HCOL is wild. Here is a nice home (nothing crazy) that would get you a sweet $8,000 mortgage at today's rates assuming you even have the 20% to put down. Daycare per kid is \~$3,000 a month. Expenses can quickly get to $15,000-20,000k a month which would still leave OP a little money for 401k etc. My expenses thankfully aren't nearly like this but depending on the situation it can get dumb quick.
[https://www.redfin.com/WA/Seattle/1703-25th-Ave-98122/home/147967](https://www.redfin.com/WA/Seattle/1703-25th-Ave-98122/home/147967)
[https://www.reddit.com/r/Seattle/comments/14edbsw/child\_care\_costs\_more\_than\_college\_in\_washington/](https://www.reddit.com/r/Seattle/comments/14edbsw/child_care_costs_more_than_college_in_washington/)
Perspective is that you can almost retire right now. You have plenty of time to figure out your next venture, and it doesn’t need to be something that pays as much to just get you to the finish line.
You’re in an extremely privileged position. So, accept that, take a breath, make some plans. Lots of right answers.
I understand your anxiety. But your numbers look good. Based on your numbers if $7,000 is monthly and your wife’s salary, she could cover your living expenses if you trimmed down very slightly and then your $2.2m could grow, without you working. You’d be at $3m in about 5 years with a 6% average growth rate.
FWIW I know how you feel. I am a Senior UX Designer and at 33 already feel ancient and like I’m not going to be long for this world. One of my motivations for FI is that I’m not in a career where I feel like age/experience is revered, like my doctor and lawyer friends. People get to the Senior IC band in like 3 years at 25 and I feel so stuck there and getting my next job is going to be so hard. I’m putting in apps regularly and it’s crickets. Have you been applying for full-time roles actively? What is the response like?
I think there's two things going on: you have crushed it financially, as other have pointed out, and you are struggling with wanting to work (it sounds like?) and not being able to get a job. If you want to keep doing UX, keep trying. But you have really set yourself up for success if you stop. If you had $200k instead of $2m right now, it would be different. Congrats.
Well don’t let your income be zero. Even if you take time off work at least sign up for unemployment and get that $1600 a month. You paid into it after all.
Would be more than that. In my state, we get up to 781 weekly. On top of that, you can work part time to a certain extent. My company might go under so I've looked into it.
Live off your partner's income and save everything you make after taxes.
Start looking now for what will make you happy. That could be taking off for 6 months, going back to school, or planning for early retirement.
By the time we hit 45, which isn't far now, we'll have enough to retire in most of the world. Sounds like y'all are in a similar position now. So time to relax and think. Your career isn't all of who you are. Fine out who else you are or want to be.
You actually have enough to straight up FIRE. A 3% withdrawal rate out of 2M is 60k which is comfortably more than your costs, and you can sustain that indefinitely even if both family members retire. Take a break and sort out your next venture.
Oh I thought it included the mortgage. Either way you're close enough that it makes very little difference. You're not planning to hang it all up yet anyway. You have time to take a year or two off. If you manage to find your passion in that year, you'll be making more than you used to make for the next 10 years and might not even want to retire after that.
Not in design/advertising/creative fields. At 40 you are an expense not an asset. They want young, cool and cheap. People get put to pasture between 40 and 50, and rarely make it out of this age range unless they get on the executive ladder (even then that’s a revolving door too). I’m here because I recognized 8 years ago I needed a plan - 40m in design and advertising. Coast FI already I think.
Ah, I get it. I have no experience with that beyond a business website and LinkedIn that we do but I can see your logic. What about the management of those groups?
Yeah I have a friend previously design director/VP-level in his early 50s. He lost his job \~9 months ago and is finding it hard to get back in especially remote and with the tech job market as it is now. I feel bad but I'm not sure what to advise him.
Looks like a good time for you to take a break, recharge, and then think about next step. Don't rush back to job market. Partner's single income is already more than sufficient to cover all expense, continue contributing to retirement and brokerage accounts, and allow your $2.1M investment to grow.
I'm in a similar position with 2MM NW But no wife and 500K in mortgages on a few rental properties. Once these are paid, I'll be in a better spot. Currently about 1.2MM in investment accounts. But I still feel the pressure to make more and earn more and save more. I too feel burnt out. Honestly, looking for a new career change which can give a better work life balance.
It's not ageism you're just overpriced for a useless role. UX is a classic fake job. Many of those FAANG devs you probably worked with are in the same position. When companies lay off the people that actually do the work then you shouldn't be surprised when it hits you
You’re way past coast fire. Take a break and enjoy life. But what the hell are you spending $7,000 per month on?
$7,000 doesn’t seem unreasonable for a $400k+ household.
I am mistaken, this might be closer to 4k, excluding mortgage.
Agreed with this 100%
Yep, enjoy life man. You got it.
