Milestone

Thanks to a robust market, our net worth topped $1.5M for the first time in February.  $1.5M was our target after we first got married.  At that time, we were shooting for annual expenses of $45K/year and figured having 30 years of expenses would be fairly safe.  I suppose we’re now just accumulating a buffer over the next year.  The buffer is important psychologically for us, especially my wife who is worried about unforeseen expenses.  The next year will also give us time to plan our next move.

static1.squarespace.comLately, it has been very tempting to just quit and the temptation seems to be getting harder and harder to resist.  But I would like to avoid burning any bridges as my professional and personal lives have begun to collide in the last few years.  Plus, who knows if in a few years, I will decide to scurry back to the safety of working life because it turns out I am not suited for FIRE.  (I sure hope not, but it’s always prudent to keep that door open!)

16 thoughts on “Milestone

    • Ah yes, the dreaded OMY syndrome — I’m OK with it as long as it stays one year. For many it seems to drag on for quite a few years. But we’ll definitely try to make the transition easier on ourselves by having a great plan in place.

  1. For the record, I experienced and executed the OMY syndrome to the T. In fact, it was literally 12 months more than I had planned, and a couple more months of part time after that.

    My only recommendation, based on my personal experience, is to use that year to plan what you’re going to do next. Not setting anything in stone, since your priorities will likely change when you find yourself with so much new free time, but just having an idea of what you’ll do. Otherwise you’ll find yourself having anxiety a month into retirement silently asking yourself “what did I do?!?” It’s not until after you start that next life that your internal conversation turns to “this is great, why didn’t I do it sooner?!?”

  2. