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At $5 million. I downshifted (just under half of comp) a few years ago. Thanks to market and other decisions, now at $9+ and fully retired.
How much is fully funded 529?
Here were all my numbers: I think I was only at 900k four years ago when I left consulting to go to a fully remote chill job. Total comp from 225 to 186. I was 36 with a 5 and 2 year old. This job, while not a lot, met my criteria of “enough” and it was fully remote. Could I have continued the search and got more? Probably yes, but I wanted to start spending more time with my kids especially as they started elementary school and sports and I wanted to be more involved in those. Caveat: this is just me, not total household
Had you already set aside money for their schooling/college before you cut back?
Bowl Leader
Probably $1.5M to $2M if I were to downshift - though I’m not sure I would rather do that than just keep my foot on the gas until I’m 100% done.
$5m
$2.5-3m
$5M in liquid assets and I’ll be done
Retired or ready to coast?
1M in liquid assets not including retirement can coastfire
Certainly, all depends on how long you're coasting, rate of return, and how much you want to spend
2mm for me and my fam. We have a cheap mortgage and spouse is a teacher with a golden gig (not classroom they are specialist with super low stress and great benefits). We have 26k in rental income per year, so at 2mm that’s 80k additional at 4%. With wife’s job that’s 200k+ a year. That feels plenty for our lifestyle. I’m at 1.2 right now so maybe 5 years?
It depends, in the US I'd say about $1,000,000. In countries like Mexico 250,000 is about enough until your ss kicks in. Make sure you invest and rebalance tactically, if you know how to trade options even better, be frugal, a really nice apartment in a good part of town is about 900-1000, services are very cheap as well as food.....stay under the radar and live a super simple life, that is if you are single, with a girl I'd say prob, another $100k. Have a side gig if you are able, consulting online, etc.....
I used bolden dot com and entered all
my data to arrive at my decision. It’s not expensive like $10 a month. A little bit of a learning curve and you have to take time to enter your details regarding income and expenses to see at what point you can afford to retire for your age and financial situation.
And do what? Lying on the couch and turning food into fertilizer? What’s the point of living like that? A person without a job is just a parasite.
5M
for a single person, 1.5M for a couple 2.5M
If the job creates me undue stress, inflicted by management and disgruntled co-workers, I would quit for a remote with less pay. Nowadays, the intensity of a toxic workplace is still underway and not remedied yet.
A man went to carry his car, when he got there and he only discovered that he forget one of his leg at home.
My wellbeing is worth more than a dollar amount. I would save as much as possible, dial down expenses, have an aproximate amount of money saved, to ensure survival needs are met over 6 months or more. Not mention your plans to anyone on the job. Keeping in mind the date you will have that amount. Anytime you stay beyond that day is a plus if it allows you to continue to save. When it's time to leave give 1- 2 weeks notice, providing little or no information. In that time period of emplotment prior to leaving set out a clearcut way of side income, what awaits in tthe wings of change, create a scedule and a tight plan. Do you have skills that people want? Id being a 1099 empliyee a better fit? How about self employment? If you are seeking other employment, consider the ideal work environment and create a check off list. When that time comes to part ways with your employer, you must maintain positivity, work very very hard to stick to or tweak the plans you made, network in person and virtually like crazy, market your skills, build strong relations, assess service gaps in your community, research opportunities. For me, after you save (without touching your 401k), living an integrated lifestyle, where your work is your passion, so it is not "work," and your life and wellbeing are the most important things....not working and earning a portion of your worth, while the rest goes into the pocket of an organization....it is about mindset, believing in your worth, keeping your eye on your money, to make certain it stays at the same level....you may need to work part-time for a minute to get reserves up. Good luck.