Sanity Check: How close am I?

[RioIndy]

I guess this is a sanity check, as I have a sudden career decision to make.

My current work contract suddenly ended, and I have to decide if I want to jump into another full time job right away, or stop here a bit short of my goal, or give myself a breather (which I guess would risk losing the career momentum I've built up).

My biggest issue is I can't find a balance, and I especially over-cooked it in my 20's. For the sake of my career I was working 100+ hrs / week. The money was good but everything else (my relationships, friendships, my health, hobbies etc) suffered greatly as a result.

In that time I managed to stash away an amount just shy of 750K (all equities). My expenses went up a lot when I moved to a big city, but they have since stabilized at ~$30,000/year (that's for everything including things like vacations, gifts etc).

Part of me wants to continue fast-tracking till I reach the "magical" 1M mark. And this new job opportunity I believe is almost guaranteed if I want it, but it means 60 hrs/week (which is not as much as I used to do, but is still a lot) and continued stress of a demanding job.


The question is: Can I theoretically stop here? Or can I risk losing the momentum (ie lose out on this next job) by taking a breather for a little while?

Any feedback welcome. Thanks


[EDIT] More details as requested:

Currently 33, no kids, SO and I don't plan on any kids (we are happy with our fur-babies).

SO's career took-off later than mine did, but they really enjoy it / have a good balance, and will continue.

I ask myself, "What else do I want that I don't already have?". The biggest thing would be real-estate, but I like my apartment, and real-estate in areas I would happy with would be a million dollars (and that would be for a fixer-upper), which would probably mean an extra 10 years of working, and that doesn't seem worth it to me if I'm happy with my apartment.

More money would also of course mean more luxuries like fancier vacations, eating out at restaurants more often etc.

I want to value my relationships and my time more than money (which I did not in the past). And I have other projects and interests I want to pursue.

I would be much happier if I could do my current line of work, but at only part time, like 20 hrs per week.

 

[CardsFan]

It would help to know your age, marital status, kids?

 

[RioIndy]

It would help to know your age, marital status, kids?

Updating in the OP

 

[joeea]

I managed to stash away an amount just shy of 750K (all equities). My expenses went up a lot when I moved to a big city, but they have since stabilized at ~$30,000/year (that's for everything including things like vacations, gifts etc).

The question is: Can I theoretically stop here?

If you are confident that your expenses will actually stay at the $30k level for the rest of your life, then sure - you can stop here. You should probably reconsider your asset allocation.

It's not at all what I'd advise any 33 year old relative or friend of mine, but we each choose our own path to happiness.

It's not clear what you would do with all of your time while your SO works, but apparently whatever it is doesn't involve spending any money.

I would be much happier if I could do my current line of work, but at only part time, like 20 hrs per week.

So why don't you do that?

 

[exnavynuke]

Does the $30k only include your spending, or both you and your SO?

 

[RioIndy]

It's not clear what you would do with all of your time while your SO works, but apparently whatever it is doesn't involve spending any money.

Expenses related to hobbies have been accounted for.

I would be much happier if I could do my current line of work, but at only part time, like 20 hrs per week.

So why don't you do that?

I will have to look more thoroughly into how common part time work options are, but the industry, (or really the work world in general) seems to be all-or-nothing.

Does the $30k only include your spending, or both you and your SO?

For the sake of this thread I am looking at strictly my accounts and my spending.

 

[joeea]

I will have to look more thoroughly into how common part time work options are, but the industry, (or really the work world in general) seems to be all-or-nothing.

I don't know what industry you are in, but I know from personal experience that "the work world in general" is not at all all-or-nothing.

I consulted part-time (2 days, 16 hours) for a year and really enjoyed it.
My wife just retired this year. But if she should decide to go back to work (part or full time), I may decide to consult part time again.

In my locale, there are tons of part time jobs waiting to be filled.

 

[Vacation4us]

750K for 50 to 60 years wouldn't work for me. Especially since you rent. What will rent or housing cost 20 years from now.

What will 22 years of health care insurance cost?

My suggestion is find a job that's doesn't require 60 to 100 hour work weeks. Even if you have to retrain for another career. Your young enough to do anything....even a lower paying job.

Good job saving as much as you have!!!

 

[dtbach]

Too young with too little assets. You really think you could live on $30,000/yr and do everything that you want to do? Work at least 7 more years and see if you can double your stash. Then you can think about it.

 

[Bir48die]

Way ahead of me at your age. Congrats!

Too young to make any decisions like this. Keep reading and investing and check back when you're 45.

Good luck

 

[Offgrid Organic Farmer]

... The question is: Can I theoretically stop here?

Yes, you can stop here.

Every day is a dice roll. You could have a stroke tomorrow and be drolling on your shirt before noon.

... My expenses went up a lot when I moved to a big city,

Get out from the expensive big city, move to a low cost / low tax rural area settle down and find a lifestyle that you enjoy.

