Yarnstormer
Recycles dryer sheets
If you truly retire now, you mIght consider that your social security will be very small because you will have a LOT of zero years! Take a break with the fu money and find a fun job and place to live.
Second career is imploding - can I just stop the nonsense here?
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pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
ER Eddie
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You could also take a year off, to destress, decompress, detoxify, and consider your options. The idea of the "gap year," applied to mid-career. You're only 30. You've (potentially) got a long career ahead of you. Sounds like you need a reset of some kind.
I don't like the idea of slaving away at a miserable job for years, just so you can make a lot of money. I know a lot of people do that, but to me, a life focused just on making money is pretty shallow. I would want to enjoy the journey, at least somewhat.
I don't like the idea of slaving away at a miserable job for years, just so you can make a lot of money. I know a lot of people do that, but to me, a life focused just on making money is pretty shallow. I would want to enjoy the journey, at least somewhat.
Not too young to retire; just doesn't have enough assets.
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
At 30 OP may not even have 10 years of work contributing to SS, so no SS.
kcowan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
OP
Please consider taking a stress-management course.
Any position in life brings stress if you cannot manage it.
Even retirement!
People were amazed at how I sailed through stressful situations but it was only after taking extra-curricular courses in stress management. It was the single best investment of my life.
I went on to take on executive positions including CEO twice. Not bragging. Get thee to a course!
Please consider taking a stress-management course.
Any position in life brings stress if you cannot manage it.
Even retirement!
People were amazed at how I sailed through stressful situations but it was only after taking extra-curricular courses in stress management. It was the single best investment of my life.
I went on to take on executive positions including CEO twice. Not bragging. Get thee to a course!
$600k at 30 yo, wow that's awesome! As someone who was in a similar work situation you have enough saved to care very little about the work BS, just go in for the paycheck as long as you can without taking things personally. Seriously, if you can do $600k by 30, give it another 10yrs so one you have at least $1M in savings and two 10 less years to use up your saved money towards. Age 40 is plenty early, you'd be bored in 6 months unless you have interests to keep you busy. New interests can develop out of boredom which in turn can cost money. Another point, 40-50 are typically the highest earning years so don't miss out on them. If you have to switch jobs again do that before you jump off the hamster wheel.
Well OP. Are you a FERB (Fake Early Retirement Blogger)?
Even so, I find the premise interesting. Personally, I'd quit the job. Pronto.
If I had my s*** together that much at 30, I surely wouldn't worry about getting another job or starting a business. Preferably start business and get into real estate game.
Even so, I find the premise interesting. Personally, I'd quit the job. Pronto.
If I had my s*** together that much at 30, I surely wouldn't worry about getting another job or starting a business. Preferably start business and get into real estate game.
Since you have such a substantial nest egg and are still working in a joyless environment, I presume you're like a lot of folks on this board and don't have any passion that's commercially profitable.
do you think you'd enjoy work if it were only ~20hrs/wk and you were doing something busy and productive? You could get a part time job waiting tables or stocking groceries shelves or driving for uber. I think that's what I would do in your shoes. You could even try your hand at busking, if you played an instrument.
You could also take some time off and monitor your nest egg every 6months or a year, keeping your eyes and ears open for opportunity. I'd prefer this path if I relied on work for my self identity and pride. If FireCalc says you're dropping below 80%, then I think that'd be a good time to hustle for your next gig.
do you think you'd enjoy work if it were only ~20hrs/wk and you were doing something busy and productive? You could get a part time job waiting tables or stocking groceries shelves or driving for uber. I think that's what I would do in your shoes. You could even try your hand at busking, if you played an instrument.
You could also take some time off and monitor your nest egg every 6months or a year, keeping your eyes and ears open for opportunity. I'd prefer this path if I relied on work for my self identity and pride. If FireCalc says you're dropping below 80%, then I think that'd be a good time to hustle for your next gig.
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You had me up until "I'm 30". The first part of your post sounded like someone who worked for a few decades somewhere, then swapped to a new place to finish their last few years before retiring. Not, 5 years then 3 years.
You're 30, and have already burned yourself out in two different companies/jobs - no offense meant here but that means, it's not them, it's you. Either you invest yourself too personally, or you don't fit the culture, or you oversold yourself, or something, but take a look at that before you do anything else. Vet your next employer: Look at their parking lot at 7pm and on sundays - see lots of cars? Don't even apply. The good news is you have FU money, so you don't need to stay anywhere you are miserable... but you do need to be somewhere.
80% is too high of a risk for 50-60 years of retirement, especially given we're currently in a bull market with lots of global volatility (i.e., odds for a correction, wiping a nice chunk of that egg down, higher than more stable times). Riding out dips is easier when you have a cushion. Less when you don't.
