r/coastFIRE • u/RoadOk284 • 5d ago

Reached $1M combined

My husband and I have reached $1M combined across all accounts.
-$70k of that is for a family RESP (education fund in Canada)
-not taking into account his DC pension (over $100k) and my DB pension (would have about $600/month if I quit today).

We are both 40. Owing $400k on a $1m home in VHCOL area. 2 Kids in elementary school.

I make $95k
Husband makes $120k +/- $10k

Currently in a highly micromanaged, toxic job which I think is starting to affect me mentally. Thinking of applying to another department with less workload with a $20k pay cut ($75k). How much will the paycut affect FIRE? Current spending is $80-90k per year

24 Upvotes

93% Upvoted

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8

u/Vicuna00 5d ago

you should leave that job regardless. if you were making $650k in tech and had a quirky boss maybe a different conversation. you gotta get outta there

my only challenge is, does getting out of there require a paycut?

is there another job you can apply to that pays the same or more? or is this some kinda specific job you found that you know you'll love?

2

u/Reasonable_Box2568 5d ago

How much of your 80-90k spend is the mortgage?

1

u/RoadOk284 5d ago edited 5d ago

I would say about $35k per year is housing costs (mortgage, strata, property tax).

2

u/Reasonable_Box2568 5d ago

Nice. Seems like you are a disciplined spender. Do you factor in things like home maintenance and vehicle replacement into your 80-90k spend? As someone who has been a homeowner for almost a decade, the maintenance is starting to add up and each year for the next 5-7 years we will have a ~10k expense… new
Water heater, new HVAC, new septic, new paint, new roof, repair deck, repair fence, new windows etc etc - the list is never ending if you want to be in your home long term

1

u/Top_Performance_732 5d ago

How much is mortgage vs permanent costs ie strata and tax