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No. I make more than that in salary, and it’s not enough with young kids. Continue living off your salary and invest the $250k annually for some years until the passive cash flows + inflation adjusted $250k is enough. Once you stop working for some time, it will be hard to get a high paying job again if you need it.
Dang when we were raising our kids (now 24 & 25) as a family of 4 we were making 40k a year. Even now we make less than 100k….if I could get 250k a year…I could live off half of that every year and invest the rest and live a great life!
Not only would I quit immediately, I’d spend the next year of my life actively discouraging people from taking my old job (or any in that department).
@PM2 -- Wow! Are such clauses really legal?! NDA clauses saying you can't share trade secrets or client/otherwise confidental info is one thing, but a clause saying you can't complain about the company? That is just wrong! 🤯
I would quit immediately, no two week notice sorry. I would not get bored, I would spend time doing things I love without the burden of needing to trade the majority of my waking hours in order to afford rent.
That would be my dream. Just foster cats and dogs and help out at charities during all my free time.
I would have to do something so maybe my own little creative business I have making jewelry and little Knickknacks
Yes!!!!!
100% in an instant. I’d move further out of the city and build a hobby woodshop, spend more time with/teaching my kids, and volunteer more at my church.
Pro
Very wholesome, love this answer
250k a year I’d be living lavishly. Only an idiot can’t afford to live with that.
Vancouver, Canada. Average rent $3K-$4K 1 bed 600 SF. Home $3M or so. So no… continue working.
what kind of nonsense is this???
Enthusiast
Trust fund?
I’m 63 so yes
I'd quit in a heartbeat
Pro
I also make more than that and I’d absolutely quit without hesitation. Unlike deluded people like SM1 that are awful with money, it’s more than enough to support the kids. Most importantly, it unlocks time and frees up stress. If I REALLY wanted to make more money with active investments over passive, I could simply utilize the time and extra headspace to do so. but otherwise I’ve always wanted to open my own gym or open an animal shelter. The latter is probably far more stressful than any job I’ve had but it’s the exact kind of thing that seems very rewarding.
I would quit and travel and rest for a bit. Then probably focus on passion projects and see if I can make money from those as well.
I’d put $249k in bitcoin…kidding
Cash is trash. Bitcoin is the way
Chief
Quit. Travel throughout Europe at my leisure for a year or more. (Maybe move full time.) Enjoy myself and likely volunteer with dog rescue or something similar. Also , lots more music festivals and books to read.
I live in Massachusetts, which is a state where the cost of living is high. Forbes ranked Mass as 2nd highest cost of living in 2023. I could comfortably like on half of that a year but people saying $250k/yr is not enough to live on….maybe need to reexamine their lifestyle??
Chief
100% agree
This entire thread shows no one really stays in their job for self fulfillment. They all have something else they actually want to do. Unfortunate how many of our inner talents have died out never to see light because of this reality.
I would take a year long unpaid leave of absence (pretty sure my company would allow this) to spend my sons last year before he goes to school with him, then I would go back to work for maybe 7-10 years investing the $250k each year and retire before 50!
Best (for me) answer I’ve seen.
I’ll add that being at the right company in the right role makes it easier for me to think that way. In particular I am lucky to be in a very positive working environment doing meaningful work, with great work life balance.
Some of these comments can't be real saying you cannot live off of 250k a year I'm really astonished at some comments 😂😂
Even in nyc though most families are two income families so one salary at $250k could be sufficient if you have someone else still bringing in something
That’s my plan. Get about 6.25 million in etf’s in about 10 years from now, retire, and then draw down 4% a year, adjusted for inflation and have 250k coming in every year in perpetuity.
Given where I am in life (mid 20’s), I’d continue to work my professional job for another 5-6 years, continuing to live the same way I do now until I could fully pay cash for a house in the area I want (1.5m) and then find a part time job at a non profit for Tuesday-Thursday.
I’m 54 with 3M in retirement. Hell yes I’d quit this second.
He could but 401K there are things he must do to save on taxes for early withdrawal. My right hand guy is retiring effective date 1/1/2024 and is 55. He had to move some money around prior to 1/1/2024 for tax purposes.
Dude you’ve got yourself set! Great friggin job! Can you go at 55? I can with a company pension. Good luck and fantastic job.