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

[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]

Quote:

Originally Posted by 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.

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]

Quote:

Originally Posted by Rambler (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]

Quote:

Originally Posted by hoping 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

[Meadbh]

Hoping, I don't know what you do to earn $100K per month, unless you are the CEO of a Fortune 500 company or a successful drug smuggler. If faced with your (delicious) dilemna, I would buy a fraction of an executive jet and have Dr. DH visit me on his rare weekends off. After another two or three years (just enough to buy a luxury pad in the Caymans and furnish an offshore account) I would RE.

Well, you did ask!

[Zoocat]

As a recent survivor of the divorce wars, I have to ask you this -- would you be FI if you got divorced?
But if you're absolutely sure your marriage is solid then I would move. Long distance marriage is a land mine. Get a new job in your new location. Be happy!

[simple girl]

I think you need to sit down and truly decided how much money you need to feel comfortable retiring - i.e. what you expect your expenses to be when you retire. You say it is probably more than 90K, but 180K would be more than enough. So that number is somewhere in between - can you define it more specifically? Set that as a goal and determine how long you'd have to work at your current job to meet that goal.

However, have you considered if there are other factors, like what making that amount of money means to your self-concept/self-worth?

Why not take the leave of absence and use the time off to do some self-exploration? Not to be morbid, but you only live once, and you never know how long.

[mb]

Personally, I think that the important issues are the extra FI security from the additional money versus the strain on your relationship of a long distance marriage and the long term effects of the job stress.

But if you're concerned with the numbers make sure you consider real estate costs where you intend to live. The bay area is still not a bargain but it is probably worst case. An OK house is $600-800k but a really nice house (the type of house that most people with your income would expect) is probably around $2M. Other coastal and inland areas should be cheaper.

Also if you intend to have kids there is a premium for good school districts that may add $100-200k versus an identical house in a mediocre (not necessarily bad just not the best) school district.

MB

[hoping]

Thanks for all of the great advice. You have given me a lot to think about. My tentative plan is to see if I get the job that will be a better fit for me. If I don't, then I will stay put for 6 or so months and see how DH likes the new job. If he loves it, then I will move.

[Spanky]

Quote:

Originally Posted by hoping Thanks for all of the great advice. You have given me a lot to think about. My tentative plan is to see if I get the job that will be a better fit for me. If I don't, then I will stay put for 6 or so months and see how DH likes the new job. If he loves it, then I will move.

Seems to a reasonable plan. Good luck.

[Texas Proud]

Quote:

Originally Posted by hoping 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.

this is just me calling BS...(not in a mean way... just saying)... because something just does not add up to me...

If you are making $1.2 mill a year and your DH is making $.2 to $.3... how can you only have $4.5 mill saved? This would mean you have not saved much of what you have earned so your expenses are very high... a lot more than the $180K that your savings will support...

So where has all your money gone? or why do you not have in the $10 to $20 or even $30 mill range?

A lot of the people here are in the 10 to 20 X their salary in savings... you are only 3X....

So why are you so far behind and if you are only 3X they how could you think of leaving without a major lifestyle change?

[hoping]

Texas proud,

My income has not always been this high. For many years, it was much lower. Only the last 2-3 years have been in this range.

[hoping]

Also, I have been saving like crazy for the past few years. My annual expenses are under 100k, probably closer to 70-80. I save the rest.

[Texas Proud]

Quote:

Originally Posted by hoping Texas proud, My income has not always been this high. For many years, it was much lower. Only the last 2-3 years have been in this range.

Did it just up by a huge multiple? Even if you doubled your income I would think you would have more... (then again, I don't remember your age.. that could have a lot to do with it)...

BUT, say you were at $100K per year until 2 years ago... and now at $100K per month... why not work another 2 or 3 years at this high salary so even your DH can hang it up with his low $200K salary

I mean, if you work 3 years it is like HIM working 12 to 18 years.... so to me it is a no brainer... he stops working (or just does not take the new job) and you work 3 years.... done...