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

[Midpack]

As long as it wasn't illegal/immoral, for $100K/month I'd stick it out until I couldn't stand it anymore or my nest egg reached $5M whichever came first. Contrary to the other thread, $5M qualifies as very wealthy/rich to me...

 

[haha]

I'd stay until my employers came to their senses.

As regards living apart from your Sweetie--you might be able to get some pretty decent temps with that kind of income at your disposal.

Ha

 

[Spanky]

Contrary to the other thread, $5M qualifies as very wealthy/rich to me...

What is the other thread? $5 mil is rich.

 

[Midpack]

What is the other thread? $5 mil is rich.

Evidently it takes $25M to qualify as rich today...

http://www.early-retirement.org/for...estegg-do-you-need-join-true-elite-33918.html

 

[oma]

If you are in a very high-earning job, and will never again earn anywhere close to this much money, how long do you stay? Assume that you no longer enjoy your job but do not detest it, and that you already are FI. All thoughts welcome! Thanks.

Very interesting post. I face this exact thing right now. Although my base pay is about $70,000 right now, additional benefits put me over $100,000. This is my peak salary to date. But I detest my job and many of the folks I work with. I probably just need to find my niche - a job that I enjoy. Right now, I'm not there.

 

[Slarty]

hoping, Maybe you should look for a new job at the new location for a given time period and then move there anyway even if you haven't found a job you want. Maybe 9 months is a good time period. Ultimately, it sounds like its more important to move to where you want to settle. Let a new employer pay for the move and for selling your old house. Of course, maybe your DH's employer has already done that. I've made the kind of move you're talking about and it worked out, but I found it a lot harder to live apart than I expected.

 

[Midpack]

Very interesting post. I face this exact thing right now. Although my base pay is about $70,000 right now, additional benefits put me over $100,000. This is my peak salary to date. But I detest my job and many of the folks I work with. I probably just need to find my niche - a job that I enjoy. Right now, I'm not there.

You realize the OP said $100K per month. I could overlook a lot of folks I detest at that income...

 

[Texas Proud]

Texas proud,

What do you consider a high enough net worth so that this is "pocket change"?

I think it would be where you would not think to much about it... like $50 to $100 mill.... if you had THAT much then 1 more is ho hum...

But at say $10 mill, it is still a significant part of your net worth...

 

[Texas Proud]

Texas Proud

What do you consider "'old' where it is really taking away some of my final years"?

Wow... got two questions on my one post... this must be a record!!!

If I was 70 for sure... I would not want to work no matter how much they offered... enjoy my life...

Probably if I was FI, it would be around 60... I would really want to be doing other stuff then... but MIGHT work one more year for a million plus...

Grey in the middle...

 

[Texas Proud]

It is interesting what some people want or need to have enough....

I was talking to one of my friends the other day... his DW is making the big dough... (he used to be, but is now more a Mr. Mom)...

Her company is going to force them to move... and he can sell his house for about $700K which is a $500K gain... and just her stock options are worth over $2 mill... don't know how much money they have, but would think it would be more than the stock options....

Still, they both are 'driven' and want more... I just don't know what for...

 

[oma]

You realize the OP said $100K per month. I could overlook a lot of folks I detest at that income...

Holy Shmoly! I didn't pick up on that. Need to start paying attention.

Nevermind.

 

[Spanky]

Evidently it takes $25M to qualify as rich today...

http://www.early-retirement.org/for...estegg-do-you-need-join-true-elite-33918.html

Thanks. Soon the bar will be raised to $50M.

 

[Spanky]

It is interesting what some people want or need to have enough....

This is a classical issue: we never have enough since we think all the happiness or security comes from money but fail to realize that we’re too stressed out (from working so hard) to enjoy the material benefits.

 

[Dawg52]

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.

I would take it to the house. In fact I did, with a lot less.

 

[mbooth]

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.

Hmmmm, notwithstanding the great comment and empathy given so far, to me this is a no-brainer!

You are already FI and then some, $4.5 mill means that you (as a couple) are set for the rest of your lives.

Since you say that the $100k/month gig is both stressful and unfulfilling, and you don't 'have' to earn the income, then don't do it! Go for the lesser $'s on something that would 'be a better fit' for you.

