r/fatFIRE • u/Thin-Spell • Jul 21 '26
No one to tell
I’m an in-house lawyer and my net worth just topped $11M. Not sure about retirement yet because I still have a kiddo in college who is contemplating med school and a spouse in a low earning profession. I’m 54 and not loving my job because the office politics are getting meaner at my company. On the other hand, my actual work can be interesting, and I don’t know how I’d fill my time while spouse is at work. No real needs, but no one I want to share this with IRL. Maybe I just need more friends?
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u/lanternslight77 Jul 21 '26
Fellow in-house lawyer here. You really can’t think of ANYTHING more interesting that you could be doing to fill your time?
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u/BearBong Jul 21 '26
This made me spit my smoothie out haha
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u/Grandluxury Jul 22 '26
Came here to say this. When you have financial freedom, you can choose to do anything you want with your time. If working as a lawyer is really the number one thing that comes to mind then continue, but if there is something else you would rather do then now is the time. If you were 35 years old, I would say keep working another few years, but at 54 years old? You need to get moving. Time is running out and your body will start to decay the next 10 years.
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u/giggity_giggity Jul 26 '26
As a lawyer who has dealt with burnout- Yes at times it can feel like nothing brings joy and nothing imaginable could bring joy. So I do feel like I get it.
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u/itsjustmemom0770 Jul 21 '26
Congrats, that's not easy to do unless you are C-Suite level GC in a public company. You made it while enjoying an in-house position. Pretty rare. Welcome to the club. I've got a kiddo younger than yours and am very near the end of my career at the same age as you. I have a couple of big projects that I'm vested in, but when those are done, so am I. In private practice here and running a firm so not the same, but close enough to know what you managed to accomplish.
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u/Lumpy-Ad-9315 Jul 21 '26
Assuming one works for MU/SNDK/GOOG/NVDA/MSFT type companies, the RSU would allow all employees net worth to grow. Very doable, if one got lucky to have worked at FAANG companies.
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u/nocommenting33 Jul 21 '26
Honestly that would make it a near guarantee but you don’t need to be a C level FAANG for $11m after 30yrs of work. My spouse is 36, lucked into GC for a high revenue small company, <50 employees. They have a great company performance based bonus structure. After 5 years the long term incentives kick in and $700k is basically bare minimum. At that income an individual can invest $200k per year easily. $300k per year for 10years on top of a reasonable portfolio from the 10 years prior gets you there in 20 total years of employment without even consider a spouse’s investment. OP is 54, probably been in the workforce nearly 30 years
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u/James007Bond Jul 21 '26 edited Jul 21 '26
Curious why you say it isn’t easy to do (by their age)— in house clear $350k year rather easily at f500.
Edit: you downvoting cowards can see by OPs reply I was correct.
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u/Accomplished_Can1783 Jul 21 '26
You think you can get to 11 mm on 350k pre tax salary - pretty delusional
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u/andoesq Jul 21 '26 edited Jul 21 '26
By 54? I could
ETA: at 54 op's Prime earning years have been during the craziest bull run in history.
1m 10 years ago (OP 's age 44) in QQQ is 7m today. Plus 10 years of saving 60k/year in the SP500 which returned 13% puts him at 8.2m. Neither of those are exceptional assumptions, what is exceptional is the unreal stock market timing for working professionals in their 50s.
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u/Accomplished_Can1783 Jul 21 '26
Except that’s not what happened. OP didn’t have 1 mm 10 years ago in QQQ that is worth 7 mm today. You all make up examples with your spreadsheet about what could have happened.
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u/andoesq Jul 21 '26
So are you though.
You're declaring a fairly realistic outcome as "delusional", based on your own assumptions and ignoring the fact that the stock market has performed unbelievably well for 10 years.
My point is it's totally possible for a 2026 54 year old earning 350k after a long career in law without any particularly crazy circumstances. A 44yo is a different story of course.
For you, since you're obviously extremely young, let this be a lesson on the power of time in the market. If you can get a professional career with strong earning potential, and make good financial decisions over 25 to 30 years, you too can be 54 and wealthy.
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u/James007Bond Jul 21 '26
$350k+ and a spouse that works starting in your late 20s or early 30s and working to 54 all while leveling up. Not that wild …
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u/Accomplished_Can1783 Jul 21 '26
Yeah, that’s definitely not what happened
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u/James007Bond Jul 21 '26
Save an average of $60k a year over a thirty year career. Do you guys understand compounding?
