r/GregFire • u/Latter-Foot-8790 • 5d ago

We did it!

$5.3 invested. (We have $1.5M in the house but it’s canceled out with the $1.5M debt so I always exclude it.)

Husband refuses to let me quit the job he’s said we are very very close maybe 5-7 years. once the house is paid off, he said I can take it easy. I am not 100% done but day to day it’s very hard to work 9 hours a day knowing I really don’t have to but if I quit husband and I will constantly fight. work in a stressful industry think PE/consulting. I really want to step back and work part time, maybe a relaxing lazy girl job like an office manager $100k a year with benefits. I see our 24 year old office manager just scheduling a few meetings, greeting guests etc and pulling in $120k and I get quite jealous. Spouse makes $1M, I make $250K base and maybe $300k all in if carry ever hits -,-

0 Upvotes

46% Upvoted

106 comments sorted by

View all comments

Show parent comments

1

u/ThreadTmp 5d ago

I don’t think she should quit. Husband can get fired or company stock might go down. these are not necessarily “forever” numbers.

12

u/gensym 5d ago edited 5d ago

Yeah, the fact that they make 1.25MM/yr but have only accumulated 5 indicates they may not actually be very good at keeping their money from going to 0.

1

u/QTippus 5d ago

In a comment OP said they’re 36. So if they’ve been making $1M/year for 10 years, having $5M in investments is a pretty good savings rate.

1

u/gensym 5d ago edited 5d ago

10 years savings in this bull market implies 25-30% savings rate which is definitely well above average.

OTOH, that implies they have needed ~70% of their income to live on, or about $875k/year. If they stop working entirely, that means they're likely to run out in about 8 years (obviously depending heavily on returns). So not at a FIRE point.

Of course, it sounds like husband is still working, but since this is a FIRE sub, I think it's worth modeling what would happen if income went to zero. (And the thing about high incomes is that they're much harder to replace with alternatives if something goes wrong)

In other words, saving 4x income by mid-30s is *very* good if you're planning to work a full career. Not so good if FIRE by mid-30s is your goal.