Poll:How much is too much to walk away from?

[michelle]

We are essentially FI, but in our 40's, so likely many surprises down the road, financially speaking. Our incomes are good, but mine especially and just recently.

I am now in the heart of my career where few things surprise me anymore and I can get through the work without much drama or stress. There are very little political issues to deal with as I work mostly independently.

We have many things we would like to do with our lives and our children without being tied down to work, but it seems difficult to walk away from a job that I trained long for, is now not that difficult after 15+ years of experience, and pays so well.

How much annual income would make you think twice about walking away from work?

 

[RE2Boys]

I didn't vote. I walked away when I figured I was FI at 50 to be a daily part of my young sons' lives 17 years ago. The amount I was walking away from in order to have freedom from a career, did not enter into the decision at all. My time here is finite, can't put a price on it.

 

[Johanson]

I didn't vote. I walked away when I figured I was FI at 50 to be a daily part of my young sons' lives 17 years ago. The amount I was walking away from in order to have freedom from a career, did not enter into the decision at all. My time here is finite, can't put a price on it.

If I wanted to do that to be a part of my young sons lives, I would have had to retire in my early 20s with no money.

 

[Sanstar]

When I pulled the plug, my DH commented several times over the weeks leading up to the last day that he could not walk away from the salary I had worked up to. Money was never been a driver for me over the years. Once we had a reasonably secure amount of money, no salary would have kept me trading years retired for more years on the job. Your situation is a bit different because of your younger age. I was 59, my mother passed away at 69 and several work colleagues died or suffered serious cancer events. I felt an increasing sense of urgency to spend more time with my loved ones and work on the bucket list while I am physically able.

 

[travelover]

None of the above. I retired when I had enough because life is finite.

 

[michelle]

I should have included the purist option "no amount is/would have been too large to keep me from my FIRE dream", but now I don't think I can edit the poll.

 

[liberty53]

Does it have to be all or nothing?

Can you negotiate more time off or any additional flexibility?

Can the things you want to do be done without being fully retired?

When I gave notice that I was retiring there were all sorts of offers to work part time or consult on an occasional basis.

In my case another $150K/year would probably have kept me going for a few more years.

 

[pb4uski]

It is hard to walk away, but there comes a point of time where you have enough money and time has more value than money.

When I was a young professional, I had lots of time but mot much money, so I would do a lot of things myself. Later in life, once I was well established in my career, I had plenty of money but not enough time, so I was more willing to pay to have things done to give me more free time.

 

[Blue Collar Guy]

Wow, poll starts at 100k. I had to google that one, only 6 % of American individuals (not household) make 100k or more. So, what do you make now?

 

[dallas27]

We are essentially FI, but in our 40's, so likely many surprises down the road, financially speaking. Our incomes are good, but mine especially and just recently.



I am now in the heart of my career where few things surprise me anymore and I can get through the work without much drama or stress. There are very little political issues to deal with as I work mostly independently.



We have many things we would like to do with our lives and our children without being tied down to work, but it seems difficult to walk away from a job that I trained long for, is now not that difficult after 15+ years of experience, and pays so well.



How much annual income would make you think twice about walking away from work?

I think you are asking us to price what amount of money you would sell more time with your family is worth. If more money equals higher quality time even though you will throw away a couple years, well thats a decision you guys should talk for over.

 

[Johanson]

Wow, poll starts at 100k. I had to google that one, only 6 % of American individuals (not household) make 100k or more. So, what do you make now?

I make that as a single man. I'm also probably a lot different than the average ER.org member in that I travel for a living and get treated like a king. The OPM travel, along with a generous vacation policy, allows me to use hotel points, Skymiles, and free car rental days to travel the world on vacation extremely cheap. Hell, I'd sell my house and move into one of my son's spare bedrooms if it wasn't for my two Labs I travel so much. Having said that, I still want to RE.

 

[Blue Collar Guy]

I make that as a single man. I'm also probably a lot different than the average ER.org member in that I travel for a living and get treated like a king. The OPM travel, along with a generous vacation policy, allows me to use hotel points, Skymiles, and free car rental days to travel the world on vacation extremely cheap. Hell, I'd sell my house and move into one of my son's spare bedrooms if it wasn't for my two Labs I travel so much. Having said that, I still want to RE.