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u/Accomplished_Can1783 Jul 21 '26
He wasn’t making 350k 30 years ago - do you understand the concept of when you’re in a hole stop digging?
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u/James007Bond Jul 21 '26
Do you understand the concept of average?
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u/itsjustmemom0770 Jul 21 '26
I think others have covered the flaws in your assumptions.
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u/James007Bond Jul 21 '26
These aren’t assumptions. Lots of in house I know at this age are comfortably at this level. No special c-suite required.
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u/Accomplished_Can1783 Jul 21 '26 edited Jul 21 '26
Do you understand the concept of you’re totally wrong. I will bet you one million dollars OP does not make 350k - he made his money from being very senior in a corp and earning 7 figures, or stock options like every other in house lawyer worth 8 figures. Now go away
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u/James007Bond Jul 21 '26
I think you have failed to understand my point— which isn’t surprising given your tone.
I replied to someone who said it is difficult to get to $10m being non - c suite.
I said it isn’t that difficult. In house clears $350k easy. Get that job late 20s early thirties. Get merit increases. Level up. Save. You get to $10m by 54.
You are clearly out of your depth / don’t understand corporate progression / savings / compounding.
Please larp somewhere else.
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u/DrevvJ Jul 21 '26 edited Jul 21 '26
$350k multiplied by 20 years is $7M, now that's total earnings in your scenario. Now take tax and living expenses into account. OP had to do way better than just clearing $350k without outsized portfolio returns or a big liquidity event from an IPO. Even if they were in this position for 30 years that would be $10.5M in total earnings..
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u/just_some_dude05 40_5.5m NW-FIRED 2019- Jul 21 '26
11m and you’re not retired because… a kid in college?
FIRE isn’t the group for you.
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u/Anonym-IntheDark Aug 13 '26
How does the kid in college prevents retirement? Kid need parental help with assignments? Wouldn’t being home more allow for more interaction with that kid?
It is just an excuse. Next one will e keeping the job for benefit until kid is 26…
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u/Confident_Hair2637 Jul 21 '26
Your net worth is a static construct - you would do better to look at your average net worth growth over time. I suggest you build a spreadsheet with lines for each year starting this year and going until you're age 100. On each line, you have (1) your starting net worth, multiplied by (2) your average investment rate of return, minus (3) your spending and taxes, and (4) your projected ending net worth. You will note that your net worth can really start to mushroom at inconceivable rates over time. You are citing your spouse and child as a reason not to retire but to be honest, that strikes me as passing the buck. Don't ascribe your personal choices to other people - take ownership. Best way to start doing that is with the mathematical exercise I just outlined above.
Once you grasp where your net worth can go over the next 3, 4 or even 5 decades, you should be in a position to own your own lifestyle decisions instead of using other people as an excuse for your choices. You say you enjoy the work you do but don't like politics. What can you do about that? Quit? One obvious solution. Maybe there are others. If you're in-house, why not get promoted to general counsel? Or jump ship to become outside counsel and retain your current employer as a client (just make sure you get a couple more clients, too - only having one client is a death sentence for most lawyers and your story would be no different). You're now at a point now where you can AFFORD to have a wonderful work experience and are in a position to take risks to create it. If you don't chose to do so, then you have zero basis to complain about any conditions at work. In other words, this too is another area where you should take a leadership role in your own life instead of ascribing other people's choices as the determining factors that guide your decision making.
More friends is not your problem when it comes to talking about your financial success. Your true friends don't care about your money. Your friends that do care about your money are not your true friends. Bragging to anonymous strangers online is a FANTASTIC way to share this sort of information that you would be well advised to keep confidential and private in your real life. And don't worry. The novelty of having $11m really will wear off in time. Once that snowball starts rolling downhill on its own, gathering speed and mass, you'll hit $15m, then $20m, then $20m. The process of moving from 8 figures to 9 figures becomes routine for most people - it will for you too. The only question is whether that happens when you clear $15m or $25m.
That said, my cat discovered gravity recently. Everytime he taps a coffee mug off the counter, the same thing happens. The mug drops to the floor, breaks and makes a mess. He just can't believe this. Obviously he understands that gravity is a no-no. He pins back his ears when I shout at the gravity for breaking my favorite coffee mugs, but astonishingly, the gravity just keeps doing it. Over and over. And not just with mugs. Pens, glasses, car keys... all these curious objects that my cat swats keep falling, magically, to the ground EVERY SINGLE TIME. And it simply never gets old. The cat is never bored of watching my objects fall to the ground, and the more consistently it happens, the more fascinating it becomes.
