What NW do you need to take a chill job and coast for the remainder of your career? In other words, take a job that maybe only covers basic expenses while your investments grow passively. I know this very much depends on age and time until retirement but Blind skews to people under 35 so I’m interested in what this crowd thinks they need to coast.
People saying 10m+….. trolling? Or do you actually think you need this much saved before you can coast?
I know many people who think 10m is needed. They want more of the Fat FIRE dream. The reality is that most tech people would be bored out of their mind after six months if they didn't contribute to something meaningful.
Are any of us even contributing to something meaningful *now*, while we’re at work?
After I passed 500k liquid NW, I felt like I could coast. If I get fired, I have that safety net to hold me over. However, I do have low expenses since I live in a low cost of living area.
It's a matter of monthly expenses. Generally 25 times your annual expenses in an account means you can live off the interest. But that's the long way, because it's for people that don't want to work at all. There's a shorter way. Look at the Walletburst Coast FIRE calculator. If you keep expenses low and have semi passive income (rentals, investments, part time job) then you don't need as much as you think. I have a NW of $2m including home equity, which isn't a lot by big tech standards. I've chosen to semi retire, having hit Coast FIRE. I work part time to pay the bills, but savings is mostly optional at this point. My wife wants to keep working for another 7 yrs or so & she provides benefits.
That sounds like a great plan! What is your age and NW breakdown?
I turn 50 this year. About $900k in home equity, $200k in HYSA for emergency fund / vacations / taxes / etc, $1m in investments. Most investments are 401k, so that's a bit of an issue since I can't access that money penalty free for a while. I didn't work in big tech until about 15 years ago, and with a family of four I was never earning big dollars when I was single.