Dear all,
I am a new MM and would love to get people's opinions.
I am 32 with about 500K saved, with the bulk invested in an index fund. I have only worked for 6 years, but have ascended quickly and saved aggressively.
Right now, my income is about 200K (wages) working for a New York city firm. With the high cost of living / taxes, it's not as much as you'd think - perhaps 130K post-tax. My wife is in another city finishing medical school, so I am away from home 5 days a week and commute on weekends. I don't work too hard (40 hours a week) and enjoy the New York city life. Savings, though, have declined to 60K/year. Realistically, I'd need to be in that job for another 8-9 years before geting to my $1M ER goal.
On the flip side, I just got an offer from a firm where I'd be making 260K a year and could live anywhere I want (where my wife is, which is a lot cheaper than NYC), but would need to fly to remote locations (think oil rigs) weekly, Monday through Thursday or Friday. The work would be harder (50-55 hours a week), and there would be limited entertainment during the week. However, I could save up to 125K/year (or more) for 4 years, getting to my $1M retirement goal by age 36. At that point, I can do freelance consulting for a few weeks a year (pays $1000+ per day in my field) to supplement my ~40K of guaranteed passive income
From those who have had to make similar decisions (or simply have advice), what do you think makes sense?