- October 11, 2023
- Posted by: legaleseblogger
- Category: Related News
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## When to Pivot: Balancing Career Growth and Passion
As a 28-year-old, my spouse and I find ourselves in a fortunate financial position. With a combined income of approximately $150k, we are currently maximizing our savings through our Roth 401ks and Roth IRAs. However, amidst this success, I find myself questioning the long-term sustainability of my current career path. While there is room for income growth, I lack the passion required to continue on this trajectory.
### Seeking Financial Independence
Despite not being passionate about my current job, I recognize the growth potential and the financial security it provides. At this point, I view my career as merely a means to achieve financial independence, where I can retire early or explore a field that aligns more closely with my passions, even if it means a significant decrease in income.
### The Struggle of Balancing Ambitions
This brings me to a crossroads – when is the right time to pivot away from a career solely driven by income potential? As someone who values wealth accumulation and desires a substantial nest egg, I wrestle with the notion of knowing “when enough will be enough.” Balancing the pursuit of financial independence with the desire for genuine fulfillment poses a significant challenge.
### AI Legalese Decoder: A Helping Hand
This is where AI Legalese Decoder comes into play. This innovative tool can provide guidance and support in navigating the complexities of career decisions. By harnessing the power of artificial intelligence, AI Legalese Decoder can help analyze various factors and scenarios based on individual circumstances, providing personalized insights to assist in decision-making.
### Benefits of AI Legalese Decoder
Through AI Legalese Decoder, one can gain clarity on the financial implications of a career pivot and identify potential alternative paths that align with personal passions, even if they result in a reduced income. By considering factors such as market trends, income potential, and the individual’s financial goals, this powerful tool can offer valuable perspectives, enabling individuals to make informed choices while pursuing financial independence.
### Advice From Those Who Have Been There
I am keen to hear from individuals who have faced a similar crossroads in their careers. How did they determine the right time to pivot? What factors did they consider? Sharing experiences and seeking advice from others who have successfully balanced income potential with personal fulfillment can provide valuable insights and guide my decision-making process.
In conclusion, finding the right balance between career growth and personal passion is a challenging task. However, leveraging AI Legalese Decoder and seeking advice from those who have been through similar situations can help navigate this journey, ensuring financial independence while also finding genuine fulfillment in one’s professional life.
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****** just grabbed a
The answer lies within an Excel sheet.
You figure out what income you need to meet your retirement lifestyle desires and work backwards.
If you want to live in a tent in a half acre of Arkansas maybe you can get by on 20k a year. If you want a Porsche and 3 international vacations a year maybe you need 200k.
Then once you know your needs, you figure out how you get there and how long you want it to take. Only wanna work 5 more years go get 3 jobs and work 18 hours a day. Fine with it taking 20 years, work the good job 5 more years then go step back and teach 3rd grade for 45k a year.
No magic answer just gotta figure out what works for you. And when you do estimates aim high on expenses and low on income. Or better yet do some bad, good and great scenarios and realize the outcome is likely going to be somewhere in those ranges.
How much do you have? Do you want children? Do you live in a LCOL area and want to stay there? Do you own a home or other property? Do you have financial assets other than retirement accounts? How young do you want to ÔÇ£retire?ÔÇØ
These are all necessary questions to answer before you will know when you have ÔÇ£enough.ÔÇØ
At $300k of combined income, you should both probably be doing traditional 401k instead of Roth 401k.
* https://www.reddit.com/r/personalfinance/wiki/rothortraditional
* https://www.reddit.com/r/personalfinance/comments/10qwnrx/why_you_should_almost_never_contribute_to_a_roth/
You might take a look at /r/coastfire to help learn more about strategies for a career pivot once you have saved enough to coast to retirement.
For me, enough money is when I can replace 100% on my annual income with capital gains from my investments without dipping into the principal amount. That is the point I can retire *perpetually* with my current lifestyle.
I’ll answer your question this way. My father died of a heart attack at age 41 when I was 3. I really didn’t know him, given my young age, but it has always made me realize that life can be short, we need to enjoy our time on Earth and going to a job every day that you don’t enjoy isn’t sustainable if you don’t have to do it.
I have a friend who is a single mom, she is a MD and her plan is to retire at age 50. Her number is $3 million. Her house isn’t paid off and she will still have a son that she is responsible for, for the first years of her retirement so her $3 million number, she realizes, is probably higher than necessary but after the first 10 years, she knows that she wouldn’t require that much.
I had some jobs that I liked well enough and after getting a divorce and with a tighter economy I got laid off and ended up with jobs that I didn’t enjoy. I “retired” in my 40’s in one sense. I did continue to invest, live frugally until the stock market brought my assets to where I was more financially comfortable.
