The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: LAL on May 02, 2014, 10:17:37 PM
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We aren't ER, but downshifting. I found an old thread of mine and realized that it's been almost a year and last year I just was thinking of ER, now we've settled on moving without jobs to a new location and seeing what happens.
So since last June
home equity $200k, now $250k (conservatively probably more like $350k)
Retirement $385k, $500k
Taxable $140k, $225k
College $10k, $14k
I know we're saving probably around $60k/year and we're still living on $65k. So right now we are deciding do we cut bait and move summer 2015 or wait till summer 2016.
Reasons to move 2015 - DD1 starts kindergarden, tired of where we are, ready to start fresh
Reasons to stay 2016 - sabbatical summer 2015, pad our nest egg another year and potentially another $100k.
I don't have a retirement budget yet but I use $60k as our expenses and we'd need $1.5M conservatively I might say $2M. We're about half way there and on track to probably ER by 45 or 10 years.
So should we stay 1 or 2 years?
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I would wait for another year. For me, personally, the risk of moving somewhere without a job would make me want to stay for another year. I can understand wanting to leave the bad behind and start fresh, but moving is expensive, and it seems like you will have some time off in the next year.
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I think it really comes down to how hard would it be to find a new job and whether you would take a hit to your income or not. I mean if you are a doctor I don't think this would be a big deal. If you are a realtor, you could literally take a 75% pay cut your first couple of years. Too hard to make a call without knowing more. Also, I'm just curious here, what is your motivation for moving?