Sorry, I was asking the original poster.. The 100k - 4 million is meaningless unless we know what they make now,

 

[Johanson]

Sorry, I was asking the original poster.. The 100k - 4 million is meaningless unless we know what they make now,

Is it? I answered $400K. I make just over $100K. I don't make $400K and never have. I plan on retiring in 5 or 6 years but a $400K salary might make me stay.

 

[W2R]

I should have included the purist option "no amount is/would have been too large to keep me from my FIRE dream", but now I don't think I can edit the poll.

(done - - added that option)

 

[michelle]

Does it have to be all or nothing?

Can you negotiate more time off or any additional flexibility?

Can the things you want to do be done without being fully retired?

When I gave notice that I was retiring there were all sorts of offers to work part time or consult on an occasional basis.

In my case another $150K/year would probably have kept me going for a few more years.

No, it is an all-or-none situation...at least at the current pay. I could try to find some work outside of the current situation, but it would be at a fraction of the remuneration (less than half, maybe less than one third) and only spotty work, mostly in the summer, at spring break, and at Christmas when no one wants to work including me.

 

[michelle]

(done - - added that option)

Thanks!

 

[michelle]

Wow, poll starts at 100k. I had to google that one, only 6 % of American individuals (not household) make 100k or more. So, what do you make now?

Sorry, it's not meant to be a how much do you make poll, but rather how much would make you think twice about leaving your current job. The numbers are intentionally higher than an average worker's yearly pay.

 

[michelle]

I respect the purists point of view of leaving work as soon as FI is achieved, but the situation is rather more nuanced, IMO as I worked many years for much less than I currently earn. I feel very fortunate to find myself in a much different situation starting in 2016 and again this year.

We are seriously considering leaving work, but the compensation forces me to linger.

 

[Scuba]

When I pulled the plug, my DH commented several times over the weeks leading up to the last day that he could not walk away from the salary I had worked up to. Money was never been a driver for me over the years. Once we had a reasonably secure amount of money, no salary would have kept me trading years retired for more years on the job. Your situation is a bit different because of your younger age. I was 59, my mother passed away at 69 and several work colleagues died or suffered serious cancer events. I felt an increasing sense of urgency to spend more time with my loved ones and work on the bucket list while I am physically able.

+1
I was 56 and in the last 6-9 months before ER, six friends of ours either passed away or were diagnosed with serious illnesses. All of these people were seemingly quite healthy until they weren't. Reinforced for me that we don't have forever and that things could change in an instant. OMY will always bring in more cash, but you can't buy yourself more time.

 

[MarieIG]

I am not voting on this the way it is phrased. So many more things factor into the issue in addition to the money, although it is A factor. Age, health, stress, savings, security level, responsibilities, etc.

 

[Totoro]

I stepped off that ladder already, but anyway, I thought about income in terms of

1. How much it increases my NW per annum on a % basis
2. How fast it brings me "enough"

And that in relation to the cost (in time, stress, freedom).


While my savings went up with 20%+ per annum, I'd keep going. When I approached somewhat free, I stepped down the fast-track to do my own thing. Now I'm arguably fully free, and still doing my own thing.


Would I go back to high-earning high-cost? Sure, but only if it brought me into a new category of FI really fast. So that ends up to be >$600k gross earnings or so. Even then I'd have to think quite hard about it.

 

[euro]

None of the above. I retired when I had enough because life is finite.

This! Very cliche but true:"can't take it with you". Once I was sure DW and I would be set for what we need, I walked. And I walked from a very high paying job that I really liked. Nevertheless, I realized that I won't get that time (spent at work) back.

 

[euro]

I respect the purists point of view of leaving work as soon as FI is achieved, but the situation is rather more nuanced, IMO as I worked many years for much less than I currently earn. I feel very fortunate to find myself in a much different situation starting in 2016 and again this year.

We are seriously considering leaving work, but the compensation forces me to linger.

I totally understand that position. That said, now that I'm FIREd, unless something changes rather drastically with my portfolio that forces me to go back, truly no amount would get me out of retirement.

 

[Midpack]

Annual income isn't the primary determinant, FI is IMO, so I didn't know how to answer. And FI means something very different to each of us depending on age, health, risk tolerance, and other variables. Some people here need a 200% probability of success to retire while others can sleep like a baby every night with one-third that amount. Once you're FI on your terms, the options are all available.

 

[foxfirev5]

The improvement in health and general wellbeing I've experienced since ER far outweighs any dollar amount. Enough is enough