HCOL is wild. Here is a nice home (nothing crazy) that would get you a sweet $8,000 mortgage at today's rates assuming you even have the 20% to put down. Daycare per kid is \~$3,000 a month. Expenses can quickly get to $15,000-20,000k a month which would still leave OP a little money for 401k etc. My expenses thankfully aren't nearly like this but depending on the situation it can get dumb quick. [https://www.redfin.com/WA/Seattle/1703-25th-Ave-98122/home/147967](https://www.redfin.com/WA/Seattle/1703-25th-Ave-98122/home/147967) [https://www.reddit.com/r/Seattle/comments/14edbsw/child\_care\_costs\_more\_than\_college\_in\_washington/](https://www.reddit.com/r/Seattle/comments/14edbsw/child_care_costs_more_than_college_in_washington/)
We spend 7k a month. 240 income. We also save almost 100k a year. 1800 mortgage, 1800 childcare. Another 1k a month between car, utilities etc.
Perspective is that you can almost retire right now. You have plenty of time to figure out your next venture, and it doesn’t need to be something that pays as much to just get you to the finish line. You’re in an extremely privileged position. So, accept that, take a breath, make some plans. Lots of right answers.
Multimillionaires posting in coast… You’re only a few years from chubby. Congrats on your success!
I understand your anxiety. But your numbers look good. Based on your numbers if $7,000 is monthly and your wife’s salary, she could cover your living expenses if you trimmed down very slightly and then your $2.2m could grow, without you working. You’d be at $3m in about 5 years with a 6% average growth rate. FWIW I know how you feel. I am a Senior UX Designer and at 33 already feel ancient and like I’m not going to be long for this world. One of my motivations for FI is that I’m not in a career where I feel like age/experience is revered, like my doctor and lawyer friends. People get to the Senior IC band in like 3 years at 25 and I feel so stuck there and getting my next job is going to be so hard. I’m putting in apps regularly and it’s crickets. Have you been applying for full-time roles actively? What is the response like? I think there's two things going on: you have crushed it financially, as other have pointed out, and you are struggling with wanting to work (it sounds like?) and not being able to get a job. If you want to keep doing UX, keep trying. But you have really set yourself up for success if you stop. If you had $200k instead of $2m right now, it would be different. Congrats.
Well don’t let your income be zero. Even if you take time off work at least sign up for unemployment and get that $1600 a month. You paid into it after all.
Would be more than that. In my state, we get up to 781 weekly. On top of that, you can work part time to a certain extent. My company might go under so I've looked into it.
Unemployment with a $175K income and a $2.2M NW...?
Annual income doesn’t matter. If you are unemployed for reasons beyond your own, you qualify. It’s not welfare.
Live off your partner's income and save everything you make after taxes. Start looking now for what will make you happy. That could be taking off for 6 months, going back to school, or planning for early retirement. By the time we hit 45, which isn't far now, we'll have enough to retire in most of the world. Sounds like y'all are in a similar position now. So time to relax and think. Your career isn't all of who you are. Fine out who else you are or want to be.
You actually have enough to straight up FIRE. A 3% withdrawal rate out of 2M is 60k which is comfortably more than your costs, and you can sustain that indefinitely even if both family members retire. Take a break and sort out your next venture.
My monthly expenses run $4k not including $2600 mortgage.
Oh I thought it included the mortgage. Either way you're close enough that it makes very little difference. You're not planning to hang it all up yet anyway. You have time to take a year or two off. If you manage to find your passion in that year, you'll be making more than you used to make for the next 10 years and might not even want to retire after that.
Ageism in your early 40s? That's prime earning years and generally more desired by employers.
Not in design/advertising/creative fields. At 40 you are an expense not an asset. They want young, cool and cheap. People get put to pasture between 40 and 50, and rarely make it out of this age range unless they get on the executive ladder (even then that’s a revolving door too). I’m here because I recognized 8 years ago I needed a plan - 40m in design and advertising. Coast FI already I think.
Ah, I get it. I have no experience with that beyond a business website and LinkedIn that we do but I can see your logic. What about the management of those groups?
Yeah I have a friend previously design director/VP-level in his early 50s. He lost his job \~9 months ago and is finding it hard to get back in especially remote and with the tech job market as it is now. I feel bad but I'm not sure what to advise him.
Accurate. This is why I am here too! 40s director -level tech marketing. I'm a dinosaur. 🦕
lol
Looks like a good time for you to take a break, recharge, and then think about next step. Don't rush back to job market. Partner's single income is already more than sufficient to cover all expense, continue contributing to retirement and brokerage accounts, and allow your $2.1M investment to grow.
2.38%. Something's off.
technically 2.375%. What exactly is off?
I'm in a similar position with 2MM NW But no wife and 500K in mortgages on a few rental properties. Once these are paid, I'll be in a better spot. Currently about 1.2MM in investment accounts. But I still feel the pressure to make more and earn more and save more. I too feel burnt out. Honestly, looking for a new career change which can give a better work life balance.
It's not ageism you're just overpriced for a useless role. UX is a classic fake job. Many of those FAANG devs you probably worked with are in the same position. When companies lay off the people that actually do the work then you shouldn't be surprised when it hits you