At what net worth level were you lo longer concerned about losing your job?

[Anonymous]

Anonymous wrote:Our fear of losing a job is based on fear of losing health care options. It is also what is keeping us from retiring earlier.

+1 gotta love our terrible healthcare system.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are in late 40 and mid 50, 4 million + paid off house. Feel like we need another 500k to 1 million with 2 kids going to college, and health care for us and the kids

Did you think about this when you were younger? If so, did your goalpost move over time? If you had another $1m do you think the goalpost would move for other reasons (eg, building legacy wealth)?

It has moved up, didn’t figure out about college (how expensive and no hope of MA/FA) until recently, that definitely impact the plan
I don’t think it will change from this point that we are much closer to it.

[Anonymous]

I’ve struggled with the goalpost.

A few years ago it was $7.5M on the basis that was enough to throw off $200K a year comfortably.

Then I decided $10M because sometimes things happen and maybe I want a vacation on home. When $10M started to look more plausible, I decided $15M.

Today the number is $20M, but I’m already debating $25M in my head because - surprise - I should probably have some family trust money, etc.

I need to stop. I can’t. I wish so much I could talk to someone in the real world about this but all my friends have less - a lot less - and it’s likely to come off as utterly smug and selfish and horribly arrogant. But man, I wish I could have a real conversation about it without someone who genuinely had no dog in the fight.

[Anonymous]

Anonymous wrote:Our NW is ~$5M. Of that, about $2M is in home equity...the rest in other assets (stock, real estate, etc). We will also almost certainly inherit $5M+.

We are 43 y.o., with large 529s for our kids. I don't worry about either of us losing our job, though this is partially also because we both have highly in-demand skills and shouldn't have difficulty finding ways to earn money...even if at a lesser HHI.

I reached this comfort a couple of years (and ~$1M) ago. DH came to this conclusion this year.

NP - I could have written this! However, I get the sick feeling in my stomach to think about losing my job. Part of my identity is there, my security. I'm similar to the the guy with the 25M mark that keeps moving (except with a lot less). DH is more comfortable with money than me. I don't have an extravagant lifestyle, but I worry about an expensive emergency. Healthcare can bankrupt anyone in this country.

[Anonymous]

Anonymous wrote:I’ve struggled with the goalpost.

A few years ago it was $7.5M on the basis that was enough to throw off $200K a year comfortably.

Then I decided $10M because sometimes things happen and maybe I want a vacation on home. When $10M started to look more plausible, I decided $15M.

Today the number is $20M, but I’m already debating $25M in my head because - surprise - I should probably have some family trust money, etc.

I need to stop. I can’t. I wish so much I could talk to someone in the real world about this but all my friends have less - a lot less - and it’s likely to come off as utterly smug and selfish and horribly arrogant. But man, I wish I could have a real conversation about it without someone who genuinely had no dog in the fight.

My net worth is paltry compared to yours. But I get it. I have one friend (who is wealthier than me from family Monday) that I can speak straight with because there is no judgement there. But that’s rare and that’s only one friend. Wish we could talk more openly about wealth and goals without envy/greed. There’s a lot to learn regardless your stage in wealth building.

[Anonymous]

Right now at $350k in bank. Not afraid of losing a job at all. I have lost jobs many time and always got a new one. My job barely covers my living expenses, so it's not like I'm going to miss it. I can get another one that cover my expenses.
I'd be afraid to draw down the $350k. It's supposed to grow, not be drawn down.

[Anonymous]

$7 million and it was a great feeling. Changed the way I interacted at work.

[Anonymous]

Anonymous wrote:I am not saying this out of greed, but I would not be comfortable at all leaving/stopping my lucrative business until my child launches. Child is in early elementary and although we have a comfortable net worth with paid off investment properties, the unknowns of life keep me in career mode for the next 16 years. After that, I will we ready to walk away from it all. The uncertainty of life was emphasized with the pandemic and shows that life can change on a dime.

Isnt this the argument to leave ?

I’m probably “rich enough” in the next year or two to retire (at 41). I’m kinda tempted to do it precisely because what’s the point of working hard until my kids are in college if I don’t have to? Isn’t the dream to be able to enjoy your time with your kids before they launch (and basically visit you 1-2 weeks a year for the next 20 years which adds up to less than one year together for the rest of your life).

