I am 37 yr old with below numbers
Investments (Vanguard total stock market index): 350K
401K: 130K
Cash: 70K
Total Assets: 550K
I make 280K salary (Silicon Valley / Bay area) and save about 100K including the money that goes into 401K. My wife doesn't work. I rent and plan to continue to rent. I have two kids 8 and 4 yr old.
In 10 years, I should have 1.5 to 2 million total networth to retire by moving to a low cost of living area. I can retire then or work for another 10 years where I would be able to leave each kid a million and still have enough for my retirement.
I am finding it hard to decide what to do. I hated the concept of working and always wanted to retire and have that financial freedom. So retiring in 10 years would really give that to me. But at the same time, I won't be able to leave the kids anything if I retire then. I am sure many of you have been in similar situations. Please advise
Investments (Vanguard total stock market index): 350K
401K: 130K
Cash: 70K
Total Assets: 550K
I make 280K salary (Silicon Valley / Bay area) and save about 100K including the money that goes into 401K. My wife doesn't work. I rent and plan to continue to rent. I have two kids 8 and 4 yr old.
In 10 years, I should have 1.5 to 2 million total networth to retire by moving to a low cost of living area. I can retire then or work for another 10 years where I would be able to leave each kid a million and still have enough for my retirement.
I am finding it hard to decide what to do. I hated the concept of working and always wanted to retire and have that financial freedom. So retiring in 10 years would really give that to me. But at the same time, I won't be able to leave the kids anything if I retire then. I am sure many of you have been in similar situations. Please advise