I have been recently been thinking a lot about my options in terms of reaching or not reaching FI. My FIRE number, for me and my family, is around 900k and our net worth is currently a bit over 300k, which is great, but I am still veeeeeery far away. My options are the following:
- Stay for 6 more years in Germany and reach my number (I am Portuguese and currently living in Germany where salaries are much better compared to Portugal) with the caveat that around 30% of my networth would be in my pension, i.e., I could only have access to it at 55 (whaaaat? I am only 32!);
- Stay for 1 more year in Germany, reach barely half FI and go back to my home country where prices are lower and with a passive income that would cover 30/40% of my expenses + some cash.
This is probably a typical dilemma that many people in this community face: wait for FI or risk and try a career that does not yield that much money but you feel passionate about? In my case I have also strong personal reasons for wanting to go back to Portugal, I am waiting for baby #2 and I would really like to raise them near my family and near our friends which are having babies at the moment as well. I could also use some help from family members 🙂 But on the other hand, I feel like I am bailing on my own plan if I go back and that we did the effort of saving and investing for nothing, i.e., we would still would need to work.
I recently listened to this podcast from Journey to Launch and I am in a very similar situation as her: in a corporate job with a great salary, waiting for a baby, and it got me thinking whether I should just take this opportunity where I will be out of the workforce anyway (due to my maternity leave) to not go back to this job. I am definitively a Type-A personality and I know I will not be able to stop working, I need projects, I like business interactions and I am passionate about so many topics. None of them would allow me to get a similar salary to the one I have now (not even 1/3) but I feel like I could give it a try. Worst case scenario: I am young and I could go back to working in Banking in my home country. Not ideal as salaries are not very high and hours are long..
Problem: my partner believes we should stay for a couple of more years and that my 900k estimation is too optimistic, especially taking into account that we will soon have 2 kids. He is also very risk adverse and does like the instability of an entrepreneurial lifestyle.
What are your views? “Suffer” until you reach FI or reach half FI and risk a new job/occupation that fulfills your heart but would still have to yield some cash?