If FI, would you keep working for $100k a month?

[Meadbh]

Hoping, I don't know what you do to earn $100K per month, unless you are the CEO of a Fortune 500 company or a successful drug smuggler. If faced with your (delicious) dilemna, I would buy a fraction of an executive jet and have Dr. DH visit me on his rare weekends off. After another two or three years (just enough to buy a luxury pad in the Caymans and furnish an offshore account) I would RE.

Well, you did ask!

 

[Zoocat]

As a recent survivor of the divorce wars, I have to ask you this -- would you be FI if you got divorced?
But if you're absolutely sure your marriage is solid then I would move. Long distance marriage is a land mine. Get a new job in your new location. Be happy!

 

[simple girl]

I think you need to sit down and truly decided how much money you need to feel comfortable retiring - i.e. what you expect your expenses to be when you retire. You say it is probably more than 90K, but 180K would be more than enough. So that number is somewhere in between - can you define it more specifically? Set that as a goal and determine how long you'd have to work at your current job to meet that goal.

However, have you considered if there are other factors, like what making that amount of money means to your self-concept/self-worth?

Why not take the leave of absence and use the time off to do some self-exploration? Not to be morbid, but you only live once, and you never know how long.

 

[mb]

Personally, I think that the important issues are the extra FI security from the additional money versus the strain on your relationship of a long distance marriage and the long term effects of the job stress.

But if you're concerned with the numbers make sure you consider real estate costs where you intend to live. The bay area is still not a bargain but it is probably worst case. An OK house is $600-800k but a really nice house (the type of house that most people with your income would expect) is probably around $2M. Other coastal and inland areas should be cheaper.

Also if you intend to have kids there is a premium for good school districts that may add $100-200k versus an identical house in a mediocre (not necessarily bad just not the best) school district.

MB

 

[hoping]

Thanks for all of the great advice. You have given me a lot to think about. My tentative plan is to see if I get the job that will be a better fit for me. If I don't, then I will stay put for 6 or so months and see how DH likes the new job. If he loves it, then I will move.

 

[Spanky]

Thanks for all of the great advice. You have given me a lot to think about. My tentative plan is to see if I get the job that will be a better fit for me. If I don't, then I will stay put for 6 or so months and see how DH likes the new job. If he loves it, then I will move.

Seems to a reasonable plan. Good luck.

 

[Texas Proud]

Job is highly stressful, not very fulfilling; working conditions are fine; colleagues are fine. My health is fine; DH wants to keep working, at least for now; he is a doctor and will earn 200-300k per year. I could get a new job for 80-100K a year that may be a better fit for me. We have approx $4.5 million saved so far.

this is just me calling BS...(not in a mean way... just saying)... because something just does not add up to me...

If you are making $1.2 mill a year and your DH is making $.2 to $.3... how can you only have $4.5 mill saved? This would mean you have not saved much of what you have earned so your expenses are very high... a lot more than the $180K that your savings will support...

So where has all your money gone? or why do you not have in the $10 to $20 or even $30 mill range?

A lot of the people here are in the 10 to 20 X their salary in savings... you are only 3X....

So why are you so far behind and if you are only 3X they how could you think of leaving without a major lifestyle change?

 

[hoping]

Texas proud,

My income has not always been this high. For many years, it was much lower. Only the last 2-3 years have been in this range.

 

[hoping]

Also, I have been saving like crazy for the past few years. My annual expenses are under 100k, probably closer to 70-80. I save the rest.

 

[Texas Proud]

Texas proud,

My income has not always been this high. For many years, it was much lower. Only the last 2-3 years have been in this range.

Did it just up by a huge multiple? Even if you doubled your income I would think you would have more... (then again, I don't remember your age.. that could have a lot to do with it)...

BUT, say you were at $100K per year until 2 years ago... and now at $100K per month... why not work another 2 or 3 years at this high salary so even your DH can hang it up with his low $200K salary

I mean, if you work 3 years it is like HIM working 12 to 18 years.... so to me it is a no brainer... he stops working (or just does not take the new job) and you work 3 years.... done...

 

[hoping]

Texas proud, I have floated that idea, but DH is convinced that we are both too young to retire outright and that I will not be happy if I am not busy doing something challenging. So our plan was to figure out what to do workwise for the next 5-10 years, try to find jobs we like in a place we want to be, and let the nest egg continue to grow.

 

[W2R]

Hoping, I don't know what you do to earn $100K per month, unless you are the CEO of a Fortune 500 company or a successful drug smuggler.

[...]

My income has not always been this high. For many years, it was much lower. Only the last 2-3 years have been in this range.

Hoping, are there large risks and/or liabilities associated with your current occupation?

 

[hoping]

Not really. Just a lot of stress and aggravation.

 

[Texas Proud]

Texas proud, I have floated that idea, but DH is convinced that we are both too young to retire outright and that I will not be happy if I am not busy doing something challenging. So our plan was to figure out what to do workwise for the next 5-10 years, try to find jobs we like in a place we want to be, and let the nest egg continue to grow.

