What's the fastest way to earn money to ERE?

Simple living, extreme early retirement, being wealthy, ...
il-besa
Posts: 107
Joined: Wed Jul 21, 2010 9:30 pm
Contact:

Post by il-besa » Wed Sep 08, 2010 10:30 pm

Hi Jason,

I know you're not joking, but personally I want to have a balance between "live life now and retire tomorrow" and this is too unbalanced :)

too much sacrifice now for an uncertain tomorrow. (tomorrow is always uncertain anyway)


jacob
Site Admin
Posts: 8824
Joined: Fri Jun 28, 2013 8:38 pm
Location: USA, Zone 5b, Koppen Dfa, Elev. 620ft, Walkscore 73
Contact:

Post by jacob » Thu Sep 09, 2010 12:08 am

@il-besa - How old are you? I found both from myself and from talking to older people, that in general, you get to "keep your operating system", that is, you will feel or think the same way ten, twenty, or thirty years from now. You will probably run "different programs", that is, have different opinions.
Most "old people" I've talked to still feel young inside. More specifically, they feel the same age on the inside as they've always felt regardless of how old they get for most of their life. People definitely change their opinions and priorities though.
My point is that sacrificing in the now is usually worth it because it's "5 years of now" versus "50 years of future".


Marius
Posts: 259
Joined: Thu Jul 22, 2010 1:39 am

Post by Marius » Thu Sep 09, 2010 2:20 am

[deleted]


Concojones
Posts: 117
Joined: Fri Jul 23, 2010 6:57 am

Post by Concojones » Sat Sep 11, 2010 2:26 am

@JasonB: To me this seem like an very well-paid adventure trip. What am I missing? Why isn't everyone doing this? How dangerous is it? Is it only available to US citizens? You could do this for a year and save those $250k. It's probably exciting to be in Iraq, and by the time you get bored, the year is over.


photoguy
Posts: 202
Joined: Fri Aug 20, 2010 4:45 pm
Contact:

Post by photoguy » Sat Sep 11, 2010 2:38 am

From an AP news article in 2007:
"In a largely invisible cost of the war in Iraq, nearly 800 civilians working under contract to the Pentagon have been killed and more than 3,300 hurt doing jobs normally handled by the U.S. military"


Concojones
Posts: 117
Joined: Fri Jul 23, 2010 6:57 am

Post by Concojones » Sat Sep 11, 2010 11:53 pm

Thanks for that figure! You should see this in proportion to the number of people working there, though. Quick googling suggests several hundred thousands -- at any given time or in total up till now? If in total, that's like a 1% chance, which is too risky for me. If at any given time, it's probably still more than 0.1%, still a little too risky as far as I'm concerned.


jacob
Site Admin
Posts: 8824
Joined: Fri Jun 28, 2013 8:38 pm
Location: USA, Zone 5b, Koppen Dfa, Elev. 620ft, Walkscore 73
Contact:

Post by jacob » Sun Sep 12, 2010 3:53 am

In comparison, the annual rate of death in commercial fishing is 0.13%
The annual rate of death of eating to many hamburgers is ...
I read somewhere that in terms of getting shot it was more dangerous to live in Washington DC than it was to be stationed as a soldier in Iraq. [anecdotal]


aquadump
Posts: 278
Joined: Fri Jul 23, 2010 9:28 pm

Post by aquadump » Fri Oct 15, 2010 10:32 pm

Mint.com Blog Article: Who Needs a PhD? 5 Jobs That Pay Well Without a Degree


James_0011
Posts: 181
Joined: Wed Nov 09, 2016 12:00 am

Re: What's the fastest way to earn money to ERE?

Post by James_0011 » Sat Dec 31, 2016 6:44 pm

@jason

Where can I get more info about this?

User avatar
fiby41
Posts: 576
Joined: Tue Jan 13, 2015 8:09 am

Re: What's the fastest way to earn money to ERE?

Post by fiby41 » Sun Jan 01, 2017 7:43 am

Crime.

Then move to other country, just if you want to be safe yourself.

User avatar
Olaz
Posts: 1132
Joined: Thu Oct 17, 2013 10:07 pm
Location: MA, 22
Contact:

Re: What's the fastest way to earn money to ERE?

