Job Hopping for Raises and Retiring at 30|A Purple Life - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-02-11T08:00:05
Today's episode is an awesome chat with Purple from A Purple Life.
Purple has an awesome story and she hits a giant milestone of retirement at age 30 this year.She covers how she continued to jump jobs in a way to increase her salary 3x while raising job satisfaction.
Listen, learn, and let us know what you think.Episode Summary
Purple BeginningsPurple was introduced to financial independence by her partner
However, she didn't listen to his advice for two years
She felt she had things in order to retire in her 50sHer mom actually retired in her 30s
Purples mom also helped build financial understandingShe would give purple $1 for chores but remove taxes first
Purple talks about being frugal in high school and collegeHer degree was in American Studies
She ended up landing a job in advertisingThen New York happened
She said she was brainwashed thereExpensive heels and purse subscriptions ensued
Job HoppingHer first New York job paid about $35k
She was also super unhappy and stressedPurple quit that job without another one lined up
She was hired in a couple of weeks with a promotion and $13k raiseThat made her realize how much she could leverage job offers
The next job was another $17k raise which put her up to $65kThen she looked to start dropping her expenses
This would take her out to Seattle which was half the cost of ManhattanJob hops would continue until her salary today of $110k
In total, she had 3x her income and cut living costs in half between rent and taxesFIRE Ignites
It started clicking that these voices like Mr. Money Mustache were actually realisticShe got a lot more serious about all her line items
A big one she calls out is learning to cookAfter things settled, she realized she could and will retire at 30
Her Why of FIREShe doesn't want to be held to a schedule... that simple
Purple doesn't hate her job and even gets to work from home
She also plans to stop renting and slow travel all over the worldPurple admits she doesn't know if being a nomad will be for her
Her target date is September 2020Why her Journey works
Never owned a carDoesn't want a house
Will not have childrenStarted investing early
Only spends $18k per yearNet-worth
2015 - $89k2016 - $137k
2017 - $234k2018 - $280k
2019 - $448Projected $500k at retirement
She's super flexible
Un-productivity AdvocatePurple is a hard worker and type-A
But she recognizes too many people equate being busy as successfulThere's no strong desire with her for a side hustle
It's important for her as an introvert to take time and recharge
She does, however, plan on continuing her blogAnd she also uses the app Job Spotter to make some money on the side
Key Takeaways
Leverage Yourself: You make $x today but that doesn't mean it's what you're worth. Don't underestimate your value.
Compounding is Strong: Purple started not making a ton and living in a very expensive place but now she's retiring at 30. It worked because she started early and just kept saving.
Busy isn't required: Purple calls out how we don't have to inject stress, plans and work into our lives, that it's ok to just relax.
Call to ActionTake a look at your skills and how they could fit in a different role or company that allows you to up your salary.
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