I recently transferred to a new role within the same corporation that I have been working at for the last 7 years. My previous plan was to stick with it, until June 2016. However, I am really not enjoying the work and it would be difficult to get another transfer so soon, after starting a new job. I also don't have much of a desire to continue a career with this company. Given the size of my stache, every incremental pay check is worth less and less to me. So, I like to get some feedback from the peanut gallery on the timing of my purported resignation, before I make a rash decision.
Age = 28 years
Marital Status = Single. No children.
Assets = $1,220,000 (25% in cash equivalents, 20% in 401k)
Liabilities = $0*
Salary = $156,000 /yr (from job that I am not enjoying, but can irritably tolerate)
Passive income = $18,000 to $45,000/yr (100% dividends and realized capital gains from publicly traded stocks and REITs)
Expenditures = $24,000 to $45,000/yr (current lifestyle is closer to $24k, $45k includes desired lifestyle inflation)
*Claw back clause = -$20,000, if I leave before June 2016
*Tax issues = Company currently hires Deliotte to file taxes and pays foreign taxes for recent foreign assignment. Not an issue if I stay with the Company through June of 2016, but I don't know how quitting before filing 2015 taxes will affect that, and I am afraid to ask.
*My mother and brother may eventually come to depend on me for financial support. However, that day should (hopefully) be at least 10 years from now.
So, the net difference in projected net worth between quitting now and quitting in June 2016 is likely to be about $120,000 (after taxes), which would equate to an approximately $4,000/yr in ongoing annual income (after accounting for inflation). This would also likely get me close to my desired FI target of >$1,300,000 be worth or >$40,000/yr in passive income.
After I quit, I plan to travel for 6-12 months and then eventually plan to look for part-time or seasonal work that would hopefully cover most, if not all of my base expenses. Either that or I will get a Professional Engineering License and join / start a consulting firm. There is not much demand for metallurgists / materials engineers, in the places that I want to live, so I am considering a career change that may require going back to school, or a permanent pay cut.
Thanks for your advice and input, in advance!