Here you are, young and knowing that Financial Independence is your ultimate goal. Great choice of a goal! But now it is time to choose a job to help you navigate your path to FI. What is the best job you can choose?
Or maybe you have a job but are considering going back to school to upgrade your skills (and earning potential), but you are wondering: Is it worth it?
If we look at this solely as an economic problem it is easy: Choose the path that minimizes the time it will take you to get from now (the best time to start anything!) to FI. To solve this problem we need to know all the basic FI questions, which really boil down to one question: How much are your living expenses? Using your total annual living expenses you can derive your saving rate at various earning levels and the amount you need to amass to become financially independent.
With this information, it is easy to compare and estimate the time it will take to get to FI for each job based on expected earnings and benefits in the chosen occupation as well as the cost to enter that job (i.e. the cost of schooling).
However, this is not solely an economic problem, you need to love, like, or at the very least be able to tolerate your job (otherwise I’d have headed to the oil sands and worked as a
Sometimes in my day job, I look at the earnings profile of people in different occupations and there are certainly some excellent job choices for people who only want to devote a couple of years to education after high school. I’ve also heard anecdotally that there are a disproportionate number of Engineers in the FIRE community which I think happens to be an excellent career path to choose if you’re looking for FIRE and the career path I would probably choose if I had to do it again.
Are you considering a career decision sometime soon?