Sunny side up in LA
Hi all, new to the site, but like all the posts I've read so far. Here's my background. Grew up in the Midwest and currently all my family lives there except my sister and her family, who moved to Dallas. I traveled domestically for work when I was single, but after I got married, I settled down in the Midwest, close to family. Flash forward 10 years of being married, we now have 2 DS. 2 years ago I had the opportunity for a job transfer to LA and we took it since we didn't want to be lifers in the upper Midwest. Now my 2 year contract is up and I can 1) stay on with company, 2) work for a competitor in LA -where I have good business connections- and work in more pay with a promotion, or 3) attempt to find a job in Dallas where my sister lives, potentially traveling to LA to continue to consult my clients. We're now expecting our 3rd, and it has caused me to consider settling down (no more packing up the family and moving), and early retirement (at least where I wouldn't need to rely on a W2). I'd still probably consult on the side since I might get bored without some work.
We'd stay in LA, except the housing prices are exorbitant, and we wouldn't want to be caught at a housing peak (we already learned from our mistake in 2007). My wife isn't too close to her family, and actually feels more comfortable with my family. She gets along great with my sister and is happy to have someone nearby for emergency situations. She would like a simple house she calls her own (we can only afford to rent in LA), so Dallas has a huge draw. In addition, we sometimes feel that we don't fit in with the go-go - go and glitzy culture in LA, and long for the simple Midwest family-friendly life. We're also not looking to go back to the upper Midwest as we've grown accustomed to the nice weather and predictability of not having to bundle up.
Finances: rental in Midwest, managed by property manager with positive cash flow worth $365k, $250k mortgage. Value is back up to what we bought it at in 07. $130k cash ready for down payment, $350k in retirement, $50k in trading accounts. Hoping to get to a paid off house+$1M in assets before not needing to work. I think Dallas would get us there more quickly than buying a house in LA.
Going back to my 3 options, anyone have some advice? At a 85/15 stock/cash AA. Could I get to $1M in 10 years if I save $70k per year?
Thanks in advance,