Figure out your stress triggers and how to work around them, or life gets harder, even if you are retired.
You're 30, and have already burned yourself out in two different companies/jobs - no offense meant here but that means, it's not them, it's you. Either you invest yourself too personally, or you don't fit the culture, or you oversold yourself, or something, but take a look at that before you do anything else. Vet your next employer: Look at their parking lot at 7pm and on sundays - see lots of cars? Don't even apply. The good news is you have FU money, so you don't need to stay anywhere you are miserable... but you do need to be somewhere.
80% is too high of a risk for 50-60 years of retirement, especially given we're currently in a bull market with lots of global volatility (i.e., odds for a correction, wiping a nice chunk of that egg down, higher than more stable times). Riding out dips is easier when you have a cushion. Less when you don't.
Figure out your stress triggers and how to work around them, or life gets harder, even if you are retired.
Thanks for the responses so far and I'll elaborate more.
(To answer Elbata: No I am not a "FERB". Are you referring to bloggers like Mr. Money Moustache or Early Retirement Extreme who "retired" but actually just started blogging as a new career?)
Got into a new field (that pays a moderate salary but nothing like my first career) and was with a company for 2 years till they got bought out by Megacorp and quickly started imploding.
Found another opportunity that seemed really promising and have been there for only 2 months now. I really enjoy the work and am told I provide great results and learn very quickly, but since getting this current position I have learned that there is a very high turnover due to the business owner being very difficult to deal with.
Turns out i'm the 3rd person to take up this position in the last year alone. And no one has worked for him for longer than 2 years. In 2 months I have seen more than one staff member crying due to the job. And requiring your staff to smile and nod even when the boss is wrong is something I've always struggled tolerating. I think it is inevitable that this goes downhill in not too long.
I really hate the idea of jumping ship again after only a couple months, how it would negatively reflect on my resume, and also the likelihood that any other position could just be the same story again.
I have looked into real estate income but my impression is that I should have considerably more experience and general interest in home renovation / repair for that to be potentially feasible.
I have also briefly toyed with the idea of teaching myself programming as I do know a bit and I have some friends that seem relatively happy in that field. But that is a 1-2 year delay before getting a return on that investment, thus not worth it. I may just do it as a side hobby.
Realistically I am thinking I have 2 options:
If I want a slightly higher growth rate and add more cushioning a bit faster, I will need to find something else at this current pay rate again, which would have to be in this same field but at a different company. 600K reaches 1,000K in 5-8 years.
Or I can find an easy gig, like some kind of fun hobby store for low wage, which will just cover my expenses. But then 600K reaches 1,000K in 7-12 years.
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pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Let me suggest another option.
Your financial independence put's you in the catbird's seat to help the organization, the difficult boss and your staff and other colleagues by standing up to the boss when he is wrong in a way that is assertive, civil and respectful. It may be what he needs and if that is the case and he changes his approach, even if just slightly, you will be a hero to your colleagues and he'll look to you as a trusted employee. On the other hand, if he is an unresolvable douche bag he may fire you, but what do you care? You'll still be a hero to your colleagues in that you at least tried to stand up to the boss.
While I suspect the former, you never know... so be prepared for anything if you decide to travel down that road... but it could be a bit of fun.
Your financial independence put's you in the catbird's seat to help the organization, the difficult boss and your staff and other colleagues by standing up to the boss when he is wrong in a way that is assertive, civil and respectful. It may be what he needs and if that is the case and he changes his approach, even if just slightly, you will be a hero to your colleagues and he'll look to you as a trusted employee. On the other hand, if he is an unresolvable douche bag he may fire you, but what do you care? You'll still be a hero to your colleagues in that you at least tried to stand up to the boss.
While I suspect the former, you never know... so be prepared for anything if you decide to travel down that road... but it could be a bit of fun.
Rambler
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This is a good option. If it fails and it looks like you'll be fired, resign before Mr Bad Boss had the chance to fire you. Then grit your teeth, find another one of those high paying jobs, do it for 5 years, save, save, save, and the 600k you have now becomes 1M, and the extra savings could also come close to another million. If your expenses are only 25k, even generous inflation would put you at 35-40k in 5 years, and a 2million nest egg at a 3%WR gives you 60k before tax. And, you'll hit the 40 quarter minimum for SS. At that point, you can consider a hobby job as something to keep your mind busy instead of to keep your mind from fearing the worst. Good luck.+1
All careers/jobs have their ups and downs. I learned early on that unless I was being asked to do something unethical or harmful, I might as well leverage my education and skills and make the big bucks. I lived a fun life before ER and recently ER'd at 56. Life is good! Now I can try "hobby jobs" if I ever feel the need, but don't have to.
