[USER]

Hi Folks, Thanks in advance for your thoughts! I’m looking for advice on exploring new career ideas, as I’m burnt out in my current role.

Ideally, I would like something part-time where I could continue to cover all my expenses.

Here are my current numbers:
Age: 42, wife 45, no kids

Income: 130k, wife 50-70k self-employed, health insurance through my employer

Expenses: 75-85k, not including health care. Would spend more if we had more time for travel.

NW: 6.2ish m
Vanguard: 4m (300k in Roth, 250k in IRA/SEP, the rest in taxable) Standard Boglehead 3-fund with total stock (80%), total bond (20%), total international (20%of stock).

Additional: 950k (100k Ibonds, 75k mm, 280k gold, 50k REIT, 100k loan to brother, 350k condo that in-laws live in and pay expenses, no mortgage.

Home 1.2m no mortgage
One of the challenges I face when trying something new is that I don’t have a college degree. For example, I was interested in pursuing my CFP, but that’s not possible without a degree.

In my current role, I really enjoy budgeting and anything involving spreadsheets. I also enjoy carpentry, but I’m not sure if that’s something I could pursue part-time! I work well with others, but am equally happy working on my own.

You’re probably wondering how I built my net worth with my current income.

The answer is that I had a great, high-paying job before my current role. Unfortunately, it was something I could only physically do when I was younger (let your imagination run wild:) My expenses at the time were super low and I put every possible penny in VTSAX.

Plan A for me is to go part-time at my current employer while I explore new options on the side. However, I need to be prepared for the possibility that I might be let go when I ask for part-time hours.

My questions:
Do you have any ideas or resources to recommend for exploring new career paths?

As I mentioned, I need to be prepared to lose my job when I request a reduction in hours, as my current role seems to demand full “buy-in.”

I’ve read and listened to every imaginable resource about safe withdrawal rates, etc. and I feel comfortable with where we are at.

Is there any reason for me to be concerned financially?

Am I missing anything?

[Leah]

With 4million in Vanguard and a safe withdrawal rate of 4%, you’d have $160k per year which is double your outlined expenses.

Even if there’s a fee for withdrawing while under 55, it seems like you could fairly easily retire now even if your spouse stops working as well.

Maybe aim for a “fun job” in an area you enjoy but otherwise lean back and relax in the wonderful life you built!

[Eric]

Do not tell me to let my imagination run wild. Now I really want to know.

I would like 1/4 of that net worth

[Rick]

My guess is military adjacent or energy industry. Either overseas or literally on the sea. But just guesses.

As others have said, work is not a financial need for you.
Your first “job” to consider may lead to a variant of you mentioned next job.

Can you prove out how you would live on investments (without an income job), document it, consider building a YouTube channel around it, build a small community around it and….then launch your financial coaching “career”.

Skip the cfp and go to financial coaching.
Congrats on all you have amassed and good luck on your next step along your journey.

[Adam]

You don’t need a CFP to be an advisor. And if you want the CFP, there are education programs wrapped into a bachelor’s degree.

If that’s a passion of yours, go do it!

[Diya]

Why do you feel the need to work? Maybe explore that a bit. Based on your post and expenses, you don’t need to work.

You should perhaps focus on what work for fun looks like and do that.

[Ray]

“Let your imagination run wild”… favorite choosefi post yet.
Also… why are you worried? Expenses are reasonable.

Doesnt sound like you are living lavish at all. Just do it.

You worked hard to build that 6m. Let the returns cover you. Just dont get wild.

[Laila]

Also, if you end up desiring a CFP, you can always choose to get your Bachelors first.

Since it looks like, financially, you no longer need to work…
You can do whatever you like!

[Aimee]

Please consider health insurance outside of your employer. It will be very expensive, for 20+ years.

Just find a broker to get you the best plan for the best price, and included it in your budget.

As a couple in our 50s we are paying $1200/mo with a $15000 deductible for anything above basic doctor visits and prescriptions.

[Sonya]

Please give us a hint about how you amassed your current net worth! We are all so intrigued, haha!

And as others have said, you don’t need to work, do whatever makes you happy!

If it’s carpentry, do that for fun — you can start an Etsy shop and sell whatever you make, or don’t, and give it away to friends!

[Ryan]

The entire time reading I was wondering how you got there with current income, exactly. If you enjoy carpentry you could definitely do that part time.

Use apps like Next Door to start advertising locally and then you decide what jobs you take and don’t take.

Start your own LLC. Tell all of your friends and family what you are getting into and then from there, word of mouth.

I have several friends who have done this the past few years and now have as much (or little) work as they want. Just a few ideas…

[Author]

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