I keep coming back to that math. Once they’ve launched, you’ve got maybe the equivalent of 1, max 2 years left together before you die.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The number for us is what we spend each year multiplied by 30. So if you are good at 100k a year, You’ll need 3 million to feel secure

That seems low to me UNLESS you are already in your 60s-70s+ and thus Medicare is in play along w/ private insurance. Because if you're say 40 and paying for private insurance for the next 25 years, it goes up yearly and by decent amounts. This seems like more of a FIRE number - i.e. those people go on Medicaid if they have to just so they don't have to work.

DP: The OP question is when you are no longer concerned about losing your job--so IMO while this may be low to say you are ready to retire, but is enough to not worry about losing your job. If you have to pay private health insurance for a while as you look for other work, you're not worried.

This. Many people are missing this point. (Also, some people are delusional.) We are late 40s/early 50s, and have $2.5m invested, not including 529 or home equity. Will I retire tomorrow? No. Would I be concerned if I lost my job? Also no. Frankly, I may leave my current job, significantly scale back in terms of stress and compensation (and savings), and let my retirement assets continue to grow.

[Anonymous]

Anonymous wrote:I’ve struggled with the goalpost.

A few years ago it was $7.5M on the basis that was enough to throw off $200K a year comfortably.

Then I decided $10M because sometimes things happen and maybe I want a vacation on home. When $10M started to look more plausible, I decided $15M.

Today the number is $20M, but I’m already debating $25M in my head because - surprise - I should probably have some family trust money, etc.

I need to stop. I can’t. I wish so much I could talk to someone in the real world about this but all my friends have less - a lot less - and it’s likely to come off as utterly smug and selfish and horribly arrogant. But man, I wish I could have a real conversation about it without someone who genuinely had no dog in the fight.

A therapist can work wonders...

[Anonymous]

When I had $5m invested, a paid-off mortgage and college fully funded (4 years private tuition/room & board, including expected inflation for a 14yo).

I left my day job a few years ago to focus full-time on a side business that paid off, but it's in a volatile industry. Now I feel like we'll be OK if the business goes south, even while paying a small fortune for healthcare. I'm proud of having gotten here as a single parent. It helped that I didn't inflate lifestyle one bit when I started making real money. Sometimes I think about moving the goalposts - I would love a vacation home! - but I like financial security and freedom more than anything.

[Anonymous]

Anonymous wrote:NW about $7M, late 40s/early 50s. Still concerned about losing my job. Had anyone told me when I was in college that I would be making as much as I do now, I would have laughed at them. But the lifestyle grew with income, and it feels bit like “golden handcuffs” now. Give me another 10 years and I will stop worrying. Alternatively, if by some magic, my worthless penny stock that I bought earlier this year becomes the next Amazon handing me $5M, I would stop worrying right now

Same here as we're mid 40's/early 50s. We have about $5m in stocks, I have another $2m in my pension fund (fully vested) and we have about another $1.7m in real estate net equity. I know I could conceivably stop working/lose my job now but I'm not quite comfortable as we have 1 in college and 2 more about to head off (and each one has their own college plan fully funded to about 300-350k). If i work another 7-8 years, my pension will be at least $3.5m.

Funny, I wonder if we have the same penny stock - I'm hoping that it hits as I can absolutely leave the work force tomorrow bc it would be windfall of at least $20m on top of everything else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not saying this out of greed, but I would not be comfortable at all leaving/stopping my lucrative business until my child launches. Child is in early elementary and although we have a comfortable net worth with paid off investment properties, the unknowns of life keep me in career mode for the next 16 years. After that, I will we ready to walk away from it all. The uncertainty of life was emphasized with the pandemic and shows that life can change on a dime.

Isnt this the argument to leave ?

I’m probably “rich enough” in the next year or two to retire (at 41). I’m kinda tempted to do it precisely because what’s the point of working hard until my kids are in college if I don’t have to? Isn’t the dream to be able to enjoy your time with your kids before they launch (and basically visit you 1-2 weeks a year for the next 20 years which adds up to less than one year together for the rest of your life).

I keep coming back to that math. Once they’ve launched, you’ve got maybe the equivalent of 1, max 2 years left together before you die.

huh?

[Anonymous]

For me, it was more about having the house paid off. Sure, with a high enough net worth, I'd be able to pay the house off anytime. But with a decent net worth, and a paid off house, i know that if i got laid off tomorrow, i would not have to uproot my kids. And that gives me comfort even if it is mathematically not the correct thing to do.

[Anonymous]

7M.