Post by Olaz » Sun Jan 01, 2017 12:20 pm

The sad part is many of us with 4-6 YEAR college degrees might end up with 30-40k jobs. Obviously this depends on what one studies, but I remember seeing some sobering stats on debt-earnings ratios for college and master's degrees (even mba's & law degrees depending on the school).

I think if I had the courage to defy cultural and family expectations 3.5 years ago, I might've at least deferred college to learn how to be a high-skill machinist/welder.

James_0011
Posts: 181
Joined: Wed Nov 09, 2016 12:00 am

Re: What's the fastest way to earn money to ERE?

Post by James_0011 » Sun Jan 01, 2017 12:28 pm

@olaz

Yeah, if only I had known about ere back then. Welding or working as a machinist for the rest of my life sound awful, but if its only five years its totally doable.

classical_Liberal
Posts: 54
Joined: Sun Mar 20, 2016 6:05 am

Re: What's the fastest way to earn money to ERE?

Post by classical_Liberal » Sun Jan 01, 2017 2:31 pm

I'm surprised nursing has not been mentioned. It is still possible to obtain and RN with a 2-year education at a community or technical college (ie cheaply). The job can be rewarding if one focuses on patients vs the corporate/governmental BS, which will hold off burnout. Hours suck, very little respect, but hourly pay is the norm and much overtime is generally available. After a couple years of experience one can become a contracted "travel nurse" and chase the best paying and LCOL options available. Travel nurses who work full time can earn six figures plus per diems which are high enough to more than cover an ERE lifestyle in totality (ie 100% savings rate for hourly wage after tax). This career has the additional advantage of being able to work very part time, or "seasonally" for a few months a year post FI if one chooses to do so (a great inflation hedge). A single two or three month contract can more than provide an entire year of ERE monetary requirements, leaving nine or ten to pursue other interests. This opens the option of saving a 100K of FU money very young for "old age" and just earning what one needs going forward.

This is a second career, one which I started before realizing ERE was possible, I did not take the ideal route. However, with ERE in mind, in five years (including educational time) one could be at the FU money level stated above. Maybe seven for basic ERE with high paying, part-time work available for life if one maintains licensure.

User avatar
Olaz
Posts: 1132
Joined: Thu Oct 17, 2013 10:07 pm
Location: MA, 22
Contact:

Re: What's the fastest way to earn money to ERE?

Post by Olaz » Sun Jan 01, 2017 3:10 pm

Hm, how about this question: which one of these lucrative jobs is best combined with the (our?) more typical corporate 9-5 grind?

I could see machining or welding being possible. Nursing, possibly, depending on whether you're staff by a hospital or on-your own or part-time. Going to Iraq probably wouldn't work (that'd be a full-time gig). IT consulting could definitely work, or any consulting, actually ( as long as you're good at it).

Thoughts?

User avatar
plantingourpennies
Posts: 56
Joined: Mon Jun 25, 2012 12:11 am
Contact:

Re: What's the fastest way to earn money to ERE?

Post by plantingourpennies » Sun Jan 01, 2017 5:13 pm

I feel like a broken record, but I'll repeat myself only because I wish somebody had told me this in college.

If you are in the humanities (i.e. not engineering, computer sci, etc) I believe that the quickest way to FU money for the majority of people to is through technology sales.

1. The barrier to entry is very low-any degree is fine to get started, particularly in inside sales.
2. If you can do well in the humanities you understand what drives humans. If you can understand what motivates people, you can sell to them.
3. The compensation ranges from solid to absurd-we hire frat kids from southern schools and give them target incomes of 60k with a base of 40k. Two years later they have the option of being promoted to management (120k) or field sales (150k or so). Salaries for enterprise software sales are from 250k to 500k...with outliers above that.

There are downsides (stress probably being the worst one) but the math, as they say, checks out. You can also let your freak-flag fly a little higher in the sales environment...if you are making your number, nobody can touch you. If you're not making your number, nobody can save you :twisted:

TL:DR No need to reinvent the wheel- if you have the brains to study philosophy/literature/art you have the ability to kill it in sales and achieve ERE very quickly.