I went extremely rural when I retired. I own 150 acres of forest land alongside a river. I enjoy this lifestyle. I can hunt and fish without leaving my land.

I live in an area where $20k/year is more than enough to support a family.

I wish you luck

 

[joeea]

Every day is a dice roll. You could have a stroke tomorrow and be drolling on your shirt before noon.

Thinking like that could cause you to roll up in a little ball, afraid to face the world.

Instead, live each day fully - while you are working, and after you have retired. Don't hold you breath in your rush to retirement - make each day count.

 

[brucethebroker]

I want to value my relationships and my time more than money (which I did not in the past). And I have other projects and interests I want to pursue.

I would be much happier if I could do my current line of work, but at only part time, like 20 hrs per week.

Sure sounds to me like your answer is in the two final sentences of your post.

If you can afford to work PT at something your enjoy, why not do that? BTW, don't get too hung up on the 1 million dollar savings goal. If you can make your budget work now, with PT employment cash flow, and leaving your savings intact, compounding interest may do the job for you over time.

 

[EarlyBirdly]

Don't sweat it. "Retire" now and enjoy yourself. It's not a permanent thing.

When you find either a definite need or an overwhelming desire to re-enter the workforce (and/or the "perfect arrangement" comes along ) do whatever floats yer' boat.

I retired twice so far, once at 49 and once at 57...Just "go with the flow" as they say. I returned to work after several years primarily because an opportunity to accomplish something I had always wanted to do presented itself. At 30 something there's a lot of road ahead of you so there's a whole lot of "flowing" to be reckoned with.

Or, in the alternative, go ahead and make some fast and steady plans. You may be on the receiving end at times of some great disappointments as things unravel differently than you had planned, but the Guy upstairs will have a good chuckle.

Good Luck!

 

[RetireAbroadAt35]

Whatever you decide to do, stop for a moment and recognize that you have to put your health first.



This kind of work, and the incentives it engenders, exact a significant toll from people like us.

Sure sounds to me like your answer is in the two final sentences of your post.

If you can afford to work PT at something your enjoy, why not do that?

Ding ding.



You can take a break. At the end of that break, you can take on part-time contract work. This is my trajectory. I'm building up my base of contacts to that end now.



I've taken long breaks before, including one for over a year when I was about your age. It was eye-opening and it gave me the recharge I needed to go back to work, since I was burned-out but not-yet-FI.

 

[street]

You are in the stage of life that stop working isn't the end but the start of an exciting new job, retirement. You still need to do what makes you happy. If yo haven't tried something you never know if you will like it. Good Luck

 

[jIMOh]

There should be a compromise between a job which requires 60 hours and working part time. How good can you negotiate.

I have done well finding a job which is max 45 hours per week, except for the 4 weekends per year we do upgrades, which is paid OT.

I would consider the following financial suggestions (the life balance suggestions already made I agree with)

1) 750k will likely double in 7 years. Can you find a work life balance for 7 years?
2) renting vs owning is a good debate to have for next 60 years. Does your SO agree with the rent vs own decision making?
3) health care is needed until you turn 65. What options are on the table?
4) How many cities/locations can you find employment in? Is your career only a big city type choice, or can lower cost of living areas possibly appeal to life or career?

 

[badatmath]

You will have a lot zero years for Social Security if you stop working now.

 

[RioIndy]

Thanks for all the perspectives and feedback.

As much as I hate the whole resume and interview process, I will likely start looking into part time positions shortly.

If I can make enough to just more-or-less cover my yearly expenses while my stash (where all my hard years went to) grows for a few more years, I am more than good. Apparently this is called "CoastFI".

 

[CaliKid]

I was ready to call it quits a few years ago in my late 40's. Since then I have significantly changed my duties at work but my income is about the same. I would look around for different jobs, try different things out, jump around. Maybe you'll find something that is not too stressful, part-time, make good money, and let your stash grow a little. In my mind it's nonsense to retire at 33 with so little money as 2008 could happen and your stash could be worth $350k all of a sudden. I would keep stashing cash while you can.

 

[HI Bill]

If I can make enough to just more-or-less cover my yearly expenses while my stash (where all my hard years went to) grows for a few more years, I am more than good. Apparently this is called "CoastFI".

I would say that this could be a path to FI. If you're still working to make it work, you're not FI. FI means that you're financially independent, through savings/investments/passive income streams/pensions/SS, etc., and you don't need to work at all (IMHO), to support your desired lifestyle and budget. No blogs, no subscribers, no part time gigs....(if you're FI, you can certainly do these, but they're not needed to achieve or maintain FI; otherwise, you're still working). IMHO.

By the way, the Magical $1M mark wasn't so magical for me, by the time I reached it in 2013. I then realized that it would take far more than that for me to retire comfortably, and do what I wanted to do (extensive travel, nice condo, decent car). Then I was married, and I kept going. Even if your $750K managed to make 4-5% after inflation, would you really want to live on that small amount for the rest of your life?