QUITTING MY $200K JOB
Me The Millennial
By MeTheMillennial
Quitting my $200K job in Strategy Consulting!
Since the pandemic started back in March 2020, I’ve been thinking more and more about quitting my job in Strategy Consulting.
I’ve slogged it out for coming on 8 years to get to this point, where I am managing teams, working on somewhat interesting projects, and being rewarded for it financially.
So why leave and why would I want to quit my $200k a year job?
Recap:
Well let me do a quick recap of my career so far. I finished university after studying Computer Science and Business, moved into a graduate consulting role after being made an offer during a final year summer internship. (for advice on getting a job in Consulting read my post here).
I moved up the ranks, grinding it out at the analyst/consultant level and moved up to Manager after 5 years.
I was young, full of energy and most importantly made time for fun outside of work with my graduate cohort. A group of 11 – young, bright eyed, bushy tailed graduates started together, we worked hard and definitely played hard!
All nighters, bars, nightclubs, recovering in work restrooms the next morning. You name it we did it! For many it is part of the appeal of Consulting, working with smart, young, driven colleagues while also partying in your 20’s while you are at it.
I loved it, the work was ok, and at times even interesting but more importantly I had a great support group of friends where we grew up together in Consulting.
Next, I decided to leave Europe and move to North America, more specifically Toronto (the mini New York as some people like to call it).
I moved to a new company switched from Management Consulting to Strategy Consulting.
Instantly I gained a massive increase through my salary and bonus, just because big city locations in North America pay more for the same role in Europe. I wasn’t complaining though, I was hugely grateful for the opportunity to work and live in another country.
I’m now 2 years in, earning a $180k base salary with a 12% bonus on top bringing me into the top 0.1% of earners for my age (30 years young).
How can I complain right?
But that’s the thing, I’ve been thinking more and more about getting out of the corporate rat race while I’m still relatively young and having more freedom with my time.
After 8 years in Consulting, I’m over the never ending client last minute demands, internal politics, and being required to always be on call no matter what the day or time. I had a recent ‘urgent’ email from a new client project I was managing, one week in and the client sent an email to me and my team on Friday night at 10pm titled ‘Weekend Project’!
That’s the sort of thing I want away from.
“Earning a $180k base salary with a 12% bonus on top bringing me into the top 0.1% of earners for my age”
5 year plan:
So I’ve cemented a goal (on my fridge) of retiring from the Corporate World by 35, less than 5 years away, and handing in my notice with a smile on my face waving goodbye to that fat monthly cheque.
I’ve set a target of $1.5 million by age 35. Going off the 4% rule – I could live off the dividends from my investments which would equate to $60k per year ($1.5M * 4%), and most importantly without ever touching the principal amount. I recently hit $250k$350k in savings, so I’m slowly getting there.
I plan on building out this website too and hopefully creating an additional side hustle income stream to support, while also finding this an almost therapeutic release from work in writing. At the very least I hope to share my journey to financial freedom with you the reader, and hopefully you can take some value from my path.
Update! A few months after writing this post, I’ve actually went and quit my 200k a year job – woohooo!
Follow along on my journey, I keep my net worth updated here. Leave a comment or contact me if you would like to get in touch and update me on your progress towards your goals.
Cheers!
MeTheMillennial
I’m in a similar situation to you and can related to many of your posts. I am from 32 y/o Londoner, who moved to Toronto in 2017, and looking to leave the corporate rat race myself. I’m interested to know how you plan on getting to the $1.5M mark in less than 3 years.
Hi Vanessa, thanks for your comment. Glad to hear you are looking to take back control and get out from under the Corporate rate race.
I am actually putting together a post on that very topic, I will be releasing in the next week. I am aiming to post new updates every 2 to 3 days.
Sign up to my newsletter here and I will notify you once the post is up.
What’s your own goal? Financial freedom also?
Yes I’d like financial freedom too, the sooner the better of course but I don’t know realistic it is, given my situation. I may have to aim for 40 y/o :S
I don’t know your investment breakdown and your savings rate per month – but it is entirely achievable to get there by 40 Vanessa!
Keep your savings rate about 60%/70% if you can, or as high as you can get it and stay consistent investing into broad ETF’s..i.e. limit your downside risk from single stocks. Check out the below calculator to determine how quickly you can get there.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Thank you