Reintroducing Myself & Looking for Advice

[younginvestor2013]

Hi Everyone,

I’ve been a long time member - mostly a “lurker” - and wanted to reintroduce myself and seek some career advice.

I am 34 and in a long term, same sex relationship and kids most likely are not in our future. I’ve been in the professional workforce for about 12 years now (9 years at my current employer) and am bored.

I like to stay busy and like to be challenged, but as it stands now I am currently neither busy nor challenged in my current role. I’ve spoken up at work and my employer has acknowledged my concerns and is working to get me into a different more challenging role, but I feel like it is mostly lip service at this point since it’s been going on for a couple years now. Things may change but it may not happen overnight. There are various reasons why but the main reason is there isn’t a business need, at this time, for what I would like to do.

My dilemma is I am not sure what to do with my career. I work for a smaller company and work remotely full time, which I LOVE, but there are many aspects of my job that I don’t (travel being one of them). Unfortunately I work in a very niche industry so it’s hard to change companies/roles.

My partner also does not love corporate America and has recently gotten into residential real estate sales on the side (he still has his 9 to 5 job too). I’ve been intrigued by his success and how much he’s been enjoying it that I’ve thought about getting into something more entrepreneurial / control your own destiny type job. But my problem is I don’t know what I would do.

I have a fairly decent set up at my job in that I work remotely and don’t have a stressful job, but I’m really bored. So I’m scared to give up that security for the unknown. We already do a ton of fun stuff outside of work as it is - travel a ton, fun weekends, lots of hobbies, etc. but, I’m looking for something more exciting in my day to day life. Not having kids and living a less traditional lifestyle has me craving more excitement and meaningfulness in my day to day life - not just on the weekends/holidays.

Fortunately, I have saved my money over the years and could take a lower paying job without much loss in my lifestyle, at least in the short term.

Below are my financial stats (for me only, not including my partner, though we do plan to get married in the next two years).

Salary and bonus: $145k (plus 100% employer paid healthcare)
Retirement accounts (mostly Roth): $450k
After tax ETF brokerage investments: $235k
Home equity: $180k
Annual spending: roughly $85k (after taxes) is a conservative estimate, but admittedly I haven’t been good about tracking expenses. Cutting out travel would reduce that figure by at least $10k/year
Currently saving $25k / year between 401k and investments
Currently living in a fairly high cost of living city

My plan all along has been to keep my head down and by the time I’m 50, I will be in a very good financial position. But that is 16 years away and lately I feel like I’m giving my life away and I should live in the now and do something I enjoy more.

I will be critiqued for saying this but another aspect is that I know my parents plan to leave my brother and I a legacy once they pass. I estimate that my share would be about $3m in todays dollars. I know the usual advice is to not count on that. But I know it’s a priority for my parents especially since they already have long term care insurance secured (should that be necessary).

Has anyone been in this situation or does anyone have advice? Taking the leap of the unknown is scary, and I know that the grass isn’t always greener on the other side. I don’t mean for this to be some sort of humble brag post, and appreciate any suggestions.

 

[DuluthGA]

When I was 38, married with three kids under 11, I walked away from my corporate CFO job and took a similar position with a non-profit. My salary dropped 60% and the new job had no benefits (no healthcare or retirement benefits). I spent the next 25 years in non-profits and don’t regret it at all. I got to use the skills I learned in the corporate world to help non—profits complete and further their mission. I rarely worked late and once the kids got out of college was able to add to my retirement aggressively and retire at 62.
My advice is to look outside your normal job pipeline and see what may meet your goals as well as help an organization that needs it. If you and your partner are solid they will have your back and support your position. My wife went to work a year after I walked away in the local school system which provided healthcare for all and a pension when she retired at 60. It can be done. It’s all about choices.

 

[njhowie]

At 34, you've done very well thus far. Annual spending is too high, but aside from that, again, you've done really well.

In your position, I would not give up that job/salary, even though it may be somewhat painful. It is "work", and not every job is sunshine and roses. You are being compensated well to just suck it up, and yes, keep your head down.

You are young enough that you can recover from any mistakes you may make. But, I would say to keep your current job, and test the waters with something else for a limited number of hours per week. See how it goes, and if it does work out, then cut back or walk away from the current job. A $145k salary plus benefits is not something to simply walk away from because you're "bored". Is there any way that you could become more interested/challenged in the current job? Maybe do a special project that could have big impact for the company? You haven't been specific about what your job is, so it's difficult to make pointed recommendations about it.

Don't make any rash decisions.

 

[HI Bill]

...lately I feel like I’m giving my life away and I should live in the now and do something I enjoy more.

I get it. In the last 20 of my w$rking years, I considered myself a mercenary. I took promotions and added responsibility, not because I wanted to, but because I wanted to FIRE, and wanted to earn more earlier.

The way I see it, if you're invested in diversified MFs or ETFs, you MIGHT have about $2.6M by the time you turn 50 IF you keep up your current salary or higher [not inflation-adjusted] and your current savings/spending rates, and the markets cooperate (SORR?). Now is not the time to cruise, nor to take a lower-paying job, unless you'll be content with a likely lower standard of living in retirement than you enjoy now.

 

[skyking1]

I'll probably echo more of the same sentiments above. Life is so much more than the job. I suggest you work on compartmentalizing it more directly.
A side hustle like your partners might be just the ticket to get some of that excitement back.
My advice is to keep plugging along at it, and if anything travel more rather than less.
You will never be more fit for arduous travel then you are now, so revel in that.

 

[pacergal]

You are earning a great salary, keep at it.
Perhaps look for something outside of your regular work, similar to your partner, that may bring you a new challenge and some side money.
It is not up to your boss to find you something more challenging in your workplace, it is up to you to do the finding. Not knowing what you do, I can't offer more than that.

What are you "bored" of? From what you wrote, you have an active afterwork life, also travel in your work time.
Perhaps some meaningful volunteer time might help, i.e. Big Brothers, food pantry, etc.

Keep plugging away, saving money, traveling. 50 and early retirement will be here before you know it.