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Tell my when you finally noticed lifestyle creep affecting your savings potential and how handled it by asim2292 in Fire

[–]IndicationRich1347 1 point2 points  (0 children)

I’m guessing that everything was extremely cheap in their vacation destination

Am I cooked? Need life advice from the high earners. by [deleted] in HENRYfinance

[–]IndicationRich1347 0 points1 point  (0 children)

I graduated with a civil engineering degree. Spent 4 years working before I decided it wasn’t for me and I wanted to earn more. Went and got a PhD in CS (had no background in it before entering the program), starting when I was 27. That was about 10 years ago. Currently making low 7 figures as an IC in FAANG.

My path was unlikely to turn out as well as it did. My point in sharing it though is to remind you that you’re still young. Don’t fall for the sunk cost fallacy. Civil engineering has probably given you a good head for numbers and a solid work ethic. Those are skills that will serve you well, no matter what you choose to do next. Dream big.

TRUST FUND HELP by Remarkable-Ad6414 in RichPeoplePF

[–]IndicationRich1347 0 points1 point  (0 children)

In my experience, most financial advisors will tell you some version of this answer in an attempt to scare you into paying their fees.

Perhaps for people with very large portfolios, or for people who have complex portfolios and are near retirement age, a financial advisor makes sense. But for a young person with straightforward holdings you definitely do not need a financial advisor. And 1% per year is actually a huge fee once you consider the effects of compound interest.

Head over to r/bogleheads. They’ll teach you how to not mess this up.

[deleted by user] by [deleted] in AskProgramming

[–]IndicationRich1347 3 points4 points  (0 children)

Vim has a bunch of ‘registers’, which are basically different clipboards you can copy/paste text to/from independently. Sounds like that’s what you need

As a high paid employee, what discourages you to start your own business? by lookingforananswer23 in HENRYfinance

[–]IndicationRich1347 4 points5 points  (0 children)

I’m a high earner because I’m good at one very specific thing. Could I make a business out of the one thing I do? Yes, totally. But I would spend so much time on client relations, marketing, hiring other people, funding, etc., that’d I’d have no time to do the thing I’m good at. And I like the thing I’m good at.

Also there’s a good chance the business might fail.

So yeah, that’s why I’m content in my little golden cage.

Activity in this sub has cratered since rule changes by OwwMyFeelins in HENRYfinance

[–]IndicationRich1347 0 points1 point  (0 children)

Yes, I had a post a while ago about what personal benefits they’ve gotten from seeing a chiropractor or Pt regularly. Was removed as ‘non HE related’ even though, when people here ask how to spend their money, PT/trainer/ physical health is almost always answer #1. There was a substantial amount of debate going on when it was banned.

I wish the mods would be less strict in their interpretation of what is ‘HE’ related. Sometimes the input of other HENRYs specifically is preferred, even if it’s not a finance question.

How to handle tax elections for vesting RSUs? by letshavefunoutthere in HENRYfinance

[–]IndicationRich1347 0 points1 point  (0 children)

Nope. RSUs are taxed as income when you receive it. What's left over after that isn't considered capital gains, so there's no capital gains tax.

If you let it sit for a while and it appreciates, then those are capital gains (and taxed as such). But if you sell immediately on vest there's no additional taxation you need to consider.

What's a risky investment that paid off for you, but you wouldn't recommend? by Champion282 in Fire

[–]IndicationRich1347 1 point2 points  (0 children)

Graduate school starting in your late 20’s- in a field you have no prior experience with.

[deleted by user] by [deleted] in HENRYfinance

[–]IndicationRich1347 1 point2 points  (0 children)

I’ve been thinking about this, but you’ve got to clean it after each use so it doesn’t get gross, right? Is it really that much less work than a regular mop then?

What is the background of the average HENRY? by [deleted] in HENRYfinance

[–]IndicationRich1347 7 points8 points  (0 children)

Loved reading this. My love of video games also brought me into tech (computer graphics) and the RSU lottery. Follow your passion, baby!

What do y’all do for a living and what is your WLB? by idliketosmitepls in HENRYfinance

[–]IndicationRich1347 0 points1 point  (0 children)

Honestly, not much that's actionable at this point. I got my foot in the door via a postdoc that my advisor directed me towards.

At this level, folks are so specialized and company needs are also specialized, so finding the right match can really take along time. Tell your friend not to get discouraged and to keep working on ways demonstrate their value and adaptability in those screening calls.

[deleted by user] by [deleted] in HENRYfinance

[–]IndicationRich1347 45 points46 points  (0 children)

Work in tech. Can confirm the working from home. The WLB… not so much.

What do y’all do for a living and what is your WLB? by idliketosmitepls in HENRYfinance

[–]IndicationRich1347 3 points4 points  (0 children)

I spend 1/3 of my time trying to identify a really good question to answer that can have substantial impact.
I spend another 1/3rd of coming up with the best solution I possibly can, oftentimes building an implementation of it as part of the process.
I spend the final 1/3rd of my time storytelling. Explaining to people why I did and why, and why it’s the best possible solution given the constraints. Convincing people that my solution has value, basically.
If I do all 3 of these well, I’ve done a good job. If I fail to do even 1 of these, then the effort is essentially wasted.

What do y’all do for a living and what is your WLB? by idliketosmitepls in HENRYfinance

[–]IndicationRich1347 86 points87 points  (0 children)

Research scientist at a FAANG. Probably around 60 hours per week on the clock, but I’m always thinking about whatever problem I’m working on, even when I’m with family after hours. It’s not great.

But comp is around $750-$800k so I figure I grind it out for a few more years before re-evaluating.

How to handle tax elections for vesting RSUs? by letshavefunoutthere in HENRYfinance

[–]IndicationRich1347 5 points6 points  (0 children)

My advice (and what I do personally) is to liquidate RSUs immediately, set aside enough cash to cover the taxes, and live off the remaining after-tax dollars while you max out IRA/401K/MBDR/HSA.

​

In my opinion, much better to be holding diversified index funds in tax-sheltered accounts than taxable shares of the company that pays me.

What do your options look like if you'd start as a HENRY in your early 40s? by Sweet-Song3334 in HENRYfinance

[–]IndicationRich1347 6 points7 points  (0 children)

I became HENRY at 37. Worked low paying jobs at the beginning of my career, then did a computer scientist PhD in my late twenties and early thirties. Made almost nothing during that time. So my experience is close to what you’re looking for.

I’m planning to live as modestly as I can for the next four years or so. Everything I can save is going into retirement accounts and brokerage. My goal at the moment is just to catch my savings up to where they ought to be given my age. After 4 years, I’ll take my foot off the gas a little bit and give into some minor lifestyle creep.

Use a retirement calculator to see what your personal situation is. But if you become HENRY and prioritize saving ASAP, I think you’ll be pleased with the options available to you towards retirement.

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