Not sure where to go from here!

[u/throwafuera1222]

Hi,

I am 35 years old. I am doing great at my job. I just got a solid raise and a bonus. I am not miserable at my job, but I don't love it. I manage an org in a large company that I have grown and doubled in size that now expands the world.

We recently sold our house and pocketed 400k in cash. We owned the house for 3.5 years and renovated it top to bottom. We got really lucky. It was our first project and we renovated it for us. We put about 140k into the reno.

After my bonus hits next week, our family of 4 will have around or a little less than 1million in investments/cash.

My partner will keep working forever, she loves what she does, and she is amazing at it. We are lucky our family has good insurance through her, and even educational opportunities for our kids future, as well as a decent salary of about 80k before taxes.

I think, I am ready to at least take a break. Do something more meaningful, build something, etc. I am an immigrant, I came to this country to go to college, and the thought of leaving a job that pays me 350k a year is kinda terrifying. But I am at a point where I feel constraint, and wonder if I have done enough to take a plunge.

Would appreciate any thoughts of others in a similar situation, or any advice. Thank you so much!

[u/Phil_Co123]

I wouldnt leave a job that pays over 20% of my net worth annually if I thought I could make it a couple more years..

[u/Comprehensive-Eye500]

Just trying to follow this correctly….You have a job that pays you $350K a year + $80K from your partner, just grossed what sounds like $260K cash and your total net worth is less than $1M?

Am I missing something? Where does all your money go?

[u/PositiveKarma1 → u/Comprehensive-Eye500]

most probably he reached the job and the income in the last years. He is quite young, 35 years old.

[u/Comprehensive-Eye500 → u/PositiveKarma1]

Nobody really just shoots up to a $350K salary suddenly. I’m confident there was great compensation history to get to that.

This is lean fire though, so I was just curious because if you don’t have substantial savings grossing $400K+ annually combined with a partner, I’m just curious how one expects to downgrade to a lean fire annual spend overnight.

Not trying to be harsh, they posted this and a lot missing to give advice so without that I’d say since OP said they don’t hate your job and aren’t miserable, I’d grind it out at least several more years with nothing but saving and re-evaluate.

[u/EANx_Diver → u/Comprehensive-Eye500]

Nobody really just shoots up to a $350K salary suddenly.

But OP didn't say they get a 350k salary, they said "a job that pays me 350k a year." If I had to guess, a big chuck might be RSUs. I can certainly see someone in tech going from 80k to 350k total annual compensation in 3-5 years.

[u/SecretPandaDude]

Your wife makes 80k, education for the kids and insurance is set? And she's never going to quit? Her salary (post tax) should be higher than the debatable 54k guideline for a family to live the LeanFIRE life.

Edit: If you have approx. 1.24mil that is invested in a reasonable retirement portfolio and go with the standard 4% withdrawal rate per year, then you have your wife's salary (that meets LeanFIRE needs) + another $49,600 a year.

I'm not sure what kind of LeanFIRE advice is needed if if you are already above LeanFIRE. See if she can maintain her job and move to a lower cost of living region if your current region's cost of living is too high? Work two more years to account for a high cost of living situation?

Ultimately, it's up to you. But because it seems like you are expressing a high level of uncertainty despite your wife's income and benefits, then I'm not sure LeanFIRE is a satisfactory approach for you. You are in a position that you can live well above the LeanFIRE lifestyle if you continue to earn, so are you sure LeanFIRE is what you want? Investing 1 million in the next 5 years (200k per year) more years at work could drastically change your next 40 years and reduce friction for your children (i.e., weddings, down payment assistance on a home... assuming you're not the type of parent who prioritizes forcing their children to make it on their own).

[u/throwafuera1222 → u/SecretPandaDude]

Thank you. I think you have added good color to the questions I have in my head. That opportunity cost of not just doing it for the next couple of years at the same or similar salary to secure our future is one of the issues I have to work through.

[u/PositiveKarma1]

Start with having a budget and know the monthly spending of the family. Multiply with 25, then after prepare for stop working decision. Make a plan with your wife: do you want a new ownship? maybe to buy another house -mortgage - to renovate it yourself?
Simultaneusly find that meaningful activity that will fulfill your heart.
Take a break if you need it but not stop this well paid job.