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It’s great that you have this choice. If you’re not taking care of a family, don’t have any or minimal debts, and having financial freedom isn’t important to you, then why wait. I knew a guy that was a high earner and gave it up to be a ranch hand. That was his dream and he never looked back. If you’re young, you have time to recover from bad decisions. Best of luck!
Depends how over it you are, and what the cost to your mental, physical, and relationship health is to stay there. I feel similarly to you but have no second act lined up.
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If you can afford it, then exit ASAP and follow your dreams. Consulting is a waste for all but a very few and is detrimental to health and family.
Have you modeled this out or met with a financial planner?
The financial analysis here should be pretty straightforward and show when you can easily afford the pay cut or how much better you would be set up if you socked away some more money before you take on your next act.
It’s not necessarily how much money you have, it’s how much you spend or will need to spend to maintain you lifestyle long term and through retirement that really answers the question here.
You have a paid off house and 2.6M set aside so I’ll assume you can live on the salary on 100k and still continue to save a little. 2.6M and 1M (assumption) paid off house is solid and more than the average person has in late 40s, but it’s hard to say it’s enough without modeling it out best case, worst case etc.
That said, given the data presented and not factoring in the mental health/ soft side of things, I’d probably take the 2-3 year path. This would allow you to sock away another $1M+. That amount of money in the market or parked into real estate over the next 15- 20 years will make a big difference and really help you focus on the next act due to added financial cushion.
Also, can you give 1, 5, 10, 15, 20 etc percent less in your current role and still maintain your level of earnings or close to it for the last couple of years in consulting and get some relief on the mental health side of things? What’s the worst that could happen, they exit you with a package ? Don’t assume you have to continue to give 110% if you choose to stick around for a bit longer while you prep for your next act. Focus on what’s right for you!
Thanks for the detail. Yes, I’ve modeled it out a few ways. The numbers work, I think…
I think it’s equal parts emotion and rationality what are holding me back now. I value the feeling of security the income brings and I also agree that salting away just a few more years of savings is a prudent thing to do.
I’m looking around for a fee-only financial planner to validate it for me.
For now, I’m trying to keep my head in the game to some degree.
I would stay long enough to insure you have enough of a financial cushion should anything unexpected / any big life event occur after you make the jump. But once you have that stability, I’d consider that life is short and leave ASAP.
You’re the only one who knows the answer to that. Are you miserable in the job? Will you be able to work and do school without burning out? Would you prefer to save up so when your income takes a dive you’ll have savings? There are a million possible factors unique to you. So I’d turn this around and ask: How are you feeling about it?
Pretty fried with consulting. Kid is four years out from going to college. Have a 529 to pay for college. $2.6m in financial assets. House is paid off. I expect I’ll earn around $100k/year in my second act job. I’m late 40s. Single.
That is awesome! I know this can sound exaggerated and self congratulatory but I feel like we “won” at life, at least the financial aspect. It’s almost like endowing your own professorial chair and you’re now free to pursue your own research. That’s how I think about it. There are so many things to learn and do that don’t make a lot of money but are fulfilling and socially beneficial. The other way I like to think about life (and this next act in particular) is like being on one giant earth-sized cruise ship with all these activities and “on shore” excursions. 🤪
If you can save $400 annually, easy decision, will you make more or less, netted against new WLB that only you can put a price on. Figure it out! By the way, not a bad position to be in.
Same thoughts here - exploring a few options for doing something different but not decided whether I keep going with consulting until I am “set” or just jump.
I feel the same way you’re feeling about the job - in my case it’s the burn out over the last few years that led me to feel this way.
I always loved the consulting aspect of the job in a sense that own your own growth and treat it as a mini business of your own. But having to keep everyone around happy has worn me off. Clients act as a**holes all the time puts more pressure.
I am still not over it. What has got me going is the side hustles or business opportunities. That’s where I find fulfillment. Real estate agent, mortgage originator, a retail business along will full time consulting job - gets me going. I am not making a lot in my side stuff but it keeps me interested in the world :)
What’s your next act? Looking for some inspiration.
Mental health therapist/counselor. After a few decades of subjecting myself and many others to a mentally unhealthy work environment and practicing many of the same techniques I latently learned from my mentors on how to extract the most value from your employees and persuade clients to give you their money, I’ve come to a realization that I’d rather not -keep- doing the same and maybe help people struggling with the issues I did/do. I don’t universally condemn consulting - I think some people really do enjoy it and I think there are instances of truly helping clients. But I’ve participated in much that met neither criteria.
Save $400k/yr. Current salary?