Hello there!
Part-time lurker here, finally made an account and am writing my first post. (Hope I'm doing this right!)
I've looked through a few other posts that are similar, but I'm hoping to get some input from the MMM world on my exact situation.
(Feel free to point me to existing posts if you've found a more similar one.)
Some things about me- Single female, 26 in a couple months
- Planning on having kids eventually (though they've mostly not factored into my FIRE calculations as my plan is to keep working at least part time, on something, post-children, and I figure I'll be making those decisions with a partner who can also contribute income)
- Live in liberal coastal elite / high COL city with no intention of leaving any time soon
- Have kept lifestyle inflation largely at bay since graduating college, with the exception that my ex just moved out and my rent doubled -- expenses are still around $28k/year.
- Make about $80k/year between a consulting job and a small side gig in event planning (the side gig netted about $13k last year which I split 50/50 with my co-owner)
- Just hit $100k to my name, $10-15k of which is in easily accessible cash
FIRE goalsFor the last few years, my goal has been to hit about $500k in investments, which would give me $20k/year to cover basic expenses at a 4% withdrawal rate. So definitely not on the cusp of it, but well on my way. Every time I crunch the numbers, I figure I could hit that at about age 30, at which point I could keep my savings rate positive (if low) by working part-time in whatever I want.
Call it phase 1 FIRE -- not enough to live on a luxury yacht with a butler, but enough to get by and pursue my own projects for another few years.
Those projects could mean grad school (because learning is fun!), ramping up my side gig, or continuing to work part time in a pretty well-paid industry.
Historically, I've figured it's not worth doing any of those things as long as I have a pretty well-paid, stable job with benefits and only a few more years to go until I would never have to worry about basic expenses. Better to get those investment accounts filled out early and pursue pet projects later.
And then if I end up with a more lucrative job for a few years, that just means I could reward myself with some lifestyle inflation.
The conundrumMy current problem is that I'm feeling WAY burned out at my consulting job and need to make a change. That part is non-negotiable.
My question is... what?
To be clear, my consulting gig has pretty great work-life balance, especially as far as consulting goes. I'm at a small firm with good benefits, but the work situation has changed a lot over the 3 years I have been here. Much more corporate, no follow-through on promises of training, stuck on long-term projects that I don't care about and aren't meaningful.
So the burnout is not from sheer hours worked, but more from a lack of purpose, lack of learning, and lack of appropriate challenges.
The whole situation is bad for my mental health and is really putting a damper on my normal go-getter personality. (Read: the mental space afforded by NOT working for a while would be very welcome.)
Also, I've been wanting to break into the data analytics/data science world since I started my current job and those opportunities have not materialized.
I've never had problems
getting a job (and the job market where I am is definitely in favor of the employee) and have good references and all that, but at this exact moment, I don't quite have the data science/SQL skills that I think I would need to get hired as a data analyst.
Some options I'm considering include:
- Getting another job in consulting, if nothing else than to change projects and get experience on other teams -- and negotiating a start date in several months to give myself a break in the meantime
- Quitting my job entirely, taking a few months to do an intensive data training course, doing a data project or two for my portfolio, then applying for data jobs (living off of mostly savings in the meantime with a little bonus from my side gig); as a backup, I could also re-apply at my current firm, which would basically make this an unpaid leave of absence
- Quitting my job entirely to build up my event planning business (as a back-of-the-envelope estimate, I think that I could pretty easily net $30k/year from this... potentially much more if I really put the work into for a few years; in the meantime, it'd be fun; I could also hire somebody to run it once I build it up and get a passive income stream... so it's a riskier option but potentially a good long-term one)
Does anybody here have sage advice on where to go from here? Generally, people say not to leave a job unless you have another one lined up. And any time I take off without pay -- especially without the guarantee of another job right afterwards -- would push out my FIRE date by about that much time.
That said, greater risk comes with greater reward and isn't the whole point of having ample savings (by non-Mustachian standards, certainly) that you can allow yourself to take risks that could lead to greater happiness?
Many thanks from my quarter-life crisis to you!