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Chief
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Mentor
Sooo AMC.. who’s in?
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If your goals are wealth accumulation and career advancement, you should take the partnership.
You’re making $575k now with $80k spend… if you don’t expect your lifestyle to move up much, and you truly have $2.75m invested, you’re basically able to pull the rip cord whenever you want. I’d probably work 1 or 2 more years to build up the safety net, but I definitely wouldn’t pursue more schooling just to grind out a whole second career unless that career is a longtime calling that makes you happy.
Coach
Have you considered going in house? I assume youre at a firm w/ that salary. Might be worth seeing if its more sustainable before switching entirely
Great idea. Then you might also be able to study part-time, plus a tuition budget might cover it. Defer the grad acceptance until you figure things out
Subject Expert
Is your goal career advancement, or do you deeply dislike your job and career?
If you spend $80k what is all the notional extra money for? Do you want to spend a lot more than $80k later?
I would spend some time thinking about what you want. Not what you should want, what you do want.
Echoing everyone else, your got directly conflicting motivations and need to spend some time asking yourself serious questions. Take a solo vacation, talk to your parents or your friends, talk to a senior partner you trust, but don't make a blind decision.
If wealth and advancement is your goal, you've been offered that ticket.
But you only spend 80k at 37yo. You're already fully financially independent at current spend - how much wealth do you really need? If the answer is "more" then you need better definition on your target.
You absolutely can afford that degree in a traditional assessment of wealth, age, and spend. Just like you can afford a leisure gap year with an 80k car. But it sounds like you might be near the end of your career rope which does change the math.
Whatever you do, keep your chin up! You've done a phenomenal job giving yourself latitude. Very, very well done. Now you get to pick the life you want.
Appreciate all of the very insightful comments, many of which I read as raising deeper questions that I need to answer to assess the question originally posed.
The tough part in discussing this with people in my world is my hesitation to share my (very fortunate) financial position — acutely aware of how that can come across, no matter how it’s framed. I can with my parents, but they can’t relate to my current field or desired one. So, I resort to strangers on the Internet … which shouldn’t be knocked, bc you all offered helpful thoughts.
Subject Expert
Yeah, it can be uncomfortable to disclose the existence of wealth to people one knows. This is in some cases a thing that discourages people from FIREing, or causes them to withdraw from their family/friends, or portions thereof, when they do.
It's a thing to think about. And you can also get advice in anonymous fora like this and like the Bogleheads forum.
If your goals are actually wealth accumulation and career advancement, then stay at your current job.
But are those actually your goals? You clearly don’t spend much, relative to your income. Do you plan on increasing your spend dramatically? If I were in your shoes, I’d either retire now, or go after the job that seems the most fun.
"Wealth accumulation" is not a goal
Subject Expert
It's an important distinction. Some people pursue additional wealth beyond what they need for their terminal goals, even to the extent of sacrificing those terminal goals to allow the accumulation. Better to think about it in advance and all along.
Life is short, go find something that you enjoy and passionate about. You are in a great financial position to do it and you don’t have the responsibility of raising a family (yet?).
Fellow biglaw refugee - mind if I DM you?
For sure
Stay at your job.