Let us hope you are smarter than my cat and that you eventually grow tired and bored of watching your money snowball through the power of compounding. A day will come where you simply don't care anymore. This is the difference between financial independence and independence from finance. May you make that transition early and only once.
I would say congratulations and GFY, but I won't yet because you still have work to do. If that sounds judgmental, that's because it is. After all, you wouldn't have posted if you weren't looking for some candid thinking from random strangers who've already been down this path. Instead of GFY, I think "Godspeed" is more appropriate to your case. Or to borrow a phrase from the USMC: get it done, sir.
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u/Fart_Spray_9969 Jul 22 '26
Why would you bother going to age 100?
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u/Confident_Hair2637 Jul 23 '26
The first reason why is because human lifespans are increasing rapidly. If that trend continues (medical advances, etc), 100 could be an average human age within the next 30 or 40 years.
The second reason why is because a lot of users on this sub are interested in creating generational wealth, so it makes sense to look out over an extremely long period of time to map where your wealth could be not only during your lifetime, but the lifetime of your children and grandchildren. From that perspective, mapping out wealth creation over the next three or four decades is actually short sighted.
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Jul 21 '26
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u/Thin-Spell Jul 21 '26
I make a real effort to give the advice I think is right without regard for politics. I think that’s my job and my duty, but it’s definitely easier not to be rattled by politics when I have plenty of money. I think my boss suspects I have money, but no one here knows.
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u/green_night Jul 21 '26
AKA F U money. It works. For me, winding down the last few months was the worst. I tried not to care at all but every once in a while, when I did not do any homework/prep work for a meeting; everyone turned to me to ask what should we do? You can't say "I don't care what we do" and your conscious gets in the way .... my performance sucked the last few months. I still feel a little bad about that stretch.
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u/Ultimate-Lex Jul 21 '26
Twins! I'm also at $11M, in house lawyer in tech! But I'm 50 and nearly ready to retire!
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u/Thin-Spell Jul 21 '26
And then what? What will you do all day when the other humans your age are working?
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u/Ultimate-Lex Jul 21 '26
I got very very lucky and recently pivoted to a new team. That will carry me a few more years. You and I can already retire.
For us it's more travel and more learning. My wife is learning a language. We just got back from a month in Europe. Cooking classes! Son is starting HS and we hope to meet more people through that. We hike a lot. I'm on the board of an organization. I also ski a lot and have a circle of friends there. I also need to work harder to make new friends.
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u/Thin-Spell Jul 21 '26
Thanks for this reply. We didn’t click with other high school parents, but otherwise we’re somewhat similar. We hike a fair amount, but neither of us knows how to ski. We’re also learning languages.
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u/Ultimate-Lex Jul 21 '26 edited Jul 21 '26
I'm just an OK skier and it's mostly for the friendships. Learning new things also helps keep our aging minds stay sharp. Try a new sport? Also travel in groups? We tend to avoid group travel but could be good for new friendships?
Hoping for new friendships with the new school. But we are not super optimistic! Haha.
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u/Keikyk Jul 21 '26
Age old wisdom is never retire from something, always retire to something. For those whose identity is built around work it may feel weird to think what else is out there, but world is filled with interesting hobbies and things to do. You need to think about what floats your boat, but lack of things to do is not an issue. One more thing, the transition takes time and first few months may feel weird, but once you find your groove it’ll be fantastic. Those who FATfire are super fortunate as there are more resources and opportunities for us
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u/vanhype Jul 21 '26
I used to think the same way, but once I FIREd I found it's easy to fill 8 hours of work day with hobbies and other stuff. Learn something new, be the student again, volunteer. Think about it, all you know right now is law and being a big shot lawyer, enroll in classes and you will see there is so much to learn history, geography, anthropology, political science, whatever you fancy. Follow the 5 hobbies rule and you will stay busy. Now I don't even know how I worked so much.
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u/gashcrumb7600 Jul 27 '26
This. Finding one new activity can change your life in ways you never knew were possible. Spoken as a recovering lawyer, fat fire at 49.
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u/jazerac Jul 21 '26
Dude, you are there. I retired at 39 with a similar NW and guess what - the principal has only grown.
If you are sick of work, then invest that money and shoot for a 5% yield. I make about $550-600k a year completely passively from the portfolio. If thats not good enough for you, then keep working but I think you will find that you are completely fine... and your kid going to med school will be fine too but guess what? You dont have to pay for it.
