Author Topic: Life advice please  (Read 1367 times)

scottyboy8

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Life advice please
« on: May 10, 2018, 09:58:04 PM »
Hi all,

I am caught in 2 minds of what to do with my life. I have a job offer for almost double my salary in another country and I am considering leaving everything behind to pursue the money. Also, I am thinking about starting my own basketball club which will make me enough money to meet my monthly expenses and perhaps save $100 a month max. The money that I would be making if I move is around $4,000 dollars, I currently make $2,000 and I think I can make $1,000 with the basketball club.

Should I go for the money, stay in current job, or create my own basketball club? I know $1000 isn't a lot but where I live rent is cheap, I have no aspirations to ever get married, have kids or own a home, I have my parents home to fall back on, I will receive a healthy state pension from my home country etc. so I don't think money is that important to me. However, I would potentially like to have $20,000 or something around there in the bank for emergencies.

Or should I take the new job, start the club on top of the job, make $5,000 per month and work my life away.

I suppose it is a nice problem to have but this has been messing with my mind for months and months and it is getting closer and closer to final decision time.

Thanks for any help and advice.

Scott

Villanelle

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Re: Life advice please
« Reply #1 on: May 10, 2018, 10:28:20 PM »
For the most part, these are just personal preferences and no one is going to be able to tell you what to do.

I wouldn't be comfortable only saving $100o per month.  If you estimate your FIRE expenses, you could do the math and figure out how long it would take you to get to a realistic FIRE situation, but it is going to be a long while, most likely.  It sounds like you spend $10,800 ($1000/m-$100 in savings*12) per year.  You would be saving $1200 per year, and would need $270k for a 4% SWR.  At only $1200.yr savings, you would basically never get there, and that's if you never tapped in to that savings money for anything. 

Do you think you will hate the new job?  Is it a place you are interested in living for a while?  How much time will the club take?  Is that something you could do forever and reasonably expect to keep the same income level?  Are those numbers realistic even now? (Can you really make $1000. mo starting a sports club?  After expenses?)

MommyCake

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Re: Life advice please
« Reply #2 on: May 11, 2018, 07:04:35 AM »
Basketball club as sole income is too risky at this point.  If you take the new job, and hate it, would your old job take you back?

ysette9

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Re: Life advice please
« Reply #3 on: May 11, 2018, 07:20:45 AM »
In my opinion a basketball club is a hobby that you play on the weekends on after you have reached FI. Early in life is the time to maximize your income and savings so that you have options later on in life. Nose to the grindstone: work hard and play later. The essence of financial success is the ability to embrace delayed gratification.

I’d take the job that pays double, play basketball for exercise and fun during your down time, and save aggressively.

Hirondelle

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Re: Life advice please
« Reply #4 on: May 11, 2018, 07:26:47 AM »
You're giving very little information.

How much does the offer appeal to you? Does the country appeal to you? Will your expenses increase, decrease or stay the same in the new country? You don't even mention to what extent you like/hate/tolerate your current job so how can we ever give you a solid advice.

Starting a basketball club sounds pretty cool on paper, but do you realize what kind of stuff is required to do that? Most of it has nothing to do with basketball. I don't know how large your current savings are, but start-up costs for a club can also be high.


Also realize that nothing is permanent. You could work at the fancy high paying job for 2 years. Get homesick? Then quit, go home, take your savings and find another job.

ysette9

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Life advice please
« Reply #5 on: May 11, 2018, 07:29:49 AM »
Another way to think of it:

If your expenses are $1000 and this new job will earn you $4000, then you take the job and and save 75% of your pay. Do that for seven years and you will be financially independent and never have to worry about money again. Start your basketball club then. Basketball and people who want to play it will still be around in seven years.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
« Last Edit: May 11, 2018, 10:15:36 AM by ysette9 »

honeybbq

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Re: Life advice please
« Reply #6 on: May 11, 2018, 10:09:14 AM »
I'll play the skeptic and say I don't think banking on a basketball club makes much financial sense.

If you're young and unattached, why not go to a different country and explore? Make lots of money, save lots of money, and have lots of options in the future.

It's a lot easier to pursue dreams when you have money in the bank... but I'm a practical old fart not an idealist.

slappy

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Re: Life advice please
« Reply #7 on: May 11, 2018, 11:56:01 AM »
I'll play the skeptic and say I don't think banking on a basketball club makes much financial sense.

If you're young and unattached, why not go to a different country and explore? Make lots of money, save lots of money, and have lots of options in the future.

It's a lot easier to pursue dreams when you have money in the bank... but I'm a practical old fart not an idealist.

I was going to say this too but we have a local sports club that is pretty lucrative, I believe. They charge people to participate and it's pretty popular. I don't know anything about it other than that, but based on that limited knowledge, I don't think a profitable basketball club is out of the question.