Stick it Out or Part time?

[wageslave23]

I currently have about $100,000 net worth and $20k in rental income coming in a year.  My yearly expenses are about $30k.  I'm a CPA but I also despise being one.  I think if I work for 7 more years I could lean fire in a low COLA.  My question is: Would it be best to just stick it out?  Look for a career that I like better but would probably pay less?  Or just work part time (maybe I would like accounting more if I was only working 3 days a week)?

My first instinct as a conservative accountant is to just work 7 years and hoard a bunch of money and then do WTF I want.  But I would probably ending looking for a part time job that I enjoy at that point anyway.  So why not do that now? 

Any thoughts from people who have faced the same decisions?

PS, I've also thought about buying a couple more rentals and living off the revenue.  But I live in Illinois and I think long term the home prices will decrease and demand for rentals will go down.

[nurseart]

I'm not in the same boat and this might not be the *right* MMM answer, but I don't think working in a career you honestly despise is a good game plan. If you said your job wasn't particularly fulfilling, that you weren't excited to go into the office every day, or that your boss was obnoxious that is one thing, but DESPISING doesn't sound healthy. Can you go to part-time to see if that helps and then go back if you wanted? Are there any jobs you are excited about or that would at least be *shrug* fine?

If you think home prices and rental demand will decrease in your area, don't buy more rentals.

[wageslave23]

Despise is probably the wrong word, only some days :).  More like don't enjoy it and find it alternating between boring and stressful.  I could probably try going to part time and see if that's better.  I have a feeling that I would enjoy that for a while and then just be frustrated that I'm not making as much money and still doing a job I don't like.  The issue is that the jobs I could see myself liking would require going back to school and then taking a pay cut. 

You are right, buying more rentals just so I don't have to work at a job I don't like, knowing in the long run they will probably lose value, is not a wise decision.

[mozar]

I say stick it out, but you can try finding a different job in the same field. Different challenges, maybe work from home. Can help you last longer.

[walkwalkwalk]

I too am a CPA. Can I ask if you work in public, industry, government or nonprofit?

I started in public accounting - tax. It was a 12 person firm. I thought I didn't like it. So I worked in industry tax. That was bad in a different way. Less variety and more difficult. I felt i would've had to have bigger firm experience to succeed there. So I applied back to public accounting and got a job less than a month later. I like this firm better, but like you I feel I will never truly love my job.

What don't you like? Or maybe your answer of industry/tax/audit/govt will be answer enough that I can put it together.

[birdiegirl]

Timely post!  I'm in a similar situation and having been thinking about this a lot lately (I'm a CMA though, rather than a CPA).    A few thoughts come to mind..... 

7 years is a long time to stay in a job that isn't right. If you're really unhappy at work for a long time, that can really bring you down outside of work too and make life miserable.  Not worth in my opinion, life's too short to be miserable, especially when you have other options. 

I would stay start investigating some other fields, even if they pay less, and see if you can find a direction that interests you.  If you find something you enjoy, it won't be so hard to face working another 7+ years (or until real estate is becomes a better option).

Going part time in accounting might be good as a first step. Do you think you can find something part time that would have health insurance/benefits?  If that's possible, you will have a lot more free time & energy to investigate other options.  You can take classes or try part time jobs other fields that interest you while you still have the safety net of the accounting job & your rental income.   

[Classical_Liberal]

Try getting your 2018 spening to <20K (the rental income), I bet you can do it!  The year will go quick as you focus on new ways to not buy solutions to all that ails ya. Plus you'll save some more.  Then, once you've proven you can do it, go part time, or better, find a different job you like without concern for finances.

I also recommend aptitude testing, as I found that helpful as well.  Johnson O'Connor Foundation and other places can do that; they're nationwide.  It's about $700, but was well worth it - especially if you consider that you're making a decision that might cost you tens of thousands per year, one way or another, and especially over the short-term.  And may risk a lot of satisfaction (as it may not work out as you had hoped). 

$700 for an aptitude test?  Fuck that!  I'm good at a ton of things I hate doing.

[Cubert]

It sounds like we're in similar situations. I discovered the early retirement option back in 2014. That's about six years before my target retirement date. I've stuck it out, and found that it's possible to survive the job, having that loftier goal out ahead of you. What's more, the more engaged you are in THIS community, you'll find new tactics and strategies to accelerate your early retirement target. Those seven years might actually be only 5 or 6!
Hang in there, or maybe look to switch companies just for a change of pace. Best!