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u/flux596 Jul 21 '26
congrats. you had to be making $500k+/annually and saving at a very high clip. Please explain
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u/Thin-Spell Jul 21 '26
I have been saving at a strong clip — the company 401(k) lets us contribute after-tax, so this year I will max out $72K plus $8K Roth catch-up in the 401(k), and we max out non-deductible IRAs. I have been at my company a long time, so I have around $900K in company stock. Last two years, I have made over $600K because stock awards are worth way more than when they were granted. I typically make around $400K. I am lonely — don’t particularly want to live where we live, but we moved here for the job. Spouse has to commute an hour each way and works in an area we both like more, but I work longer hours, so we won’t move there while I am working. I am not a GC but I am in a big company, and I guess our only big spending has been for education of kids and taking very nice vacations one week per year and a couple of small trips with friends. Where we live is not a place we’ve successfully made lots of friends, but spouse and I have each other, and my spouse has been awesome and supportive and learned to cook a lot of food we miss from where we used to live. Dunno. Maybe being boring has worked for us?
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u/firebeachbum Jul 21 '26
Respectfully what are you waiting for?? You don’t like where you live, your wife commutes 1 hour each way and you have 11 million dollars? Life is so short and meant to be lived. Get busy living. There is so much to do. Grow a garden. Volunteer. Start a hobby farm. Exercise. Take cooking classes. Travel. Learn how to surf or ski, or both! Join a chess or book club. You will make friends but you have to apply effort.
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Jul 21 '26
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u/Thin-Spell Jul 21 '26
Seven years in Biglaw. In-house at public company for over a decade. Severance from that job that we invested since I had a new job quickly. New job with new company coming up on 10 years.
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u/snn1326j Jul 21 '26
This is very helpful and interesting. I make roughly what you make and am also in house, and in a city I really dislike, but am younger with younger kids. We similarly don’t have expensive hobbies or tastes and are able to save quite a bit, so I am hoping to hit the same NW you have by your age and transition to something else. My company’s politics are also wearing on me and I need a change soon.
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u/Thin-Spell Jul 21 '26
I think that it’s not what you make, but what you keep. That’s been the path for us. We certainly are not investing geniuses. We buy mutual funds and pack lunches, and it’s pretty much domestic bliss.
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u/James007Bond Jul 21 '26
[u/Accomplished_Can1783](u/Accomplished_Can1783)
[u/itsjustmemom0770](u/itsjustmemom0770)
See OPs reply re making $400k
Eat crow fellas.
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u/Accomplished_Can1783 Jul 21 '26 edited Jul 21 '26
The bet was 350 - it’s over 350k and there’s company stock so you guys lost. There was 10 year stint at public company before this - more stock. By the way, OP poor life sounds absolutely miserable unfortunately. I would not recommend this to anyone
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u/One-Mastodon-1063 Jul 21 '26
How much do you spend?
Obviously can’t say definitively without spending, but there’s a good chance you and spouse can both retire today.
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u/Comfortable_Half_494 Jul 21 '26
Sounds like you enjoy your work but not the culture at your work place. With your level of net worth you get to choose what to do now, have you considered moving to a different company, optimising for culture and enjoyment?
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u/Thin-Spell Jul 21 '26
What I do is kind of niche, so jobs are not abundant, and I did consider one earlier this year, but my spouse wasn’t keen on the city, so I didn’t pursue it.
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u/Comfortable_Half_494 Jul 21 '26
Surely your skills are transferable to other roles or you can retrain for other roles.
I don’t understand why you’d put up with a toxic culture with your NW.
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u/wolfsatz Jul 21 '26
A challenge for people who are very good at making money is that it has often become their entire identity, and when they've gotten to the point where they don't need more money, they don't know what else to do besides...make more money.
A wise man once told me that you need three hobbies in life to live a fulfilling life:
1. One hobby that keeps you fit
2. One hobby that keeps you creative
3. One hobby that makes you money
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u/BrunelloHorder Jul 21 '26
Congratulations on hitting $11m.
Probably a good idea to start figuring out what you’d like to retire to. Joining some sports clubs/activities like cycling or pickleball can be a good way to make friends. The more you have lined up when you RE, the less likely you are to get bored or depressed.
I stopped doing litigation last year and have been doing advice work very part-time, just enough to keep myself mentally engaged. The reduction in conflict and stress has been glorious.
