HI,
I’ve been reading this blog for a while and wanted to post as the discussion of a potential second career/less stressful work situation keeps coming up and something I’m striving for. I’ve recently married and we are planning on starting a family over the next year or so. One of the key points I want in life is the ability to be present with my family so the idea of transitioning into something that although lower in pay provides a work/life balance.
The plan will be to work the next 7 years (33 today) and transition to something more low stress cutting salary to 50-70K annually.
Details below
Age: 33
Salary: $125K base with cash bonus roughly $75K-$125K and another $25-50K private company stock—deferred comp. Wife is looking for a new job which should add $40-60K annually. Bringing cash salary to roughly $300K annually
I’m currently saving my entire cash bonus each year
Stock Investments & Cash: $1.5MM
XOM Stock- $475K (w drip)
Various stocks and index funds taxable and 401k- $575K
Cash- $380K
Private Company Stock- $80K
Real Estate: $500K Net
Currently renting but looking to purchase a home in the $350-400K range in the next 2-4 months. Will put 20% down
5 Rental properties valued at roughly $900K with $400K in debt. Two of the houses are rented out to my wife’s family members at discounted rates. The Goal will be to continue to paydown debt over the next 7 years with rental income.
Raw Land: $3.1MM
Tract of Land- value roughly $600K (200 acre tract) which is my inflation hedge. Iwill 1031 this into a more income producing property in the future but for now it is my portfolio hedge. Currently has a small amount of cattle.
Working Ranch- Land Value at roughly $2.5MM with a working ranch with 100 head of cattle. Produces $50K in revenue but profit covers maintenance, truck, and upkeep. If I focused on directly could likely draw $1500/mth salary.
Expenses are roughly $7K per month which will likely grow to $8K per month fully loaded with kids.
How does my timeline look?
I’ve been reading this blog for a while and wanted to post as the discussion of a potential second career/less stressful work situation keeps coming up and something I’m striving for. I’ve recently married and we are planning on starting a family over the next year or so. One of the key points I want in life is the ability to be present with my family so the idea of transitioning into something that although lower in pay provides a work/life balance.
The plan will be to work the next 7 years (33 today) and transition to something more low stress cutting salary to 50-70K annually.
Details below
Age: 33
Salary: $125K base with cash bonus roughly $75K-$125K and another $25-50K private company stock—deferred comp. Wife is looking for a new job which should add $40-60K annually. Bringing cash salary to roughly $300K annually
I’m currently saving my entire cash bonus each year
Stock Investments & Cash: $1.5MM
XOM Stock- $475K (w drip)
Various stocks and index funds taxable and 401k- $575K
Cash- $380K
Private Company Stock- $80K
Real Estate: $500K Net
Currently renting but looking to purchase a home in the $350-400K range in the next 2-4 months. Will put 20% down
5 Rental properties valued at roughly $900K with $400K in debt. Two of the houses are rented out to my wife’s family members at discounted rates. The Goal will be to continue to paydown debt over the next 7 years with rental income.
Raw Land: $3.1MM
Tract of Land- value roughly $600K (200 acre tract) which is my inflation hedge. Iwill 1031 this into a more income producing property in the future but for now it is my portfolio hedge. Currently has a small amount of cattle.
Working Ranch- Land Value at roughly $2.5MM with a working ranch with 100 head of cattle. Produces $50K in revenue but profit covers maintenance, truck, and upkeep. If I focused on directly could likely draw $1500/mth salary.
Expenses are roughly $7K per month which will likely grow to $8K per month fully loaded with kids.
How does my timeline look?