Hello everyone! 1st post here looking for some advice/validation or red flag advice from so many of you that have walked this path already. I will try to explain my situation and if more is needed please ask away--looking for some guidance here....
I am 41 my wife is 45 we both earn nice wages and have done reasonably well living below our means (or at least not over our means for sure!). Personally I have recently brought a company up and been able to rise thru the ranks to a current CEO role.
However.......
We sold our little company and I have stayed on and kicked a lot of the cash down the road to the next round of buyouts thru stock options and equity in the company. Since the sale I am realizing that this is not actually what I want... and am beginning to value my time and freedom far more than adding more $ to the ledger. What I want to reasonably solidify is that stepping back from current role will not leave our family in the poorhouse and begging for food!
Here are some details...
Me-Age 41 Salary $225k/year, side hustle hobby (true desire) currently making $100K as of this year which would continue going forward...
Wife-45 Salary $130K/year
We have: no debt other than $350K Mortgage, no student loans left, no c-card, no cars, no expensive hobbies other than we love to travel when possible
Expenses: including leisure would be around $90K/year
$ status:
$200K cash liquid in bank account
$800K in 401K accounts
$300K in Vanguard brokerage account
$200K in variable life policy of cash value with $750K death benefit on each
***my wife is supportive of my stepping back from traditional corp role in favor of side hustle role. She is more happy to continue with her corp job until age 60-65.
My question that I know only we can answer but would like views on--can I reasonably financially walk away at this point with what we have now?
Please fire away, I am new to this community so maybe not so up to date on the lingo or desired info often discussed it seems....
Thanks in advance!!
JD
I am 41 my wife is 45 we both earn nice wages and have done reasonably well living below our means (or at least not over our means for sure!). Personally I have recently brought a company up and been able to rise thru the ranks to a current CEO role.
However.......
We sold our little company and I have stayed on and kicked a lot of the cash down the road to the next round of buyouts thru stock options and equity in the company. Since the sale I am realizing that this is not actually what I want... and am beginning to value my time and freedom far more than adding more $ to the ledger. What I want to reasonably solidify is that stepping back from current role will not leave our family in the poorhouse and begging for food!
Here are some details...
Me-Age 41 Salary $225k/year, side hustle hobby (true desire) currently making $100K as of this year which would continue going forward...
Wife-45 Salary $130K/year
We have: no debt other than $350K Mortgage, no student loans left, no c-card, no cars, no expensive hobbies other than we love to travel when possible
Expenses: including leisure would be around $90K/year
$ status:
$200K cash liquid in bank account
$800K in 401K accounts
$300K in Vanguard brokerage account
$200K in variable life policy of cash value with $750K death benefit on each
***my wife is supportive of my stepping back from traditional corp role in favor of side hustle role. She is more happy to continue with her corp job until age 60-65.
My question that I know only we can answer but would like views on--can I reasonably financially walk away at this point with what we have now?
Please fire away, I am new to this community so maybe not so up to date on the lingo or desired info often discussed it seems....
Thanks in advance!!
JD