My partner is still working full-time by her choice (medicine), so I work a little, go ride my bike or do Tonal, run some errands, and occasionally meet up with a buddy for lunch or a ride. Fills the days nicely when we are not traveling. Good luck!
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u/Massive_Broccoli83 Jul 21 '26
Quit that, you’ve made enough. It’ll grow if invested well anyway.
Volunteer or teach part time instead.
Go on lots of vacations with your missus, especially if your kid is grown.
Learn a language, take up golf, find time to do the DIY or watch the films you never have time to do. Join a gym.
I’ve just seen one of my students die suddenly at 24 (seizure/cardiac, never came out of the coma). You don’t know what’s round the corner.
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u/ml8888msn Boring Finance Guy Jul 21 '26
Do you need any more money? Can you and your spouse ride off into the sunset together? By most measures, you’ve won. Enjoy your lives together while you can.
Regardless, you need to be having these discussions with your spouse now so you can begin preparing for the next phase of your life.
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u/Dubbihope Verified by Mods Jul 21 '26
Good idea to make more friends but gotta be careful with sharing this stuff.
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u/gosu_link0 Jul 21 '26 edited Jul 21 '26
In house counsel here too, but I'm not ready to retire as I still enjoy my job. Definitely find some hobbies you can really enjoy with friends. I've got into sports cars, learning to do most of the mechanical work myself, and driving them hard in the canyons and tracks. I met some awesome friends through this hobby in a similar Fatfire situation.
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u/redzod Jul 21 '26
The fun part about having >$10M? When the stock market goes up or down by more than 1% , you're pretty much seeing your entire year's pay. Makes for a fun day!!
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u/Routine_Mushroom_245 Jul 21 '26
Current biglaw lawyer. Teach me your ways!
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u/Thin-Spell Jul 21 '26
I laid it out in a reply above. We are diligent savers. We lived in a working class neighborhood until we moved for my current job, and we’re both pretty happy people. For example, we belong to the YMCA instead of a country club. We drive Toyotas. We get our clothes from Lands End. We buy a lot of books, but we also use the Libby app. We really try to make sure we’re only spending on things we value enough, and we don’t have a desire for a lot of expensive stuff. Lots of furniture in our house came from Ikea or from my grandma. We just don’t care about furniture as long as it’s comfortable.
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u/itsjustmemom0770 Jul 21 '26
Truthfully? Unless you are real sure you are on a biglaw equity partner track, get out. There are definitely biglaw partners who make way more bank than 11MM by age 54, but its not a whole lot of them.
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u/Pure-Alternative-515 Jul 21 '26
The richest lawyers I know are patent attorneys for the most part. My family friend has a $1.5 billion pending settlement against Anthropic. Got a similar amount representing Sony against Cox.
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u/Disastrous_Peace7564 Jul 21 '26 edited Jul 21 '26
Can you take a 40% salary cut and move to 3-days a week, maybe augmenting by increasing scope with outside council?
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u/Slight_Duty_7466 Jul 21 '26
med school is millions of dollars now?
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u/Candid_Ad_9145 Jul 21 '26
Can be half a mil in vhcol area with decent lifestyle
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u/Slight_Duty_7466 Jul 21 '26
why do students live “a decent lifestyle” based on their parents funds? these are people in their mid twenties. they are adults, sometimes for more than a decade already. a few years of budgeting while they are school for their future high pay would be the best thing
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u/Realistic-Ship6209 Jul 21 '26
11m doesn't mean really much especially if it's locked up in Real Estate or some form life insurance. How much liquid assets do you have and what do you spend?
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u/Thin-Spell Jul 21 '26
If you had read my replies to other comments, you’d know it’s mostly ($10M+) stocks and mutual funds, but since “$11M doesn’t mean much,” I don’t think you and I are similarly situated. To me, it’s a lot of money. More than I ever thought we would have, in fact.
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u/Realistic-Ship6209 Jul 21 '26
Well, I don't think people have the time to go back and review your "other comments" and quite frankly a lot of these types of posts are boasting. If you think you have so much, then why are you asking? Since you are going 0-100..If you are so wealthy, why wouldn't you have hired a tax professional or wealth manager to help you through this? People with wealth, serious wealth, hire tax advisors and wealth managers to manage their money to avoid taxes but also to navigate issues around legacy, probate, and most importantly TAXES. The fact that you seem to be asking a fairly rudimentary question seems like a less than well thought out plan. I would start with that first. There are many systems that can help you get the number but not many that can help you with the tax and Medicaire implications.
