Hi all
I'm right around my baseline FI number (900K) and have a contract at work up for renewal, for 2 more years. I'm trying to figure out if I should stay or go. I have a bit of a unique situation compared to most of what I read here.
A couple things regarding my background. First, I'm 48 and was still 40k in student loan debt 8 years ago. I spent all my 20s and half of my 30's working part time pursuing a career in the arts that never made me a stable living. It was fun & frustrating being free and poor, but as the clock ticked away I started feeling like a change of course was due. Then my dad died and left me enough to pay off my debt and have about 20k surplus for the first time ever in my life. I decided to start focusing on building wealth.
Leading the artistic life I had a couple of decades' experience living very frugally. I switched careers but kept my standard of living low, and after about 10 years I reached my baseline FI like I said. I live in Los Angeles which is expensive, and I still have 2 roommates (a couple, I'm single), so although I'm "mustache wealthy" I'm not exactly dripping in money by CA standards either. I could move out and pay market rates for rent, but then my savings rate would drop pretty drastically if I kept working. If I quit I'd have to stay put or move to another area, but I'm not sure where since I've lived in cosmopolitan areas most of my adult life. My dream would be to live an hour outside of a place with culture, but somewhere woodsy & peaceful. Ideas??
Today I earn the highest salary I ever have, and if I renew my contract I figure I can put back at least another 200k and tip myself over the $1mil mark by the time I'm 50. I don't have a soul crushing job, but it's very intense and often stressful, and there are many days when I wonder if I shouldn't just hang it up. The trouble is, I like being active and I don't really have an idea of what I would like to do or where I'd want to live if I did quit my job.
What do those of you who've made the jump think given my situation? Thanks for taking the time to consider my question!