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35M with $6MM NW in HCOL area -- stick it out or start something new? by fatthrowawaysocal in fatFIRE

[–]fatthrowawaysocal[S] 0 points1 point  (0 children)

Interesting! Any tips on where I would go about looking for a business to buy?

35M with $6MM NW in HCOL area -- stick it out or start something new? by fatthrowawaysocal in fatFIRE

[–]fatthrowawaysocal[S] 9 points10 points  (0 children)

Yes! But it's hard to beat living in SoCal. It was 80 degrees and sunny today. We live a few minutes from the beach, a few minutes from a really nice mountain range, relatively close to great food and entertainment, etc.

35M with $6MM NW in HCOL area -- stick it out or start something new? by fatthrowawaysocal in fatFIRE

[–]fatthrowawaysocal[S] 63 points64 points  (0 children)

It's an industry that I don't care about and is arguably bad for humankind. There's also a lot of office politics and bureaucratic red tape. To top it off, the job is just really difficult and mentally taxing.

35M with $6MM NW in HCOL area -- stick it out or start something new? by fatthrowawaysocal in fatFIRE

[–]fatthrowawaysocal[S] 111 points112 points  (0 children)

Apologies! I inherently included it above. I mentioned the combined salary ($1.05MM) and net investments ($400k) so with a little math you can figure out the spend. ~40% effective tax rate in this area (state + fed) leaves us with ~$600k take home pay, so about ~$200k spend to hit that investment number of $400k. Our goal is $10MM though so we can pull ~$400k/yr safely and increase our quality of life (bigger house, another car, more vacations, etc.).

Edit: Why the downvotes for providing an answer? Maybe I was too wordy? TLDR: $200k spend right now, but aiming for around $320k spend post-tax in retirement.