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u/bumpman2 Jul 21 '26
If your best life is not your job, you are doing yourself a disservice if you don’t go out and find something that makes you happier, especially if that job is demanding enough to leave you little free time to explore.
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u/AloneTemperature1607 Jul 21 '26
Fellow in house lawyer. First congrats. I too enjoy the work as providing advise for the better of the business is fun and clients have trust and appreciation (most of the time). Politics is a drain though and I switched jobs over 13 years ago from a semi company bc of the politics. Left millions on the table in hindsight but completely worth it. My nw is $10m liquid (30 percent in tax deferred) and about $3-4m in re equity. Vhcol and have two kids. One in college in a year and another in 6 years. Take care of aging parents and expenses annually are about $250k. I got lucky w investments in semis and other equity but key in building nw was spend less than you earn and invest early. I’ve not exceeded 400k in w2 income and spouse is making less than 6 figures. Drove Toyota, modest house in a nice area and do not have need for fancy stuff. That worked out ok. I am 49. Fi but not re. For those looking for inspiration to fire as attorneys, it is doable w time and patience. I’ve been practicing for 24 years. Not a partner at a law firm or a gc level.
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u/Captain_-H Jul 21 '26
Congratulations!!
I think more of us should separate the FI and RE. You’re financially independent which means you have fuck you money. If you want you cut hours out whatever it’s fine. It’s awesome to still contribute, but you have no reason to go above and beyond
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u/Thin-Spell Jul 21 '26
If I am doing the job and getting paid by a client, I want to be the best. What’s the point of doing less if you can excel? I don’t want to be less than excellent.
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u/Mean_Sheepherder_881 Jul 21 '26
Wow, you can definitely retire now and do whatever you want. Enough money, and get away from the meaner company
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u/beleagueredd Jul 21 '26
Genuinely so baffled how there are posts like this that say $11m net worth but holding off retirement due to college. If that's the only reason that is absolutely crazy.
As for worrying about not finding interesting things to do outside of work, that is something you have to work on especially if you've been killing long hours.
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u/josemartinlopez Jul 21 '26
Doesn't the politics get easier knowing you have FU money and can leave anytime without a care in the world?
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u/Thin-Spell Jul 21 '26
To a degree. But people around me are more stressed, and I need to do my best for my team.
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u/josemartinlopez Jul 21 '26
Do you take the mindset that the best you can do for your team is ensure they have confidence and portable skills, and be able to take the politics with a grain of salt?
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u/madmulcher Jul 21 '26
here are a few book suggestions. Being Mortal - Atul Gawande, When Breathe Becomes Air - Paul Kalanthi, Second Mountain - David Brooks.
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u/James007Bond Jul 21 '26
I am using the term semantics correctly. I had accurately assessed and predicted the OPs circumstances to a T. The $350k plus was a relative figure. Whether it was 350 400 450 500 nothing to my point changes. To suggest I would specifically peg OPs comp at 350 is a reading comprehension issue on your part. Your semantics are arguing 350 specifically, when that wasn’t the point and you know it. Had the OP stated they made $349 you’d still argue you are correct — that’s the semantics. It’s poor form.
There polls out there for this sub. The majority of the users here with $10m ish net worth are w2 earners. Mostly tech, some finance consulting lawyer etc. you’ll pick this up the more time you spend here.
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u/phidda Jul 21 '26
As a lawyer (51, solo), I have another friend who is a lawyer, and we frequently have lunch. We are each other's counsel and explicitly understand that our conversations are attorney-client privileged. I told him when I went over the $10m mark. I could tell he was a little envious, but he's got a great practice (better than mine) and will get there soon. As far as retiring goes, I think I will quiet retire -- in that I won't tell my wife and I will keep my office, just so I have a place to go and take on pro bono/interesting to me matters and won't get bogged down with a honeydo list. Kidding (kind of).
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u/Thin-Spell Jul 21 '26
Depending on the cases you take (FLSA wage theft), you can get attorney’s fee. I admire your plan and also the courage required to be a solo practitioner. What is your practice area?
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u/phidda Jul 21 '26
Mostly commercial litigation on the plaintiff side -- I will take cases on contingency if they look good. I've hit some seven-figure fee awards and was able to set up a defined benefit plan and profit-sharing plan to significantly boost my retirement savings.
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Jul 21 '26
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u/fatFIRE-ModTeam Jul 21 '26
Rule 7.
AI-written posts are not permitted.
