(I should probably start by saying I have no idea what I love.)
At this point with my portfolio I am pretty much CoastFI which means that as long as I don’t dip into my savings/investments I should be fine to retire (and probably retire early but at the least to retire at a normal retirement age.) That’s nice to know. It gives me some relief… but not enough… because I know how quickly I’m decimating my savings without a job.
My husband makes $110k a year, but that doesn’t include any health insurance. My estimate for our monthly expenses is $15k ($7k of that being our mortgage, another $2-3k being cost of home ownership). So $5k on life outside of our house. That alone is a reason I want to move, but my husband refuses, and I’m still torn on that since it feels like owning a home in the Bay Area is probably a good financial move long term (after we’ve made $600k in value in 4 years it feels like it might be… plus we have a 2.6% loan locked in for 27 more years on another $1.2M that we owe and taxes only go up 2% a year here.) Still… it’s frustrating to be so “house poor” when we don’t have to be. I imagine a life living in a MCOL city where we have money to take trips and all that on a lot less. Sell our house, walk with $900k cash, and basically buy something outright or with a small mortgage.
That isn’t happening, though, so I need to figure out how to make money so we can Coast and not flop.
Husband’s after tax is probably around $6k a month. So I need to make up $9k a month… or about $155k to break even. If I want to take vacations that involve airplanes (and islands and hotels) with my family of 5, I’m really needing $200k income… but for now I’m just trying to hit $150-$160k.
I haven’t had a lot of luck getting interviews and I know that I might have to settle for $100-$120k for the short term… if I can even get that. It seems not the worst to do that for a year or two as long as by year 3 I can be back up to at least $150k. It feels crazy writing this as the last time I earned less than $160k was in 2015! And that’s not inflation adjusted or anything. Salaries are so low right now and it’s an employer’s market. I haven’t shared how I got fired from my last job which was paying $200k plus bonus in Feb, but it was killing me and I wasn’t a fit for it… I’m sad it didn’t work out but really I needed the time off for my mental health while pregnant with baby 3. Now I’m not sure wtf to do. Job applying is getting me no where and my self confidence is at an all time low, at least work wise.
Some days I wish I had cuter feet, you know?
I’m wondering the same thing too! I’d be happy with $120,000 a year. I went back to work, consulting for that amount part-time, but I couldn’t last more than four months. So I feel I wasted that opportunity.
Congrats on your husband making $110K! There was a point he was way underemployed I remember.
And that’s huge on the house gains! I remember you were agonizing about the purchase with your FIL.
Hope you can rest and regain your mental health. So important.
Sam
Financial Samurai recently posted..Money Dysmorphia May Be Growing Inside You: Let’s Cure It
Yes, well the $110k is still underemployed for him… and some of that is bonus but it’s been consistent. The good thing is it’s part-time at $110k. We just can’t afford to live on that, esp without benefits. But it’s better than nothing. Which is what I’m making right now.
House gains — yes, thank goodness I bought in 2018. It seemed like so much at the time but as you know prices have gone up a ton.
I would change my job but to what… I got an email from a temp agency today for a gig in a related field that would be remote that sounds decent but I’m sure the pay is low and the field itself doesn’t have a ton of growth… but it would be a 12 month contract. It’s a little early though as my maternity leave ends mid Oct and I’d prefer to wait until that’s over, esp if I’m making the same amount on maternity leave doing nothing.