I know it's lyrics from a Clash song, but in reality the OP is in great shape and really can't go wrong either way.If you go, there will be trouble
And if you stay it will be double.
Can't believe you all saved this for me.
Thank you.
Since you are in your early 40's, don't hate your job, and this opportunity may not present itself ever agin, I would stay the 2 more years. That extra money will give you a lot of options going forward
I am slightly leaning toward staying. I don't know what your sport is but I am into extreme sports and I have seen many friends that got injured. Depending on the injury you may not be able to pursue your sport or work, so 2 years would be insurance.
What I'd do doesn't really matter, but you asked. Sounds like you're pretty young. If you don't hate your job and you can add $1.2M (or 31%+) in compensation alone by working two more years, I'd stay even though I'm older than you are. There is simply no way to know now whether $3.8M is all you'll need, odds are you're going to be retired for 40-50 years, and you're not going to know if it was enough or not for decades - at which time resuming any well paying career is highly unlikely.- I am not passionate about my job, at all. Don't hate it...
- ...if I stay two more years the walkaway number would be closer to $5M instead. Kind of a lot of money to walk away from.
- I'm equally afraid I'll regret selling these two prime years of my life for money that I don't really end up needing.
So... what would you do?
Go now. Who cares about the extra money. You've got college expenses covered, $75K/year to live on, and a passion to do something else.
Congratulations, you made it. Enjoy it.
How much skin do the anonymous people that say "stay" have in the decision?..........And the anonymous people who vote "go now" have absolutely no skin in your decision. You'll have to live with the decision for the rest of your life...
None, but they’re not recommending he pass on $1.2M that he/they probably will never get back, hardly the equivalent risk. The OP is probably going to be retired to pursue his passion for 40-50 years either way.How much skin do the anonymous people that say "stay" have in the decision?
I'm in a similar situation. In order to be in the situation you're in, you have sacrificed a lot. You've been telling yourself for years that you're going to quit when you reach whatever number, and now you're there and you are not giving yourself the reward you promised yourself. ....
I am not voting. I have waffled back and forth several times on my own situation, how could I vote yes or no on yours? My job situation has changed (I used to be just tired of it, but "hate" is becoming more frequent) and I'm leaning in the direction of quitting. I'm going to make a decision after the end of the year. But when I didn't hate my job, I was going to hold out for the payout. I feel your pain. Keep us posted as to what you decide.
...or unexpected expenses. You’ll have some/many, guaranteed.Thanks again for all the votes and responses.
To clarify, no I do not own a $3.8M house with no financial assets. You can think of the $3.8M as net worth after incurring the selling and moving costs involved in executing our RE plan.
It seems like the consensus is to stick it out. There is always the compromise position - do one year of the two and get half the money. The sticking point in my mind is that my remaining years are not fungible - a year now is worth a lot more to me than a year later because of what I love to do. I just hope I don't regret selling this year 10 or 20 years from now, but even if I do, hey, more money for my daughter and for charity...
The unknowns are the scary part. Will everyone in your family maintain good health? What will quality health insurance cost from the time you leave until you qualify for Medicare, and what will that cost? What will happen to the property taxes on that $500k home? My home value is about the same and costs me $7700/year now...and rises every year. So with health care and property taxes together possibly taking 30-40% of your income, I personally wouldn't be comfortable leaving a job in your situation. I'm about 20 years your senior and a little more than double your net worth, but still am concerned about the health care costs and taxes eating away at our assets. Especially if we have a long term downturn in the markets.