User avatar
Olaz
Posts: 1132
Joined: Thu Oct 17, 2013 10:07 pm
Location: MA, 22
Contact:

Re: What's the fastest way to earn money to ERE?

Post by Olaz » Sun Jan 01, 2017 5:40 pm

plantingourpennies wrote:I feel like a broken record, but I'll repeat myself only because I wish somebody had told me this in college.

If you are in the humanities (i.e. not engineering, computer sci, etc) I believe that the quickest way to FU money for the majority of people to is through technology sazles.

1. The barrier to entry is very low-any degree is fine to get started, particularly in inside sales.
2. If you can do well in the humanities you understand what drives humans. If you can understand what motivates people, you can sell to them.
3. The compensation ranges from solid to absurd-we hire frat kids from southern schools and give them target incomes of 60k with a base of 40k. Two years later they have the option of being promoted to management (120k) or field sales (150k or so). Salaries for enterprise software sales are from 250k to 500k...with outliers above that.
Soooo, are you hiring? Will apply. Any of my other potential jobs will be stressful anyway, and I can believe in selling technology more than other products (e.g. 100% anuities). Resume & CL at the ready :D

James_0011
Posts: 181
Joined: Wed Nov 09, 2016 12:00 am

Re: What's the fastest way to earn money to ERE?

Post by James_0011 » Tue Jan 03, 2017 4:08 pm

Olaz wrote:Hm, how about this question: which one of these lucrative jobs is best combined with the (our?) more typical corporate 9-5 grind?

I could see machining or welding being possible. Nursing, possibly, depending on whether you're staff by a hospital or on-your own or part-time. Going to Iraq probably wouldn't work (that'd be a full-time gig). IT consulting could definitely work, or any consulting, actually ( as long as you're good at it).

Thoughts?
I'm trying to tutor highschool kids in math after work. In a big city, I bet you could charge like 45 dollars an hour - especially for sat prep stuff.

User avatar
Sclass
Posts: 1045
Joined: Tue Jul 10, 2012 5:15 pm

Re: What's the fastest way to earn money to ERE?

Post by Sclass » Tue Jan 03, 2017 9:12 pm

plantingourpennies wrote:I feel like a broken record, but I'll repeat myself only because I wish somebody had told me this in college.

If you are in the humanities (i.e. not engineering, computer sci, etc) I believe that the quickest way to FU money for the majority of people to is through technology sales.
.
I recall you saying this. I agree. I've known some heavy hitting closers in semiconductor tools.

But you have to be a closer.

halfmoon
Posts: 420
Joined: Mon Nov 07, 2016 10:19 pm

Re: What's the fastest way to earn money to ERE?

Post by halfmoon » Tue Jan 03, 2017 11:53 pm

Sclass wrote: I recall you saying this. I agree. I've known some heavy hitting closers in semiconductor tools.

But you have to be a closer.
http://www.cracked.com/blog/6-harsh-tru ... er-person/

userqname
Posts: 27
Joined: Thu Dec 29, 2016 9:19 am

Re: What's the fastest way to earn money to ERE?

Post by userqname » Wed Jan 04, 2017 5:39 pm

Nobody's mentioned real estate. Getting a bunch of income generating rentals is maybe the most common way to achieve FI.

User avatar
Sclass
Posts: 1045
Joined: Tue Jul 10, 2012 5:15 pm

Re: What's the fastest way to earn money to ERE?

Post by Sclass » Wed Jan 04, 2017 7:21 pm

halfmoon wrote:
Sclass wrote: I recall you saying this. I agree. I've known some heavy hitting closers in semiconductor tools.

But you have to be a closer.
http://www.cracked.com/blog/6-harsh-tru ... er-person/
Thanks for sharing the article. Funny, dark and full of truths.

Sales is awesome to make big dollars while working for somebody else (which doesn't often yield big dollars). It is one of those games where 90% of the sales are closed by 10% of the players. The rest get nothing. I've seen it up close and it isn't pretty for the losers. It's like actors, only a few get the juicy roles...the other 10,000 get nothing.