My house was paid for and I had already done a lot of travelling in my younger years so being a little financially frugal wasn’t a hardship as most of what I liked to do at that point was scuba dive and rock climb and I could do that right where I live.
The point is, it’s a complicated and subjective decision but your life and time is valuable and money is important only to the extent of keeping food in your stomach and a roof over your head. After that most of the large amounts of money that people think they need…they don’t.
What I will say as someone that retired at 35 ÔÇö there is no such thing as enough money unless you are comfortable saying ÔÇ£noÔÇØ. What I mean is that people ÔÇö yourself, but also partners and children and parents ÔÇö can lifestyle creep and create problems that youÔÇÖll feel obligated to save them from. Any amount of money can be chipped away at and eventually devoured. You have to be willing to say no and upset people and be a cheapskate. Because that is how youÔÇÖll be seen if you ever deny someone something they want while you appear comfortable. They will not understand money management.
Best of luck.
Consider a few things to define “enough”
1. What type of spending style do you want in your life?
Do you feel that you need a big house, nice cars, the latest tech equipment, etc. Or are you okay living more frugally, or somewhere in between. This style of living will affect pretty much everything in terms of long-term decisions.
2. Do you and your partner want kids?
Kids can be a very large expenditure if looking through the financial lens. Besides normal day to day spending increases, would you want them to go to college and for you to pay for it? Would you want to plan on leaving them an inheritance?
3. Are your careers stable enough to keep your income high for the long term?
It can be very hard to predict the future, but some high paying jobs will filter out in the future due to things like improvements in AI, or just market shifts and new inventions. In short, take a critical look at reasons why your income could drop in the future and how flexible your skills are to adapt.
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When the dividends from your investment portfolio pay your monthly expenses
$20m is what you hear about in r fatfire. “$5m is a nightmare”. So it’s a slippery slope.
This is more an existential answer than anything. Back in animal behavior 400, we learned that they tested the use of currency on monkeys. So they’d give them food in exchange for tokens. What researchers found is that the moneys would stockpile the currency forever even if they were full and content and didn’t need it.
They called money a tertiary motivator, something that can never be fulfilled. Food/shelter/water/sex were all primary or secondary motivators that could be fulfilled.
There are plenty of answers about the financial aspect and there will be more but I have not seen anything about the passion for the job. Reality is many if not most people don’t have passion for the job. Are you miserable at work or just not passionate about it? There is a difference. Work is a means to an end and a higher salary will certainly enable you to follow your passions elsewhere.
It should be work to live and not live to work. I would stay in the job with the higher income potential now and build the nest egg as much as possible. You are still young. Think about changing jobs at 35+ unless your current job is so stressful that it is literally killing you.
Have lots a kids and one person stay home with them and home-schools them. Heck adopt some kids along with that. When you are retired you will be overjoyed because nobody dies wishing they had more money or worked more. All they care about is family.
Money is only a tool, its what you due with it that matters. Yes its common but there is no better thing to spend your money on than raising a bunch of your own kids and spending time with them to make the world a better place.
Honest answer? There’s never enough. There’s only more investment accounts to put money into. More vacations to take. At a certain point, it’s no longer balancing when “enough will be enough”, it’s work life balance. If I higher paying job means taking two big vacations a year instead of one, that’s great. If it means staying at hotels instead of hostels, that’s great too. It means a more comfortable lifestyle that improves your mental health. Personally, if you’re maxing out your retirements, it might be time to think about a 529 if you plan on having kids.
What are your goals other than financial independence? Kids on the horizon? Family medical histories you want to get ahead of?
IÔÇÖm 39 and make a few times what you make. I donÔÇÖt feel passionate about my job either but I love the comfort it provides. I enjoy knowing that my kids will have college paid. My dad has very advanced AlzheimerÔÇÖs and my parents live with me. We donÔÇÖt have any help taking care of my dad yet but I enjoy knowing that itÔÇÖs never been a financial decision. The last couple of years of my dadÔÇÖs progression has made me really take my health seriously. I hate running but have gotten into marathons. I use marathoning as an excuse to travel and the money is critical. I donÔÇÖt like spending on shoes or gadgets or even guac on my burritos, but I like knowing I can.
So when is enough enough? Prob like $3m by 50 (not including the house bc I live in a vhcol). I plan on working my mediocre corporate job until 45 or so then becoming a hs math teacher (assuming my husband keeps working his corporate job which he enjoys). Yes I know my coast fire plan is a lot of work but I like work. I want to do more meaningful work. But I want to have enough money saved that I can take a lower paying job without sacrificing my sense of security and be able to quit the meaningful work if I turn out to hate it.
Just go for the 3% rule (4% is normally used but you are young so 3% is far safer). Whatever you expect your post-retirement spending should be 3% of your invested net worth. You have a healthy split for tax deferred and regular, so keep it that way since you’ll need much of the money before 60 years old.
