I’m not in a particularly good life situation right now. My job isn’t safe at all. I’m basically starting over and any wrong move will have we walked out the virtual door. They know I’m overpaid in my new role–which means they have even less reason to keep me. Or to ever increase my pay again. Only to possibly decrease it. Or leave it flat and let inflation do the dirty work.
Even if I manage to stay –do good enough work I’m a solid 3 out of 5 year after year–is my life just this? Because the longer I stay the longer I lose relevance in the job market. My role, in any other company, would both require more technical skills and pay about half of my base salary. I can’t actually survive on that. Nor do I have the right profile to land a job that pays the same or more.
I’m not being overly dramatic. This is the truth. And why I wake up every morning dreading my life. Wondering what is the point? Why am I such a failure? And, more importantly, how the fuck do I provide for my family?
Here’s where we are net worth wise as of April 1:
|Post Tax (Roth)||$238,265|
|529 Fund (2-3 kids)||$232,879|
Lost a bit with market dropping. Still, with $2M net worth I thought I’d feel better about life. I don’t. I feel like I’m suffocating. Will we starve? No. At least not for a while. But it can get ugly fast.
I want to make sure we can afford the next 5 years. Maybe after 5 years my job situation will make sense. And pay better. Right now I have 5 years to figure out.
We obviously could save less and spend a bit less, but if we can keep to this plan for next 5 years we’ll be ok.
The above assumes the following:
- Our total tax rate on taxable income is 40%
- I earn a minimum of $170,000 a year for the next 5 years
- My husband earns a minimum of $100k plus 3% raises for next 5 years
- We both max out retirement accounts every year as pre-tax money (to keep our tax rate down)
We won’t be saving nearly as much as we have been — but at least we can get through the year without dipping into savings too much (and probably not at all if we’re careful — the remainder this year can cover any overage in next few years.
BUT that’s assuming also that…
- I can get a job that pays $170k for next 5 years (especially if I lose this one)
- that my husband keeps his job and can get a 3% raise each year
Maybe I can find another job that pays $170k but there’s no guarantee. Especially not if I want to start over in a new career. Or try to find something a bit more junior that gives me time to figure out what I’m good at and move up in a normal sort of way.
It would be helpful if my husband could earn $150k and then I would earn $150k and we’d be ok — or at least in a much better situation. However that isn’t going to happen. So I just need to figure this out.
Yet again it feels remarkably hopeless.