Good luck getting rich.

jacob
Site Admin
Posts: 8824
Joined: Fri Jun 28, 2013 8:38 pm
Location: USA, Zone 5b, Koppen Dfa, Elev. 620ft, Walkscore 73
Contact:

Re: What's the fastest way to earn money to ERE?

Post by jacob » Wed Jan 04, 2017 7:32 pm

Yeah, those salary curves for a given career should also come with a Gini index along with the average.

I have a family member who was infected with the enthusiasm. In the beginning, it was all "yay, benefits, and free pizza, my boss is awesome, and I got a $50 bonus this week". A couple of months later they quit because of the stress of having to be chipper/salesy on the phone for 8 hours straight. It's definitely not for everybody. It's basically up/out with tons of churn. The more evil companies also make you pay for the "training"; training which can easily be part of the business model for the company (cf. college education tuition).

classical_Liberal
Posts: 54
Joined: Sun Mar 20, 2016 6:05 am

Re: What's the fastest way to earn money to ERE?

Post by classical_Liberal » Thu Feb 23, 2017 11:59 pm

Prior to nursing I worked in financial sales, and the previous comments are correct. If you are a closer you can earn big $, if not you earn very little. There is significant survivorship bias regarding reported earnings in sales fields. That being said, sales skills are learned, tangible, and transferable. An average salesman can follow the "hot" industries and do rather well. I was an average salesman, in that I learned the concepts of closing very well, but sometimes took issue with the morality of the products I was selling and grew weary of the "chipper/salesy" aspect. However, In the early 2000's with a decreasing rate/increasing real estate valuation environment, it was pretty easy to sell mortgage refinances to anyone who could qualify (ie almost everyone). They all wanted cash out with the same payment and I could easily offer it to them!

Had I remained past 2006, I would have quickly floundered in the 2008+ environment of mortgage sales since my effort was half-assed. In that situation, I would have followed the money to a new "hot" product/service, it doesn't take long to learn a new product once the sales skills are second nature. Although a truly successful saleman has an established reputation in an industry which takes years of effort to establish, an "average" salesman has less time/skin the game of any industry, and can quickly transfer his skills to another. IOW an average effort salesman who follows the hot products can "live of the scraps" of the big boys fairly well.

User avatar
[email protected]
Posts: 308
Joined: Sun Dec 08, 2013 9:40 pm

Re: What's the fastest way to earn money to ERE?

Post by [email protected] » Fri Feb 24, 2017 8:57 am

How about working in a Morgue? I like the part about "steady employment" and "many employment opportunities nationwide."

http://www.findhow.com/career/health/ho ... endant.php

Mortuary assistants perform vital tasks that help pathologists and morticians. As a career path, it offers steady employment and a good starting salary. Although it requires a two-year college degree, most people with a GED or high school diploma can complete the coursework in the allotted time, and find many employment opportunities nationwide. If you are comfortable in the work environment, a mortuary assistant career may be a good choice.

Campitor
Posts: 87
Joined: Thu Aug 20, 2015 11:49 am

Re: What's the fastest way to earn money to ERE?

Post by Campitor » Fri Feb 24, 2017 1:07 pm

I recommend becoming a plumber, electrician, or carpenter. You can make an incredible amount of money once you are licensed and garner a good reputation. Your skills translate directly into savings because you can do a lot of your own domestic repairs. And some landlords will give you a nice discount on rent if you fix the occasional leaky faucet, frozen or damaged water supply line, or a leaky toilet seal. I worked in the trades when I was a young man - I love working with my hands. But the technology call was too strong - I fell in love with computers and systems administration. I know many tradesman that make over 100k a year - the smart ones use their skills to buy cheap property and flip it or rent it. A hard working ERE-minded person skilled in any of the above trades would have a huge advantage in retiring early.

I can't recommend the tech field now because so much of it is being outsourced or replaced with more sophisticated GUIs that make managing complex systems easier - creative destruction at work. But USA infrastructure is falling apart and fewer people are going into the trades - they are in high demand now.

In reality, if you learn to live simply and be frugal, you can retire early with any job(s) if you develop a system for maximizing savings and minimizing expenses. It's not what you earn - it's what you save/invest.

Post Reply