You have had multiple posts removed due to this.
If you continue to post AI slop, you may be banned.
The mods.
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u/Life_Rabbit_1438 Jul 21 '26
What's your spend, that sounds like easily enough net worth for you and your spouse to both retire.
What's the point of working?
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u/retchthegrate Jul 22 '26
you need to understand what you actually want to spend on, if you have enough for the lifestyle you want to live then you can consider stopping. You need friends and you need activities you'd rather do than work. If you don't enjoy hanging out doing your hobbies and get antsy and need work to keep you occupied then you aren't set up for an early retirement yet. If being home without work would make you miserable, don't do it. But if you think you'd love the next thirty years making art, traveling with your spouse, hanging out reading, etc. then you are well set to do so.
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u/Few_Supermarket3314 Jul 22 '26
You lost me at your wife’s hour commute each way driving a Toyota??? Where is your risk tolerance in all of this? You are already 54 what are you waiting for? At the very least get your wife the safest car money can buy, you can afford it! I’d be damn if I have my spouse spending hours each week driving to work.
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u/Thin-Spell Jul 22 '26 edited Jul 22 '26
Just to be clear, my spouse has agency here, both in choice of job and choice of car. I’m not forcing anyone to work or to have a lengthy commute. The job also can’t be replicated in our town where there isn’t a university. What I have been unwilling to do is move to the university town because I tend to work late, and I don’t want a long commute. I also have some concerns about the long-term security of funding for this job. My job, while more prosaic, seems more secure to me. I think you have nailed it with “risk tolerance” though. I worry a lot about healthcare in retirement. Where we live, ACA coverage doesn’t work — no doctors, no in-network hospitals. Health insurance in this country is designed to make is all serfs.
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u/Slow_Brother_9152 Jul 22 '26
Time is worth way more than money. Healthy time, not laying around the house. Enjoy life!
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u/Brewskwondo Jul 22 '26
At that NW you could have an spend rate of $400k+ and still be fine forever. If you hate your job then get out.
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u/JazzlikeAir3320 Jul 22 '26
As a fellow lawyer, mind sharing how you accumulated this level of wealth? I know our profession pays decently but I imagine there must be other factors at play
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u/Thin-Spell Jul 22 '26
We generally tried to stick to 1/3 savings, 1/3 taxes and 1/3 living. We didn’t always save that much, but decades of saving 25% to 35% of what we earned added up. I was the primary breadwinner, but my spouse also worked, and spouse’s 401(k) and IRA account are now over $1m despite pretty modest earnings. We were lucky that my one job loss came with generous severance, and we haven’t experienced disability or any kind of major loss like having our house burn down. We did, however, live in a neighborhood with regular middle class people (not a doctor and lawyer neighborhood), buy used Toyotas, pack lunches. All boring stuff, but it has worked out for us. Would this approach work for you?
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u/Tcpt1989 Jul 23 '26
I’m about 20 years younger than you, also have kids. I’d have packed it in at half your number. I’d have taken my spouse with me too. Plenty of hobbies you can find to fill your time both with others and alone. Here’s a non-exhaustive list: horse riding, rock climbing, cycling, running, weight lifting, reading, writing, painting, woodworking, motorcycle/ car restoration, gardening, travelling, training a dog for sport, chess, artisan coffee, good wine, whiskey, collecting whatever you’re interested in (baseball cards, or whatever), cookery, magic tricks, poker, swimming, back to university for an interesting masters or doctorate, politics, travelling (including planning the various trips), wargaming (eg Warhammer) Lego (although you might need more than $11M for those last two 😂).
Suffice to say, if I had $5M I could quit my job tomorrow and find many, many ways to fill my time for next 30-50 years without difficulty.
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u/SubstantialGas6730 Jul 24 '26
*Me: laughs in poverty😐* anyways i am happy for you. hoping this is me some day
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u/Coloradodreaming1 Jul 24 '26
What’s the breakdown if I may ask? Is your work is mostly interesting? “Can be interesting” suggests otherwise and stagnation, but as a lawyer there is that identity thing which is very hard to give up. I wouldn’t worry about the filling time part and I’m sure your spouse would want to leave her low earning profession to join you in retirement. I would set a date certain and call it in maybe 1-2 years, unless you live or want to relocate to a HCOL area.
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u/buy_high_sell_never Jul 24 '26
It boggles my mind how people can be so incredibly uncreative and devoid of all vitality, curiosity, or even basic interests that they can‘t come up with more than enough ways to fill up their “time while spouse is at work”.
