Hi Boglehead community. Long time lurker, first time poster. The knowledge gained from reading this forum over the years has been invaluable, and now I'm looking for advice specific to my current financial and career situation. Any and all perspectives & feedback would be much appreciated.
Details:
Age: 30, Male
Location: Medium COL
Status: Engaged to be married, Oct '24
Education: BS, computer science
Experience: 10 years, same company
His:
- Base: $149,000
- Bonus: $22,000
- Total Comp: $171,000
Hers:
- Base: $36,000 (school teacher)
- Currently transitioning to real estate agent, roughly 2 months of teacher salary remaining, income level uncertain for the next 3-6+ months as she ramps up
Checking: $5,000 (brick and mortar local credit union)
Savings: $19,000 (4.25% HYSA)
His 401K: $233,000 (100% SP500 index fund, max out annually)
His Roth IRA: $170 (100% SP500 index fund, just opened account)
His Car Loan (2018 Honda Accord Hybrid): $21,577.32 @ 2.89%
No other debt
Monthly Expenses: $3,540
- Rent (2bed, 2bath, 2 car garage in-city): $1,380
- Internet: $70
- Electricity: $80
- Water: $30
- Car Payment: $400
- His and Hers Car Insurance: $180
- Gas: $200
- Grocery: $900 (fitness oriented people, make fresh foods from scratch)
- Subscriptions and pet expenses: $300
Monthly Net income after tax and retirement: $7,200 (not counting her income due to future uncertainty)
Monthly Remainder: $3,660 (goes into HYSA at the moment)
Current Situation:
I've achieved relative success in my particular field: niche solutions architect role for a F500 company, making sure my team is building the right things from both a technical and business perspective. Youngest architect in my role by 10-15 years, started at $68,000 in 2015. Job security is high, upwards career trajectory and promotional opportunities high as well.
Problem:
Coming out the other end of a 3 year corporate project, Edit: where I was working 80+ hour weeks, including weekends and holidays. Now that the project is over, I'm working 45 hours per week on average. However, burnout is real, to the point where I no longer have the desire to be in tech or in a corporate setting.
Existential questions have surfaced around feeling fulfilled and happy in life. I'm becoming more convinced that I want to choose to be happy with my daily life, even at the potential risk of not having the highest possible amount of money or success. The last thing I want to do when I look back at my life is regretting not choosing to be happy or choosing money over what gives me purpose or true satisfaction.
I’ve been an avid reader and writer since the beginning. My first book was ‘published’ in my school library at the age of 8. I’ve been drafting an outline for what will become a 5-book science fiction series since 2018. Outline is currently 400 printed pages long, and I’ve been considering hiring authors and/or local college professors to help me hone my skills before starting the drafting process. The end goal is to fully transition to full time writing, even at the potential risk of never reaching my current income level again.
To further complicate matters, we’re interested in purchasing a home within the next 1-2 years, and then having kids shortly after. At this time she will become a SAHM with the intent to home school while still selling houses on the side. We’re both not willing to sacrifice this timeline, which means we need a reliable, stable, and high income for the foreseeable future.
Option 1 (current situation): Maintain course and write on the side
Pros: Checks most of the boxes and allows both of us to slowly transition to new career paths
Cons: Current role has taken a significant tole on physical and mental health. Difficult to maintain healthy stress levels and work-life balance. Also it's currently very difficult to find the time to write on the side given in the above.
Option 2: Take demotion, 'cruise' for the next few years
Pros: There's an opportunity to transition to the 'back office', where there would be less hours and less expectations, which would result in less stress. I could potentially negotiate a 10-15% base salary bump as part of the move, which moves me into a new salary band. Potentially find more time to write on the side or even during working hours.
Cons: Career trajectory at current company would come to a halt. Job security and options would become uncertain after 3-4 years.
Option 3: Save 1-2 years' worth of expenses and write full time
Pros: Most fulfilling option. Focus on drafting my first book in the series over 6-8 months.
Cons: Will likely take an additional 1-1.5 years to get published and even longer to see any revenue. No guarantee of success in new career path.
Option 4: Hybrid approach where I go into part-time consulting or take a 3 month sabbatical at current company.
Actionable Questions:
1.)How are we doing from a current financial perspective? I’ve made quite a few bad choices, mainly 20+ car purchases (yes, you read that correctly) in my early – mid twenties, that has somewhat hampered ideal progress
2.)What advice would you have for a 30 year old who is struggling with existential questions around career & financial success vs. feeling fulfilled and happy in life
3.)Out of the available option list, what would you choose, or do you have better alternatives that I should consider?
