Could I do it?
I just turned 40 – net worth about $770K. Have $600K taxable accounts; $170K sheltered. No debt. No house ownership. No pension. It’s definitely on the low side for a full retirement. I am fairly frugal (typical spending about $30K year over the past five years). I could be even more frugal if I could reduce my home/rent expenditures.
I started a consulting business a little over six years ago – and it has been financially successful; however, it has taken a considerable personal toll over the past few years. I was recently diagnosed with chronic fatigue syndrome; my physician suggested an extended period of rest and gradual physical recovery as part of my rehabilitation. My energy and motivation have been waning more and more with each passing month – I feel completely spent. A long-term relationship ended recently. My father passed away in his mid-60s a couple of years ago – the same age as many men in my family.
I have not loved my career, and maybe these personal challenges are conspiring to tell me to drastically change gears and try out an early retirement – or at least a prolonged sabbatical where I could explore the many dreams and other interests I have tabled to keep the business moving forward.
My question to myself is: is this the time to let it go and try something new? Could I be FIREd now? Is there a way to make it work? The current job allows me to save about $100-125K annually – which in a couple of years makes FIRE much more viable. But two more years of doing what I’m doing now feels unbearably taxing. There is a possibility of reducing client load, so that could be an option, but I’d like to at least explore what it might look like to fully get away from it.
I know this is open-ended, but are there any suggestions you might have? Any ideas to consider? Is this a total fantasy? Is this close to viable with some creative maneuvering?
One of the other questions I had: would buying a small house/condo (say $100-125Kish) outright make the math work better? (FIREcalc seems to suggest yes.) I would also be willing to relocate abroad (I’m in the US now) or perpetually travel to lower my expenditures.
Anyway, I know there’s no right answer – but I appreciate this insight and suggestions of the members of this community. It helps to hear opinions and receive input from others who have considered these kinds of issues. Thanks.
I just turned 40 – net worth about $770K. Have $600K taxable accounts; $170K sheltered. No debt. No house ownership. No pension. It’s definitely on the low side for a full retirement. I am fairly frugal (typical spending about $30K year over the past five years). I could be even more frugal if I could reduce my home/rent expenditures.
I started a consulting business a little over six years ago – and it has been financially successful; however, it has taken a considerable personal toll over the past few years. I was recently diagnosed with chronic fatigue syndrome; my physician suggested an extended period of rest and gradual physical recovery as part of my rehabilitation. My energy and motivation have been waning more and more with each passing month – I feel completely spent. A long-term relationship ended recently. My father passed away in his mid-60s a couple of years ago – the same age as many men in my family.
I have not loved my career, and maybe these personal challenges are conspiring to tell me to drastically change gears and try out an early retirement – or at least a prolonged sabbatical where I could explore the many dreams and other interests I have tabled to keep the business moving forward.
My question to myself is: is this the time to let it go and try something new? Could I be FIREd now? Is there a way to make it work? The current job allows me to save about $100-125K annually – which in a couple of years makes FIRE much more viable. But two more years of doing what I’m doing now feels unbearably taxing. There is a possibility of reducing client load, so that could be an option, but I’d like to at least explore what it might look like to fully get away from it.
I know this is open-ended, but are there any suggestions you might have? Any ideas to consider? Is this a total fantasy? Is this close to viable with some creative maneuvering?
One of the other questions I had: would buying a small house/condo (say $100-125Kish) outright make the math work better? (FIREcalc seems to suggest yes.) I would also be willing to relocate abroad (I’m in the US now) or perpetually travel to lower my expenditures.
Anyway, I know there’s no right answer – but I appreciate this insight and suggestions of the members of this community. It helps to hear opinions and receive input from others who have considered these kinds of issues. Thanks.