Between the two of you you would still be earning in the vicinity of $300k-$400k per annum for as long as you want to work. Stay together in the new environment, be unstressed and happy

What's the problem again?

Just my take.

 

[Moemg]

I would move with my husband . That long distance relationship thing would get old .

 

[Rambler]

I am almost FI, pretty sure I will be by year end. The meaning of FI being comfortable, not minimalist, but not extravagent either. That said, at 1.2 mil a year, I could save half a mil a year or more, and would therefore probably stay two more years for that extra 40k a year, which would be a very nice cushion, and would provide for the occasional extravagance. That said, I know there are a lot of people out there who are FIREd with only $1m or less, or 40k income from pension and investment income. For the lifestyle we have led for a decade or so, we need much more than that and since I am mid 40s, I could stomach another 24 months so long as it wasn't affecting my health. (I am finding however, that my current job, that pays much less than 100k a month, IS negatively affecting my health).
R

 

[hoping]

Thanks for all of the responses. One other possibility -- an unpaid leave of absence, which would allow me to come back if things did not work out on the West Coast. That would not allow me to take a new job, however.

 

[Slarty]

hoping, I think you have a bit of a "good to great" problem. Rambler's comment made me think of this. You can indeed stay for 24 months to get that extra $40k a year, but in 24 months the same situation will still exist and you will be looking at staying yet another 24 months to add another $40k a month. I think it's important to have a target that you decide on with DH during a time frame when you are not pressed to "pull the trigger." Then, I think you just pull the trigger when you hit the number. If you feel you would decide differently when you are 70 years old, then why is it less urgent in your 40's? Your health, mobility, etc will not be better in your 70's so buy your freedom now. If you hadn't already achieved a comfortable FIRE, then I could see why you want to earn more now since you won't be able to earn at this rate later. It sounds like you've achieved the value to now go into "phase 2" which is the next step in your working life. You won't need to tap your savings for many years yet since your household income will still be quite high with no need to continue saving.

 

[Spanky]

Thanks for all of the responses. One other possibility -- an unpaid leave of absence, which would allow me to come back if things did not work out on the West Coast. That would not allow me to take a new job, however.

How about telecommuting?

 

[GatorBuzz]

I tell you what, you move out there for a year or two and I'll take over your job during that time for the salary you're getting now. I'll even rent your house from you. If you don't like the West Coast, you can come back after 24 months and I'll give you your job and house back. And I'll be ready to FIRE by then anyway, thanks to this nice little arrangement we've worked out.

Seriously, this does sound like a tough decision for you. Based on everything you've said in this thread it honestly sounds like you would be set with the 4.5 million for the rest of your lives if you stopped working now. Considering that you both plan to keep working, still making good money, I don't think it would be a horrible idea to move with your DH to your destination spot.

Even still, you could let DH move, but you stay back for six months. You said you could get a job making 100k (hopefully) when you moved out west. If you stayed back for six or nine months only, that'd be like working six or nine years at your new position. I'd think hard about doing that. Good luck with everything.

 

[Spanky]

(I am finding however, that my current job, that pays much less than 100k a month, IS negatively affecting my health).
R

Is it the nature of the work or the pay?

 

[shoe]

I would stay for 6 months....long enough to buy a really nice vacation home!

 

[ziggy29]

How much did $100K a month mean to me? If I were worth $2 million, yes, I'd stay on for a while. If I were worth $200 million, no -- not unless I really liked the job. Basically, with a $200M net worth, it's not much different than doing the job for free in terms of impact on your lifestyle.

Basically it depends on whether or not I already had more than enough money to live the way I wanted to live for the rest of my life plus a little cushion. If I did, nothing would convince me to do something I didn't want to do. But I could do a lot of lifestyle upgrades for life by putting a few "100K per month" paychecks away.

 

[DblDoc]

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.

If DH enjoys his job and you could find one you enjoyed for less $ that would make more sense to me. Your expenses & more are covered and you should still be able to continue investing while your nest egg continues to compound. Of course this all depends on what lifestyle you want in retirement. Personally with 4.5m I'd be done - as much as I enjoy patient care the other work related stress wouldn't be worth it.

DD