Details:
Age: 30, Male
Location: Medium COL
Status: Engaged to be married, Oct '24
Education: BS, computer science
Experience: 10 years, same company
His:
- Base: $149,000
- Bonus: $22,000
- Total Comp: $171,000
Hers:
- Base: $36,000 (school teacher)
- Currently transitioning to real estate agent, roughly 2 months of teacher salary remaining, income level uncertain for the next 3-6+ months as she ramps up
Checking: $5,000 (brick and mortar local credit union)
Savings: $19,000 (4.25% HYSA)
His 401K: $233,000 (100% SP500 index fund, max out annually)
His Roth IRA: $170 (100% SP500 index fund, just opened account)
His Car Loan (2018 Honda Accord Hybrid): $21,577.32 @ 2.89%
No other debt
Monthly Expenses: $3,540
- Rent (2bed, 2bath, 2 car garage in-city): $1,380
- Internet: $70
- Electricity: $80
- Water: $30
- Car Payment: $400
- His and Hers Car Insurance: $180
- Gas: $200
- Grocery: $900 (fitness oriented people, make fresh foods from scratch)
- Subscriptions and pet expenses: $300
Monthly Net income after tax and retirement: $7,200 (not counting her income due to future uncertainty)
Monthly Remainder: $3,660 (goes into HYSA at the moment)
Current Situation:
I've achieved relative success in my particular field: niche solutions architect role for a F500 company, making sure my team is building the right things from both a technical and business perspective. Youngest architect in my role by 10-15 years, started at $68,000 in 2015. Job security is high, upwards career trajectory and promotional opportunities high as well.
Problem:
Coming out the other end of a 3 year corporate project, Edit: where I was working 80+ hour weeks, including weekends and holidays. Now that the project is over, I'm working 45 hours per week on average. However, burnout is real, to the point where I no longer have the desire to be in tech or in a corporate setting.
Existential questions have surfaced around feeling fulfilled and happy in life. I'm becoming more convinced that I want to choose to be happy with my daily life, even at the potential risk of not having the highest possible amount of money or success. The last thing I want to do when I look back at my life is regretting not choosing to be happy or choosing money over what gives me purpose or true satisfaction.
I’ve been an avid reader and writer since the beginning. My first book was ‘published’ in my school library at the age of 8. I’ve been drafting an outline for what will become a 5-book science fiction series since 2018. Outline is currently 400 printed pages long, and I’ve been considering hiring authors and/or local college professors to help me hone my skills before starting the drafting process. The end goal is to fully transition to full time writing, even at the potential risk of never reaching my current income level again.
To further complicate matters, we’re interested in purchasing a home within the next 1-2 years, and then having kids shortly after. At this time she will become a SAHM with the intent to home school while still selling houses on the side. We’re both not willing to sacrifice this timeline, which means we need a reliable, stable, and high income for the foreseeable future.
Option 1 (current situation): Maintain course and write on the side
Pros: Checks most of the boxes and allows both of us to slowly transition to new career paths
Cons: Current role has taken a significant tole on physical and mental health. Difficult to maintain healthy stress levels and work-life balance. Also it's currently very difficult to find the time to write on the side given in the above.
Option 2: Take demotion, 'cruise' for the next few years
Pros: There's an opportunity to transition to the 'back office', where there would be less hours and less expectations, which would result in less stress. I could potentially negotiate a 10-15% base salary bump as part of the move, which moves me into a new salary band. Potentially find more time to write on the side or even during working hours.
Cons: Career trajectory at current company would come to a halt. Job security and options would become uncertain after 3-4 years.
Option 3: Save 1-2 years' worth of expenses and write full time
Pros: Most fulfilling option. Focus on drafting my first book in the series over 6-8 months.
Cons: Will likely take an additional 1-1.5 years to get published and even longer to see any revenue. No guarantee of success in new career path.
Option 4: Hybrid approach where I go into part-time consulting or take a 3 month sabbatical at current company.
Actionable Questions:
1.)How are we doing from a current financial perspective? I’ve made quite a few bad choices, mainly 20+ car purchases (yes, you read that correctly) in my early – mid twenties, that has somewhat hampered ideal progress
2.)What advice would you have for a 30 year old who is struggling with existential questions around career & financial success vs. feeling fulfilled and happy in life
3.)Out of the available option list, what would you choose, or do you have better alternatives that I should consider?
Statistics: Posted by Harrist5683 — Wed May 29, 2024 12:09 pm — Replies 59 — Views 2034