accountingsucks
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 346
48yo CPA in MCOL city in Canadian prairies. All figures in today's CAD$. Currently at $2.1M in assets and $450k paid off home. Goal was/is?? to work to 52 and get to $2.8M - $3.0M in assets. Expect to receive $23k in CAD gov't pension at age of 65, can take earlier at 75% reduction. No work pension.
Currently my family of three (12yo son) spend $50 to $60k per year after tax and that includes things like saving for home repairs and auto replacements which of course can be lumpy. Generally our home has had some kind of preventative repair every year for the last 10. The only real thing we have to do is our kitchen, it's not needed but currently sporting the "golden oak" look. I know that would be pricey. I have not saved anything specifically for my son's possible university education. Here in Canada it is costly, but nowhere near the US. Maybe 50k total for four years and to be honest I would expect him to pay for at least one year.
Have gone through alot of stress in the past year all related to work. There is always some kind of issue that seemingly only I can solve. Some days I really don't think I can last another 4 years and dream of submitting a resignation letter and just walking out. Other days it's fine...just for now it's a stressful time with year end coming up....basically between now and end of January it will be pretty full bore. I actually do not work much OT, but as I tell my wife, I would rather take 12 hours of ditch digging and be mentally exhausted versus 8 hours of problem solving. I just mentally need some time off.....3 months? 6? Not sure. My profession is not like most where someone can "swap" in for me. It's just me.
Here is my dilemma. Based on the numbers we could at least FIRE. Gaining additional income likely isn't an issue as I could do contracts through headhunters or if I was ambitious start a bookkeeping thing. If I went full time again I likely could only get 75% of my current salary but it would still be a good salary relative to our expenses. However if I work another four years at current employer of course our retirement looks alot more fruitful in terms of travel, buffers, etc. I also have to mention I am one of two hiers to my parents estate which would be significant in value (multiples of my savings). I don't want to think about that but the reality is there. Anything can happen and I plan on receiving $0, but it's hard not to think about when I'm probably shortening my life at this job.
Currently my family of three (12yo son) spend $50 to $60k per year after tax and that includes things like saving for home repairs and auto replacements which of course can be lumpy. Generally our home has had some kind of preventative repair every year for the last 10. The only real thing we have to do is our kitchen, it's not needed but currently sporting the "golden oak" look. I know that would be pricey. I have not saved anything specifically for my son's possible university education. Here in Canada it is costly, but nowhere near the US. Maybe 50k total for four years and to be honest I would expect him to pay for at least one year.
Have gone through alot of stress in the past year all related to work. There is always some kind of issue that seemingly only I can solve. Some days I really don't think I can last another 4 years and dream of submitting a resignation letter and just walking out. Other days it's fine...just for now it's a stressful time with year end coming up....basically between now and end of January it will be pretty full bore. I actually do not work much OT, but as I tell my wife, I would rather take 12 hours of ditch digging and be mentally exhausted versus 8 hours of problem solving. I just mentally need some time off.....3 months? 6? Not sure. My profession is not like most where someone can "swap" in for me. It's just me.
Here is my dilemma. Based on the numbers we could at least FIRE. Gaining additional income likely isn't an issue as I could do contracts through headhunters or if I was ambitious start a bookkeeping thing. If I went full time again I likely could only get 75% of my current salary but it would still be a good salary relative to our expenses. However if I work another four years at current employer of course our retirement looks alot more fruitful in terms of travel, buffers, etc. I also have to mention I am one of two hiers to my parents estate which would be significant in value (multiples of my savings). I don't want to think about that but the reality is there. Anything can happen and I plan on receiving $0, but it's hard not to think about when I'm probably shortening my life at this job.