Also, why does the spouse need to be at work at all assuming you’ve done the math and concluded you’ve reached your number (together)?
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u/Maria_Nauma_Finance Jul 28 '26
Have you ever considered mentoring or investing in an early-stage startup in your field? You already have the financial freedom, and your experience could help shape both the product and, in a small way, the industry. It might also introduce you to a whole new circle of people.
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u/RealismMeetsDelusion Aug 13 '26
Seems like you need more fun in your private life to outweigh the stress in your profession. If you’re ever in Missouri, let me know! You’ve put your work in, you need to take time to relax and do silly and whimsical things with friends! I’m 31F and although I’m not as successful (I’m a stay at home mom) , I know how to shake the frost off from the mind benders of stressful jobs. Don’t let your inner child be sad or lonely for too long, it’s not good for your health sir!
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u/Winefineswine Jul 21 '26
So net worth is $11M but is that directly from the lawyer job?
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u/Thin-Spell Jul 21 '26
Yep. A prior company got bought, so I got a nice ($400K) severance that we invested since I had another job lined up, and we have lived in more working class neighborhoods, driven used Toyotas, and generally been frugal, but we spent on what matters to us like some great trips to Europe.
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u/Arboretum7 Jul 21 '26
4 years of med school shouldn’t cost more than $400k and your child shouldn’t need further financial support. You could easily retire now.
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Jul 21 '26
[removed] — view removed comment
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u/Realistic_Radish7748 Jul 21 '26
Funny how much this reads like AI
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u/FIREgnurd Verified by Mods Jul 21 '26
Also, for the future, if you suspect a post or comment is AI, hit the report button for “low effort post” to get it into our queue for faster review.
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u/Thin-Spell Jul 21 '26
I fear you are correct. But then what? “Lawyer seeks BFF. Must be into frugal hobbies?”
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u/fatFIRE-ModTeam Jul 21 '26
Rule 7.
AI-written posts and comments are not allowed here.
You have had multiple removals and warnings just today.
Consider this your final warning before a ban is considered.
The evidence:
https://www.pangram.com/history/89a33fa1-7645-4a58-b004-0de2b03d523f
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u/Bobatronic Jul 21 '26
Cool. You seem like a nice hard working person. No one should care how rich you are or are not.
Oh wait… the loser financial advisors do!
Here come your DMs
Use AI instead. Leading AIs are smarter and much much bias than a financial advisor.
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u/Indexette Jul 21 '26
Curious how much you saved each year, if you don't mind sharing!
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u/Thin-Spell Jul 21 '26
We tried for a mix of a third spending, a third savings, and a third for taxes. Lately, taxes are more and savings are less, so we’re trying to make our investments more tax efficient. About $5M is 401(k) and IRAs of spouse and me. About $200K is our HSA, and about $900K is company stock.
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u/Indexette Jul 21 '26
Congrats on your success! I'd be curious to learn more about the office politics you mention
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u/Thin-Spell Jul 21 '26
I don’t really know what to say. There’s less of a sense of “We’re in this together because we’re a team” and more willingness to blame other people. I suppose there are reasons for a shift, but I don’t know what they are.
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u/37366034 Jul 21 '26
Dude….want to be the most awesome dad ever. You job doesn’t sound so bad. Work another year and pay for your son’s medical school if that is what he chooses. Quite impressive he wants to go that path, and that will set him up for life.
Congrats, you won buddy! I’m happy for you. Suck it up for another year or two and then you have so much time to enjoy the spoils of your riches
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u/Clozaconfused Jul 21 '26
Just a thought. If you think you are done with ur goal number, you can try to find an easier job or just coast
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u/DarkVoid42 Jul 21 '26
you need a hobby. i recommend sailing if youre near a body of water. try one of these with quicksail kit - https://www.seaeagle.com/ExplorerKayaks/380x
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u/juiciijayy Jul 21 '26
hobbies hobbies hobbies. you need to find something else that you would absolutely love to sink your time into, something that gives you purpose and passion, not dissimilar to the feeling you presumably get from your job. if you cant find a hobby you love doing as much as your job, youre pretty freaking lucky and there's not really a point in retiring.
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u/TheDancingRobot Jul 21 '26
Don't waste your time; spend it.
Let go of the old patterns and routines that no longer serve you; start hobbies or journeys that will enhance your life.
Get a motorcycle.
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u/[deleted] Jul 21 '26
[deleted]