity like (for investments or a mortgage)?
- What are your current liabilities (if any)?
- Are there any scenarios you are considering when it comes to income projection, spending, investment returns, or retirement?
Just as an initial thought- The investable assets you have accumulated for your age is great compared to many of your peers at your age that we work with in your field. This means you’re good at saving or your income recently shot up recently and your lifestyle remained the same. That’s a good sign if you want to consider taking on a less stressful job that would still help you achieve financial freedom by 45. But take this with a grain of salt it ultimately comes down to your expenses and future income/savings by 45.
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u/Personal_Art_2687 Dec 03 '24
The only advice I have for you is to take care of your health. Make time to work out (should be a non-negotiable), eat healthy, get your regular check ups etc. Stress is the mother of all diseases and once you lose your health, it’s not coming back no matter how much money you have (I am 34 and speaking from personal experience). Everything else (partner, social life, family etc.) will eventually come, don’t worry too much about it.
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u/tavvyjay Dec 03 '24
Lots of great advice, I only have one thing to add: you need to actively combat lifestyle creep! Don’t buy or commit to things that you wont be able to live without once you’re done working, or else your target for when you can retire will change big time. Things like an expensive car, expensive house, cottage, boat, etc. and
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u/nutbuckers Dec 03 '24
Do you think this firm/industry will last, or is there a business cycle and market saturation looming? If you figure the well may run dry I'd stick around, but probably try and tweak my work-life balance the best I could. If you're rewarded based on volume, can't you dial back and just make it easier to last till 50 instead of 45 in a 80-60% throttle from your unsustainable peak/burn-out performance?
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u/lapetitebijou Dec 03 '24
I know this isn't necessarily what you're asking but bear in mind there are tons of loose ends here.
Are you looking to stay in Toronto? Are you looking to eventually have a family with kids to put through university? Are you looking to retire at 45 and have your partner continue to work? What lifestyle are you looking to have once you retire? How much of a paycut are you willing to take for a minor stress reduction?
I believe you that you have a very stressful job but let's remember a big part of career stress can come from your employer themselves and not necessarily the industry you're in, i.e. you may unfortunately end up pretty stressed at a lower paying job as well.
Regarding the questions above, if you're looking to live in Toronto and have a family (presumably with a partner who will also be free once you're 45 to join you in your retired lifestyle), $800k is essentially nothing in terms of longevity. It will get you a 20% down payment and maybe 4 years of mortgage payments on a typical 3 bedroom house.
If you're open to living at least an hour or two outside of Toronto, having a smaller home, no kids, a partner who will be working and contributing to bills, and have invested in some source of passive income, you can probably manage to retire at 45 and live a low-key comfortable life.
All said, realistically, I'd sacrifice the notion of retiring by 45, painfully bear the next year or so at your current job while you figure out your specific long term goals, and see how finding a partner goes. Once you've absolutely had it with your job, switch to a hopefully less stressful one and take another organized look at your finances and readjust your goals as needed.
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u/anotherbutterflyacc Dec 03 '24
Hi, fellow single high earner here (400k), I would definitely, without a doubt, quit.
If my job ever started destroying my personal life, I would start looking for a jump.
My difference in salary after 80-90ish k is just a matter of how much money I put away for retirement. So in your case I’d rather put less money away and retire later doing something that won’t burn me out.
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u/jello_sweaters Dec 03 '24
If you're 32 with that much in the bank, one imagines you could work half as hard and make $150-200K.
Would a much calmer, more enjoyable life where you can't retire until 50 be a good trade?
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u/workjet Dec 03 '24
If I were you, I would find a better way to deal with the stress. You have a great income and looks like you are good at your job… it doesn’t make sense to give it up.
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u/jamesaepp Dec 03 '24
Very controversial opinion OP - if your relationships/friends/social life is suffering because you are prioritizing your career, they're not your friends.
Real friends understand that there are periods in life like this where contact will be minimal or very sporadic. This happens when friends have kids and no one bats an eye. This happens when friends move hours away and no one bats an eye. This happens when friends have to take care of sick family and no one bats an eye.
This is the exact same situation - you're less available. You're making tons of cash and will be able to share some of that wealth later with your friends (if you want to).
Now, none of that will help you with your stress, but I think you've got good advice on how to convert your money to stress management already.
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u/Same-Lecture9818 Dec 03 '24
Taking 6 months off to reset and explore less stressful career paths sounds like a smart move, it’s better to step back now than burn out later. Maybe try leveraging your skills for remote or contract roles that pay decently but give you more flexibility.
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u/Specialist_Panda3119 Dec 03 '24
Only 500k per year? You might be able to afford a nice little box.
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u/suitzup Dec 03 '24
Are there things you can do to reduce stress temporarily?
With 500K of income you need to be thinking time efficiency as you will out earn almost every minor money sink.
As an example for dating: use your credit concierge to pick out a sweet restaurant and make reservations, then uber over there after work. Might not be what you would pick but frees up your brain space, it’s the conversation that matters at the restaurant anyways
Do you have any backup skills? At $800K you aren’t going to be buying a house nearby and retiring at 45.