Author Topic: What Next?  (Read 3456 times)

MoneyCashFreedom

  • 5 O'Clock Shadow
  • *
  • Posts: 2
What Next?
« on: June 24, 2014, 06:13:30 AM »
Hello mustachians,

I'd like to get your thoughts on my situation and what I should do next.

I'm currently working a high stress job that involves quite a bit of travel. While it's cool to see different parts of the world and that is a nice perk, I generally find the travel exhausting and it doesn't make me any more money than when I'm not travelling (no over time or any ability to make extra money from it).  Also travelling for work isn't anything close to travelling for pleasure since I generally have little to no time to actually enjoy things while I'm away. I also prefer to be home where I can get more sleep, workout regularly and spend time working on my passions.  And it's of course quite disruptive to relationships.

I make $102k base plus an extra $25-$30k as a bonus depending on how the company does (all pre-tax).  Every three months for the next couple years I get about $1500 (pre tax).  And in February I get my last of three big stock payouts - about $15k pre-tax.

So although my job can be quite soul sucking, it is giving me a fair bit of cash. I haven't always made good money like this.. Only for the last couple I years since moving from software development into technical sales and having been part of a startup and acquisition.

I very much want to do something that I'm passionate about and that is not this job. The question is when would you recommend pulling the plug on my job?  Should I milk it/tough it out until my last big payout in February, or should I quit now and get my life back?  I just finished fixing up and selling the rental property I owned for about 3 years which was a bad investment since the market where I live us so expensive - so I never made cash flow off the property and even holding it for a few years didn't net me much in appreciation because I had to repair the place substantially after one of my tenants was very hard on the place.  So in one more month that deal closes and I'll have about $70k in cash money coming in from that after all is said and done.

Another option is that there's another position within the company I could probably get which would likely maintain my pay level but be less stressful. It would be less stressful but more responsibly at the same time with less flexibility re working from home (which usually do once a week when I'm not traveling) and being.  That said it would be a step forward on the traditional career path (not something a mustachian necessarily wants).

I'm currently living with my also very frugal brother paying only $500 a month for rent which has been great and together we have become badass when it comes to saving.  One thought is to buy a triplex before I quit my job (so that the bank will lend me the money - have have the ability to borrow tons of money for a property with my current income level). Then I could rent out 2 of the units and hopefully live in the third for free. Problem is in my city I don't know if I could pay the mortgage on a triplex with the income from only two units. I would keep living at my brother's place but my girlfriend is not going to tolerate that for much longer.

Unfortunately my net worth is not very high despite making good money (and btw, I'm 33).  Again I've only been making good money for a couple years and I had some debts I had to pay off previously.  My net worth is currently about $130k. About $65k is in a registered retirement account and the rest is my home equity which in a few weeks is long to be cash in the bank. If I stick around at my job till feb I'll be able to add about $30-35k to my net worth.

Ultimately I want to work on my passion and although statistically I be expected to make a lot less than what I'm currently making, I'm one of the most focused and hard working people I know when it comes to my own interests.  My work ethic can go either way when it comes to other peoples interests - although clearly I'm hard working enough for my employer to want to pay some descent cash - but when it comes to my own interests, I'm a machine and there's nothing I enjoy more than pursuing my own interests.

What are your thoughts?  How long should I ride this gravy train before quitting to pursue a life that I actually love?

Thanks!

Roots&Wings

  • Handlebar Stache
  • *****
  • Posts: 1301
Re: What Next?
« Reply #1 on: June 24, 2014, 06:58:29 AM »
What is most important to you?  You have an incredible high paying (but stressful) job and the opportunity to take on a less stressful high paying position with less travel for the same company.  Or drop the stressful job completely and pursue passions/other ventures without that high paying safety net if thatís more important. 

Given your high income and depending on your expenses/saving rate, it seems that you could potentially be FI in a relatively few years. 

I personally want the semi-stressful high paying job so that I reach FI sooner, and then have the ability to pursue those passions.  The job becomes much less stressful when I view it in this light with an end in sight. 

It's a matter of what you most want (and running some numbers might help with the decision too).  I would lean towards taking the less stressful position (minus the travel, and asking if there is work-from-home flexibility if that would be appealing) and saving as much as possible for the next several years until FI.  If you can find an income generating rental property too while still employed, that sounds like icing on the cake.  But if you're miserable and want out asap, it sounds like you have that option too.

dude

  • Handlebar Stache
  • *****
  • Posts: 2373
Re: What Next?
« Reply #2 on: June 24, 2014, 07:46:07 AM »
I'd personally make the short-term sacrifice and pocket the payoff before making a decision about leaving.  You are 33.  These are the years when you have the stamina to put up with long hours and other b.s.. Just keep your eyes focused on the end game and remind yourself of that each time you feel the grind.

pac_NW

  • Stubble
  • **
  • Posts: 154
  • Have the stamina to work on it until it's right
    • Take Next Steps
Re: What Next?
« Reply #3 on: June 24, 2014, 08:30:50 PM »
What does your gut say?  I completely empathize as I am in a similar situation. For me, travel is soul sucking. International travel in my job makes me a shell of a woman. For this reason, I think it is mandatory for me to find something new. It sounds like you are well respected at your company and you like the company - leverage that in the new role you mentioned. That would be my recommendation.

Josiecat

  • Bristles
  • ***
  • Posts: 310
Re: What Next?
« Reply #4 on: June 24, 2014, 09:43:19 PM »
I wouldn't leave right.  Keep making the big money.  I would check into applying for other positions within your current company.

surfhb

  • Guest
Re: What Next?
« Reply #5 on: June 24, 2014, 10:01:03 PM »
I'd sweat it out and retire when you're 40.    Think of all the time and money you'll have to work on what you're passionate about

I'd trade places with you in a heartbeat pal :)

EscapeVelocity2020

  • Magnum Stache
  • ******
  • Posts: 3373
  • Age: 47
  • Location: Houston
    • EscapeVelocity2020
Re: What Next?
« Reply #6 on: June 24, 2014, 10:51:30 PM »
You really didn't provide very much information, although you seem to indicate that being on a plane is the problem.  I have traveled extensively, and will be more than happy never to get on a luxury whatever-class flight over 4 hours ever again.  Is this your gripe? 

You won't find much sympathy anywhere, until maybe 10 years from now.  Honestly, high quality plane travel is still a luxury, so getting to do it for work seems more like a perk.  If you despise it, there are many others that will step up to the plate, find your comfort level and step away. 

I won't touch it with a 10-foot pole, but posting on a forum about it shows just how screwed up modern life is :)