Is he right?

As for the other.... to me I would stay if my DW was making what you are making... I have a friend who has become the house husband and doing consulting work since she has 'grown' in her career faster than him (and he was a high paid controller before being let go)...

Seems that you DH is the one causing the problem insisting on moving when it seems that it is not in your best interest...

Again... you working 3 years would set you both for life... even with the hassles... and you don't make $1.2 mill without having SOME hassles .. stress and aggravation or you would not be making that amount...

 

[FinanceDude]

Is he right?

As for the other.... to me I would stay if my DW was making what you are making... I have a friend who has become the house husband and doing consulting work since she has 'grown' in her career faster than him (and he was a high paid controller before being let go)...

Seems that you DH is the one causing the problem insisting on moving when it seems that it is not in your best interest...

Again... you working 3 years would set you both for life... even with the hassles... and you don't make $1.2 mill without having SOME hassles .. stress and aggravation or you would not be making that amount...

Maybe DH WANTS to be the breadwinner??

 

[hoping]

Texas Proud, why 3 more years? When is enough enough? We are not extravagent people. I can't see why we need more than $5 million in savings, esp. if we are not going to be touching that money for a few more years.

 

[haha]

Texas Proud, why 3 more years? When is enough enough? We are not extravagent people. I can't see why we need more than $5 million in savings, esp. if we are not going to be touching that money for a few more years.

Can one really be this indecisive and still get someone to pay her $1.2mm/yr?

Like you pointed out, you can retire if you want to, work if you want to. So why not pick a door?

Ha

 

[GatorBuzz]

Can one really be this indecisive and still get someone to pay her $1.2mm/yr?

Like you pointed out, you can retire if you want to, work if you want to. So why not pick a door?

Ha

The man has a point.

 

[Texas Proud]

Texas Proud, why 3 more years? When is enough enough? We are not extravagent people. I can't see why we need more than $5 million in savings, esp. if we are not going to be touching that money for a few more years.

That is why I asked if your DH had a point about you working... do you have to And then why does you DH have to work? If you have enough, then both of you should call it quits and retire... no hard decision...

And if you do have 'enough' right now.. then why are you working at all, even for the money...

BUT, the extra $3 mill gives you a LOT of cushion.... you can do more charity work or 'splurge' a bit...

I would much rather have the extra cushion..... and I will tell you that 3 years can go by quickly... I was working away from home for 3 years and it flew by.... I did travel back and forth to visit friends and family, but it was a fun experience...

 

[honobob]

Can one really be this indecisive and still get someone to pay her $1.2mm/yr?

Ha

I'm not sure.

 

[maddythebeagle]

Can one really be this indecisive and still get someone to pay her $1.2mm/yr?

Like you pointed out, you can retire if you want to, work if you want to. So why not pick a door?

Ha

yes. no. yes. no. yes. no..

 

[martyb]

100K per month

I just wanna know when that job becomes vacant so I can apply for it! I'm 50, so I only want to work about a year, maybe 18 months and then one of you other folks can have it!

 

[Alan]

It's a complex question, but I suppose I am in a similar position right now. We can RE now and be fairly comfortable, having an income of $60K/year according to the calculators (incl. FIRECALC).

However, if I work for 2 more years I will get the DB pension and Health insurance from 55 onwards. If I quit now, I have to draw on the next egg at 5% for 9 years until pension starts and I'll be foregoing the health insurance.

All in all, working another 23 months is worth a cool $1M. (I earn over $200k/year and pension at 55 will be $60k/year).

My job since January is no longer super stressful (still pretty stressful) and business travel has dropped dramatically so, it is tolerable and I have decided to stick it out for the next 23 months.

 

[hoping]

DH wants to work (or so he says). His work is very meaningful, since he is trying to help people who are sick. I've been on the verge of burnout, although the prospect of leaving has woken me up a bit. So, apologies for all of the saga, but this is not an easy decision for me. Thanks for the advice!

 

[Texas Proud]

DH wants to work (or so he says). His work is very meaningful, since he is trying to help people who are sick. I've been on the verge of burnout, although the prospect of leaving has woken me up a bit. So, apologies for all of the saga, but this is not an easy decision for me. Thanks for the advice!

it is funny to me... but most of the people who are in the 'burnout' phase are the cause of their burnout... change your attitude and you will not be in this situation...

What will they do if you 'change' how you view things? Who is holding the gun to your head to force you to do the things you hate? You will find out that most managers are not the cause... you are... and if they REALLY are, just ignore them... that is what I did and my attitude changed a lot...

Then again, I am unemployed right now, but it is more of a very young manager who can not handle an older much more experienced person that speaks up when they have stupid ideas.... such as moving almost everything to India....

STILL, for the money you are talking about.... I can handle a lot of crappy people and some 'stress' and some late nights.... smiling all the way when I got my check... again.... it would be because I would KNOW that I had a date I was leaving... kind of like a prison sentence.... you learn to live the life knowing it will be better when the sentence is over... but enjoy TODAY as it is...


Good luck either way...