I’ve had a poor career path, so now I’m 40 with 500k NW. TC for gov about 180k, which would just cover expenses. I had pivoted to software with 2 YOE but now with downturn am afraid whether it’s worth it. In terms of effort/grind, job security, and whether TC would not be good like it was in the timeframe I need. Getting E4 300k TC is good money for me now but I think a path to 500k is what would justify the difference. The other option is to trade an easy and secure gov job (no pension though) and work on side hustles as a form of retirement. There may not be a contrast here as I feel high TC may not matter so much at my age as there is less time for money to grow. Plus arguably there is an asset bubble. So maybe I’m better off just going slow and steady and be there for my kids? Edit: also sole earner in HCOL. No house but have down payment and probable inheritance. Kids are as young as toddler.
It depends on if you have a mortgage or not, and whether you prefer private school vs public for your kids later down the road? 500k is not enough to retire anywhere in the US, as a sole earner you might want to try earn/accumulate while you still could.
Yeah, basically after a house I would have only money for basic essentials. The rest would hinge on success of side hustles. But the issue is that I may be screwed in terms of saving enough money anyways so might as well save time and start something now.
The side hustles are big ifs if you don’t have a solid plan. Also factor in that the competition and market dynamics will impact your income long term. Me personally wouldn’t take the risk when my kids are small - your fixed expenses will grow from here on until they graduate college. Also gov jobs do not default WLB, it depends a lot on what you do. Just do enough research before pulling the trigger. It’s your life at the end of the day and have a clear plan and take calculated risks. Best of luck!
I think you would be right in your shoes with a good career path. Mine is already shot so there is risk on both sides.
Gov job with no pension is a loser no matter how you swing it. They’re always lower paid comparable to private sector. If you want secure with more money and no pension look at defense
Lockheed actually offered me much lower. And it is less secure, no?
It should be more than a gov job. If it’s not you’re either bad at negotiating or interviewing
If you come from a wealthy family and have inheritance coming just enjoy life and don’t grind the ladder. Spend time with family and value your long term mental health
I’ve heard some other folks post something in a similar vain in similar topics. Waiting or planning for an inheritance may be problematic. It’s not something I’ve ever heard financial planners advise.
Not enough info. Do you have the offers? How old are the kids? Are you the only breadwinner in the House? LCOL or HCOL? But I would still recommend TC. It's mostly a matter of personal preference
Thanks, edited.