Announcement

Collapse
No announcement yet.

At what net worth would you work less?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • At what net worth would you work less?

    At what net worth would you work less?

  • #2
    Haven't found it yet. Doesn't seem to depend on a net worth. I do work differently though and make different decisions about work. I did drop night shifts when I was within a year or two of hitting FI. Maybe that's more what you were looking for.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

    Comment


    • #3
      I think it depends on how much my current spending is, when I want to retire, and how much I want to spend in retirement. I used to try to pick up extra shifts whenever I could. It was nice to squirrel away some extra money but now in my mid 30s I don’t do that.

      Comment


      • #4
        2.5M

        Comment


        • #5
          No set NW -- Passed beach bum FI in late 40s -- and mind set definitely changed.

          Glide path planned sometime in 50s when I start waking up and not wanting to work - thankfully hasn't happened yet!;

          Comment


          • #6
            work less can mean a lot of different things. Cutting back to .5 FTE is very different than cutting back to .9 FTE. Personally we're more about slow FI due to a combo of not wanting to retire with kids still in the house and enjoy life a bit more while our HH income is probably on the lower end of the scale here. That said, my wife has cut back to .9 FTE at $1.5m NW. If she feels there's still not enough balance, she'll cut back to .75 or .80 next year. NW won't factor into this but the goal is to be at $1.8-$1.9m in a year, and that's with her already cutting back 10%

            Comment


            • #7
              We both cut back at 1M, mostly to make time for other things.

              Comment


              • #8
                I started taking Wed afternoons off at 7m

                Comment


                • #9
                  7 mil if 40 years old.
                  5 mil if 50 years old.
                  3 mil if 65 years old.

                  Comment


                  • #10
                    I don't have net worth goals, but more other financial milestones.

                    Cut back to 0.9FTE once student loans paid off.
                    Thinking about 0.8FTE when house paid off and oldest leaves for college (goal 9 years).

                    May consider changes depending on life and other expenditures in the future. 0.9FTE works well for me right now, but I do think that 0.8FTE will be nice at some point as well.

                    Comment


                    • #11
                      3.5 years out, NW just over $2MM, and I plan on dropping Fridays later this year when we get a couple new docs in. Will probably ride that for a bit, but I could see myself going 0.5 FTE once FI if I dont give it up completely.

                      Comment


                      • #12
                        My decision to cut back had nothing to do with NW. I practiced in a high stress area and it simply got to a point where I realized my work was my most unhealthy habit. So I cut back to about .6 FTE which helped and it wasn't long until I found a new way to direct my energies. That new endeavor grew my NW much more than it ever would have grown from simply my medical practice.

                        Comment


                        • #13
                          I think a poll would be helpful here. But my wife and I cut back after we had young kids and 2M, late 30s. We just weren’t able to juggle taking care of young kids and both continuing full time in somewhat stressful jobs with minimal extended family support.

                          Comment


                          • #14
                            I’ve been trying to cut back my whole career! In my early years in PP I was able to incrementally cut back to .65 FTE in a burnout prevention maneuver. That worked until it didn’t. But after 20+ years I was FI and was able to leave. The job was not a bad one, just stressful and I had my fill. Been working part-time for 10 years now in a much lower stress, no-call contract position. Not sure how much longer I’ll work. As MC age approaches it doesn’t make much sense to earn $ while trying to lower income to create space for Roth conversions, lowering IRMAA surcharges, etc.

                            Comment


                            • #15
                              Originally posted by CordMcNally View Post
                              I think it depends on how much my current spending is, when I want to retire, and how much I want to spend in retirement. I used to try to pick up extra shifts whenever I could. It was nice to squirrel away some extra money but now in my mid 30s I don’t do that.
                              Wait, back in the old days was before your mid 30s?

                              Comment

                              Working...
                              X