[Moved to Personal Finance subforum - moderator Kendall]
Long story short I’m 100% burnt out with my current job. I’ve been there close to 20 years. At this point I’m doing it for the money only. I have grown to despise it and I think it’s the cause of some of health issues. Toxic culture, unrealistic expectations (partly due to global structure), terrible leadership, declining pay, very high stress, and industry headwinds. I have an opportunity to take a different type of job that is fully remote (I highly value that for health reasons), full autonomy, way less hours, and a small group of (from what I can tell) nice people (one is a close friend). The trade off is income goes from $500-600k to about $150k, there will still be stress involved, AND it may or may not work out long term as it’s a newly created kind of experimental role. But my thought is if it doesn’t work out, at least it got me out from my current company.
My wife has just started back to work after being a SAHM for past decade. It’s a government job with good benefits, small pension, but only pays $78k. She enjoys the work. I’m 42, wife 38. Three girls 10, 9, 6. We spend about $130k annually. In order to make the move above, I want to feel comfortable enough that if the role doesn’t pan out, I could consider walking away completely. Wife would be on board as it would allow me to fill in a lot more holes at home and for the family. I’d like to have a decent cushion on spending so $250k a year would be the perpetual gross number I want, funded between income and portfolio draw.
So my questions are 1. If you were me would you try this new role, knowing a risk it doesn’t work out? 2. If it didn’t work out would you feel comfortable just retiring, from a financial standpoint? 3. Anything else I’m missing or need to be thinking about? Financial details below. Thank you!
My details:
Brokerage: $3.1mm
Tax deferred: $1.2mm
Tax free: $625k
HSA: $60k
529s: $300k
Investment property: $175k (income $15k)
Primary residence: $700k paid off
Total net worth about $6.2mm. Around $5.1mm excluding 529 and primary residence.
Long story short I’m 100% burnt out with my current job. I’ve been there close to 20 years. At this point I’m doing it for the money only. I have grown to despise it and I think it’s the cause of some of health issues. Toxic culture, unrealistic expectations (partly due to global structure), terrible leadership, declining pay, very high stress, and industry headwinds. I have an opportunity to take a different type of job that is fully remote (I highly value that for health reasons), full autonomy, way less hours, and a small group of (from what I can tell) nice people (one is a close friend). The trade off is income goes from $500-600k to about $150k, there will still be stress involved, AND it may or may not work out long term as it’s a newly created kind of experimental role. But my thought is if it doesn’t work out, at least it got me out from my current company.
My wife has just started back to work after being a SAHM for past decade. It’s a government job with good benefits, small pension, but only pays $78k. She enjoys the work. I’m 42, wife 38. Three girls 10, 9, 6. We spend about $130k annually. In order to make the move above, I want to feel comfortable enough that if the role doesn’t pan out, I could consider walking away completely. Wife would be on board as it would allow me to fill in a lot more holes at home and for the family. I’d like to have a decent cushion on spending so $250k a year would be the perpetual gross number I want, funded between income and portfolio draw.
So my questions are 1. If you were me would you try this new role, knowing a risk it doesn’t work out? 2. If it didn’t work out would you feel comfortable just retiring, from a financial standpoint? 3. Anything else I’m missing or need to be thinking about? Financial details below. Thank you!
My details:
Brokerage: $3.1mm
Tax deferred: $1.2mm
Tax free: $625k
HSA: $60k
529s: $300k
Investment property: $175k (income $15k)
Primary residence: $700k paid off
Total net worth about $6.2mm. Around $5.1mm excluding 529 and primary residence.
Statistics: Posted by shm317 — Mon May 27, 2024 3:13 pm — Replies 12 — Views 765