I am going to preface my post by saying this is not intended to be a brag post and am genuinely looking for advice.
I am 33 and make $350k/year and will be making $430k in a few years once my RSUs start vesting. I am married and have an infant son
That's literally the only positive, I am miserable in my day to day life. It''s consumed by work, meetings with people I don't want to deal with, and basically on my laptop or phone and in meetings/checking emails all day.
I spend very little time with my family and have quite a bit of travel for work. Even though I visit different countries, fly business class and while it all sounds exciting, it's actually draining me and most of my trips are for business only and I don't actually get to do anything outside of going to dinners with colleagues. I barely sleep due to high demand both work wise and with a small child.
I am exhausted almost daily and the thought of this being my day to day for the next 25-30 years kills me on the inside. I want to spend more time with my son and my wife and just be around. I justify it to myself by saying it's for his future. I want to be financially independent and never have to worry about having a job to pay my bills and also want to set up my family to be in a good place for the future
Now for the finances: Goal is make the same money or even slightly less is fine but purely on investments
My net worth is ~$550k. It will increase drastically over the next year or so when I receive some of my bonus payments. By this time next year, I should be at a net worth of ~$700k. I expect to increase my net worth by $50-75k yearly after that and may get to $100k/year in 5 years or so.
I absolutely need to work for the next 5 years or so to pay off my house (total worth: $750k and loan remaining: $530k). Once my house is paid off my monthly expenses should decrease drastically and I may be able to take on a less stressful job.
My wife brings in about $50-60k and she covers the utilities and some groceries and other random costs. She is not a good saver so I can't really expect much from her in terms of contributing financially for the time being. I do think she'll be able to contribute more once my son is a bit older and she can take on a higher paying job. Her job is perfect for her right now as it is very low demand and low stress.
I am wondering what should I do in terms of investing or additional income to help get to my financial goals faster so I can retire
1) I have a fidelity account and investments in SCHD, VOO and a few others. Not much in there at the moment and will not give me the income I need to live off of (via interests, dividends). What more can I do investment wise? 2) Are there any good part time jobs I can take on over the weekends to supplement my income. Again, the issue isn't I don't make enough money. I just want to do something different and reach my goal faster. Yes, this is contradictory to me wanting to spend more time with my family but this is temporary
Submitted October 18, 2023 at 03:14AM by skurred666666 https://ift.tt/wX8MkSQ
