Minimum net worth to stop giving a shit about my job
Work life balance went to shit in the past few months. At what net worth can i say fuck it and just quit? I will probably slowly try to find another job in the next 5 years. Im 28 and plan to have two kids in LCOL. TC 650k 5 yoe NW 1.5M
With 3M you can GTFO and live in LCOL area till the end of days.
I tried to do the math on capital gains. If I sell my stock portfolio right now, I think I will be hit with a ton of taxes (e.g. if I were to sell it all now and just put it in bonds for a safe retirement). So a warning for people staring at their excel spreadsheets. The RE part of FIRE is a bit complicated due to taxation. Having zero employment income helps in reducing taxes from such stock sales I guess? I do need to read up more on capital gains.
I would not give a f if I had that net worth. With kids it becomes difficult. So that’s why don’t hv kids and retire
How did you get that high of a NW so fast? I'm almost 7 YOE, 330k TC, and 1.3M NW. EDIT: saw your TC is 650k, that explains it. How is your TC so high so early in your career?
How did you reach 1.3 million. I am 8 yoe , 350k tc and 850k nw
Prioritized investing heavily and early. Annually maxed 401k and HSA and then mega backdoor Roth IRA and backdoor Roth IRA. Held onto most of my GOOG stock. Rode the bull market 2017-2020. My yearly expenses only rose from 40k to 55k during this time.
Yes you can quit. I've quit a job with 20k in the bank and gone to grad school for years in a LCOL.
Kids complicate things. Don’t quit your job if you want kids in the next 5 years. If no kids then quit tomorrow
Not giving a shit about your current job and not giving a shit about your career are two vastly different net worths
LCOL def 3M ignore the 5M votes from these Bay Area suckers
No amount of money is ever enough with kids! Who knows what curveball life may throw your way. If childfree, then 3M is enough.
You realize that $1.5mm in 10 or 30 year treasuries is $70,000 per year with no state taxes in any state? Maybe get your nest egg to $2mm and it’ll be $95,000/yr Not AMAZING but its whatever.
You probably need more than normal since you are young and kids are expensive!