Life Situation:
41, Just divorced. Filing Single, 0 dependents, WI.
Just moved to WI after living in CA for 20 years. Been in WI for 1 year.
Gross Salary/Wages: $76,000/yr base. $83,600 with shift differential. More with overtime.
Pre-tax deductions:
14% pretax contributions to 401K.
HSA: Just starting in 2016 (only company option starting 2016).
FSA: No.
IRA: No.
Personal Investments/Emergency fund:
$19,300.00. Dividend stocks.
In Fidelity account - Dividend stocks paying approximately $520.00/yr after taxes.
$30,000.00. High Yield Savings.
High yield savings (Capital One 360) .75% APR currently. Approximately $180.00/yr after taxes.
Other Ordinary Income: None.
Qualified Dividends & Long Term Capital Gains: Stated above.
Rental Income, Actual Expenses, and Depreciation: None.
Adjusted Gross Income: Approximately $69,000.00
Taxes: Calculated with above figures.
Current expenses: Monthly.
Rent: $815.00
Car: $360.00
Food: $500.00
Car Insurance: $57.00
Gas: $75.00
Cellphone: $90.00
Target: $130.00
Total: $2027
Expected ER expenses: I'm not necessarily looking to retire early. Unknown right now.
Assets: $287,500.00
401K: $234,000 85% stocks, 15% bonds
High Yield savings: $30,000
Dividend stocks: $19,300
Checking: $4,200
Pension available at 65. $1,650 monthly if I quit my job today. Not inflation adjusted so this would be roughly cut in half when I started using it at 65 years old.
Credit score: 815+.
U.S Marine: Honorable discharge in Dec. 1998. Attained rank of Sergeant (E-5) fixing avionics/electrical systems on helicopters.
BA Economics, Cum Laude, 2008 from Cal. State Long Beach.
21 Year’s experience fixing electrical systems and avionics on helicopters/corporate airplanes. 5 yrs. in the Marines and 16 continuous at same corporate jet manufacturer.
Liabilities: $13,000.00
2014 Toyota Corolla car payment: $360.00/month @ 1.79% APR: $13,000 left on loan. I plan on paying this off quickly going forward. But am keeping my cash handy for a possible move back to CA.
Specific Question(s):
I want to move back to CA. I am thinking of making a career change into some kind of finance using my economics degree (but not sales). This would mean taking a pay cut. I am excellent with living below my means and have figured that if I make approximately $52,000 per year in Orange County CA I could live like I want to and still save money, but far less than I am saving with my current career.
With my current retirement asset base I would be fine as long as I don’t touch it until retirement, and add to it prudently going forward.
I am just grinding away at my job now and don’t like it too much. And I didn’t expect to dislike WI as much as I do. No offense to people from WI but I guess I didn't realize how much I liked living in CA.
Transferring back to CA with my company is possible but I am being blocked by a previous manager.
But there are other managers that do want me back working for them. If I was patient I could get back to my previous job/location.
I am under contract to stay with my company for 2 yrs. (one year left on contract) due to them paying for my relocation to WI from CA.
If I stayed out the final year of my contract here in WI (which could happen anyway just due to the process of waiting, interviewing, moving back) I would have the above asset base plus another roughly $20,000 cash in my high yield savings. And I could pay off my car then leaving me with roughly $50,000 cash, and $20,000 in dividend stocks depending on future market changes.
Does anyone have any advice pertaining to a career change into some kind of finance (not sales) at age 41 with my above education and experience?
Any advice and life experiences you are willing to share is very much appreciated.
Thanks all! :-)