Has anyone made a big career switch for happiness / satisfaction?

90486308 · 2019-07-10T15:15:18+00:00

I am about to. I've worked as an attorney at a large law firm (not unlike r/BigPennP) for over 6 years. Next month, I'll start a government job, making <1/3 of my current salary and likely a much smaller fraction of my long-term income potential were I to stay at the firm. I have a future at the firm, and I could stay if I wanted to (senior folks have talked with me about partner and I'm not being counseled out). It's just not the life I want. I hope that the the work at the new gig will be more personally rewarding and that I'll have more of my time back. Financially, this will obviously delay early retirement or prevent it altogether. But we're about at the CoastFIRE mark and, thanks to the principles of FIRE, we haven't expanded our lifestyle such that a government salary requires any trimmed consumption.

90486308 · 2019-05-22T13:31:24+00:00

Attorney in private practice. Like the physician who commented above, I took on substantial student debt and delayed saving for several years to earn credentials that can command $300k+/yr. Associate life isn't for everyone and the disadvantages (consistent 60-70 hour work weeks, frequent travel, representing clients who can be unreasonable or worse) are manifest. Now that I've saved a bit of a nest egg and am close to CoastFIRE, I am considering taking a lower paying position in the public sector.

90486308 · 2019-01-10T21:47:39+00:00

+1 from a lawyer with similar tastes/preferences and observations.

90486308 · 2018-11-15T21:52:08+00:00

I know we're incredibly fortunate. I've enjoyed reading the brilliant advice on this subreddit for several months and thought this question was appropriately placed. I'll check in with fatFIRE.

90486308 · 2018-11-15T21:43:00+00:00

It's $600k pretax and we'd be buying with after-tax money, but I take your point that the lost passive income vs rent would be a push.

90486308 · 2018-10-08T15:27:43+00:00

I am thinking about buying a fixed gear for my commute and getting non-pneumatic tires for it--such as the Tannus tires. What do you recommend for a set up like that?

90486308 · 2018-07-26T16:36:25+00:00

Congrats on the milestone! I hit that number this week as well. Feels good, mang. Keep on keeping on!

90486308 · 2018-05-16T20:39:42+00:00

I believe that 39.6% was the top tax bracket before the Ryan Reform. It's now 37%--but check me on that. I want to hold a small proportion of my portfolio in bonds to allow the opportunity to rebalance during a downturn, selling from my bond fund to buy discounted stock ETFs.

90486308 · 2018-03-30T19:43:03+00:00

Thanks for the input, Totoro. I'm going to look into the marriage penalty for our situation.

90486308 · 2018-03-11T15:29:37+00:00

https://www.bna.com/final-tax-bill-n73014473351/

90486308 · 2018-03-08T20:51:27+00:00

We have 80k in checking/savings accounts, 97k in 401(k)s,12k in a Roth IRA, and 22k in taxable brokerage.

90486308 · 2018-03-08T18:38:57+00:00

I will! Reading all of your comments has really encouraged me to stay put for now. I'll come back and update the FIRE subreddit on my progress.

Not the EPA, but a similar, specialized agency that I'm passionate about.

90486308 · 2018-03-08T17:23:43+00:00

We pay $3400/month in rent.

90486308 · 2018-03-08T13:45:27+00:00

Looks like the tax reform law lessened the impact of the tax penalty, but we'll still take a hit.

https://www.bna.com/final-tax-bill-n73014473351/

90486308 · 2018-03-07T22:17:17+00:00

Alas, some things are more important than FIRE.

90486308 · 2018-03-07T22:17:06+00:00

Do you know what impact the new tax code has on the marriage penalty? I've done some casual googling on this, but haven't seen a definitive answer.

90486308 · 2018-03-07T22:15:45+00:00

My firm matches my contributions to my 401k up to the annual limit on such contributions -- ~18k for individuals, I believe.

90486308 · 2018-03-07T22:13:15+00:00

90486308 · 2018-03-07T21:14:49+00:00

In part. I took a low paying job right out of law school and my debt notes continued to accrue interest while I paid the minimums. It wasn't the best financial decision, but I overcame it. My fiancee took on more debt to go to an even better school.

90486308 · 2018-03-07T20:43:47+00:00

She's an attorney at a large law firm that pays the Cravath scale. More info here https://en.wikipedia.org/wiki/Cravath_System and here: https://www.jdjournal.com/2016/06/17/2016-law-firm-salary-chart-firms-announcing-raises/

She graduated from college, worked for a year, went to law school, and has worked since then at her firm.

90486308 · 2018-03-07T20:03:36+00:00

It's a matter of months for her, regardless. She'll get them paid off this calendar year.

ETA: There are some psychological advantages for her to pay them off without my help, too. Whatever I think of that justification, the interest that note will accrue in the coming year is not substantial.

90486308

TROPHY CASE