I am 32 years old with 8 YOE, and a NW of 1.25M. My current TC is 220K and my family TC is 360K. With current levels of savings, I should be able to get to 2M in the next 3 years. However, I don't enjoy my work anymore. In fact, I hate it. I am aware that I am not rich enough to quit and do nothing. But quitting is always in my mind. However I am not sure when I should pull the trigger. What do you guys think ? Any feedback ? Edit 1: Many in the comments section are asking about my savings ratio. So here is the breakdown: Effective tax rate - 29% Post tax income - 255K Annual rent - 30K Annual expenses - ~20K (no kids, paid off used car) Therefore, savings around 200K #personal finance
I think where you live and if you own your house determine the answer. Mid west with no house payment? You could live off the interest.
lol this must be a joke. 1.2 now will be like 800k in 5yrs and 300k in 10yrs.
Bruh. It's called investing
Cut him some slack, not like he works at a fintech or anything….
do 3 mil and quit
Get a new job. You can retire when 4% of what your investments yield will sustain you for the time you need them to.
Are you a software engineer? Intel is a trash company so I understand how you feel. I wasted too much time there. Id recommend quitting Intel asap if you're in a high demand field and switching fields if you aren't. Intel is where careers go to die
lol intel is a fing joke
How does someone from intel get into Google?
Quit when you have another 5M. Sounds like you’ll be grinding for at least 10 more years.
How are you gonna make 800k with 360TC in 3 years? Show me sensei
If I don't quit, my assumptions are: Around 200K of annual savings * 3 = 600K 20% gains from current equity portfolio of 1M = 200K
How do you save 200k on pre tax 360k?
LCOL remote job with good wlb. At senior/staff level it’s very easy to be making around 200k TC with this sort of job setup. Will allow you to enjoy life + build a bit more wealth.
This assumes you’re not going to try at your remote job and coast with 2-4 hours of work a day
Verrrrrrry difficult to get a senior level remote job right now.
You can quit, move to a low cost area and get a job for the insurance or remote it with something less stressful, more interesting. Most people outside Blind don't and won't see $1M in their family's lifetime, you already have what they will never acquire. Enjoy it dude 😎
Nobody needs 1M if they have family. :)