This is about planning to semi retire and finding a different source of income, hence posting in this channel. I'm close to 50, 2 teenagers, have about 2m stocks+cash. Not counting 401k or liquidity in my house since I won't touch those for years to come. Live in hcol area, mortgage $7k/month. I know I don't have enough to retire, but I feel that if I don't have a job I can spend more time investing, or start a lifestyle business, or take a low stress job. But I mull over this decision day after day, it's quite painful. I'm wondering how others took the leap. I don't plan to move until kids go to college, still a few years to go.
I mean, have you considered moving to a cheaper cost of living area? $2m investable assets is enough to retire on if you get a more reasonable mortgage or role your home equity into a cheaper area where you might be able to buy house outright. Reality is once kids go to college will you need that much house? How much money monthly or yearly revenue are you getting from the $2m compared to your total expenses? That is the real calculation, but my guess is you are more in the $2-$4k monthly range- so you aren’t retiring with that $7k mortgage…
Inflation was 8% the last 2 years.. Coast fire goes poof
Hmmm what’s the lack of motivation from? Is it recent? Did something happen to you specifically and not your surroundings/close circle?
I think it's the pandemic and remote work. My social circle and social life have dramatically shrunk, I become very isolated.
In the same boat and I already have enough to retire. However can't sit around doing nothing or traveling all the time so not planning to quit without an alternate plan in place. I have started researching a very niche, challenging and potentially very impactful area (thanks to my college going child's interests) that I have zero expertise in. Have ambitions to pull off a startup in this area if I can get some experts involved at least as consultants. If nothing else, I will at least learn a whole lot about a completely different area that I know nothing about. The key for you I think is to find something that interests you and hopefully has value for society/community. After you have spent 25 years as a SWE, your regular day job is probably not it.
Also, your $2M liquid assets can easily grow to $3M in a couple of years if you continue working your corp job until your kids are in college. $3M liquid assets is sufficient to retire in your 50s in HCOL area with a $7K monthly house payment. You just need to figure out what you will do with your time once you are "retired".
Grow 50% in two years? Nah. I spend all my salary and then some, for a moderate life style. We live in VHCOL area. The only savings I have are 401k and my company stocks. I got lucky from the IPO, and a few luck picks of tech stocks.
I am trying to get to $2M liquid assets before I retire. Currently at 800K. My 2.3M house is paid off, so I have zero mortgage and loans of any kind.
Build passive income stream while working actively
I don't know how people find time to do that. I barely have enough time for work and kids, and take care of the household.
It really got set in motion when I paid off the house and the kids moved out. After that, I had a three year plan and pulled the trigger last year. Initially, I thought I would go back to work on a few months or do some contract work but I’ve found that I’ve had no desire to get back into the rat race and am comfortable traveling, exercising, helping out family members and working on the house or various hobbies.
Nice. I still have a few years to go until kids are out to college. And I have many more years of mortgage to pay but I might move to mcol area. I don't think I can work until then though.
Isn't Airbnb a retirement job? All my friends working there seem to just cruise and have amazing WLB
It's not about the company, I just don't want to work anymore. I used to love being a swe but now I cannot find any motivation or care for it.