They say a 4% withdrawal rate is safe in perpetuity. So if you have 25x your burn rate, you’re ready to retire.
Go through an intentional exercise of estimating what a happy retirement might look like for you, and what annual expenses might come with that. Think of everything. Housing, property taxes, insurance, travel, *everything*.
Once you establish that, plug your numbers into some financial calculators to get an idea of how you’re tracking to that goal, and what age you might be able to retire.
I’m in a similar position – have been itching to get out of my line of work for a few years now.
Going through the above exercise gave me the peace of mind of knowing that if I get laid off or do just want to quit and work a random job, we’d likely just need jobs to cover our annual expenses and could just let our nest egg grow without contributing more. BUT, at the same time I have no interest/passion for doing anything else, so I’ve accepted that I’m going to stick it out with this job as long as possible to collect the paycheck, which will give us more financial freedom/options down the road.
DINK life is best financial life.
All the answers change if you have a kid and find it necessary for one spouse to stay home full or part time.
You’re only 28. Many unforeseen changes await you.
I devide net worth by how much we spent in the previous year. If that number plus my current age is above 100 or so, weÔÇÖll have enough. Nobody on my side of the family has lived past 100, but my wife has a couple on her side.
You are very young to waste your time doing things you hate to reach financial freedom faster. You have a long runway, instead of making more you can spend less too and achieve the same financial independence goal.
As Warren Buffett says: postponing doing things you love is like leaving sex for your old age, it does not make much sense. Do what you love, and be so good at it so you can make decent money. Spend 75 to 90% of it and invest the rest. Enjoy the road until you reach your destination.
Check out the book “Your Money or Your Life” by Vicki Robin and Joe Dominguez.
There are instructions for this exact question in “Your Money or Your Life.”
Definitely worth a read.
Seriously? I live alone and make around 55K which is huge in some peopleÔÇÖs eyes who make 20K which is huge in some peopleÔÇÖs eyes who can barely buy groceries and live in tents.
How much do you really need?!
Serious question.
Making a note for myself later, there is some great discussion here
This is America. One never had enough Benjamins. ƒÿà
Seriously, I just retired this year at age 65. I enjoyed my job, and had a short commute, so I stayed for years when I could have moved on for more money. Job satisfaction matters, as long as you are making enough money to support your lifestyle AND save for retirement.
My wife doesn’t believe that we have enough money, even though I showed her my spreadsheets. She wanted me to work until 67 or longer, since I’m in good health. She can’t work fulltime due to health reasons. She’s concerned because I’m still waiting to draw SS, and we’re now starting to spend our savings and investments after years of accumulation. I guess what I’m saying is that you and your spouse need to be on-board with early retirement.
Good job on the Roth IRA. I tried to avoid taxes, so I’m sitting on a big tax bomb in my IRA when I have to start taking RMDs at 73. The government wants its pound of flesh.
What are your non-qualified after-tax investments in? I would recommend ETFs that are based on a broad stock market index like the S&P 500 or Russell 2000. ETFs are much more tax efficient than mutual funds. I get some nasty capital gains surprises every few years when portfolio managers take profits and/or rebalance positions in my mutual fund portfolio.
I think you both could retire around 40 if you invest heavily and keep slowing getting raises until then.
If not fully retire, work way less.
This will sound far away… but my advice would be to aim for around 40-45 to retire. Here’s why:
1. The next decade is probably going to be a little rough. Who knows, of course, and maybe it’ll all be fine… but between the high inflation, various wars, commercial property/city issues, and general instability, things don’t look great. That’s not the end of the world… but I’m not expecting a ton of growth for a while. From an investment perspective, I guess that probably means you should just keep dumping money in, but you should think of it more like we’re in a long “buy low” period. Hopefully by your mid 30s or 40s, we’ll be back to solid growth and all those investments from this time will really pay off.
2. You don’t really know what your costs are yet… it might feel like you do, but you’ve got a lot of living and settling down to do. Maybe you’ll end up with a kid or some medical issue or really loving some group of friends or your job. You just know a lot more about your adult life by the end of your 30s or so and it gets much easier to guess at what the next 10-20-30 years look like.
3. You’ve done great saving, but you don’t have enough to live forever comfortably. Ideally, you’d mostly be living off interest, not principle… and that’s a ways off. But… if you keep saving like you are and give it 15 years… you’ll probably be in pretty great shape.
https://firecalc.com
Very simple. Just put in your numbers, when it says you have enough money for the rest of your life, you can then do whatever the heck you want.
Figure out after you have kids right now focus on earning as much as you can and investing it while your young, a whole new world that awaits you once the kids come. One filled with Joy for sure but you’ll analyze all of this through a different spectrum once first kid comes, and even greater at 2 or 3.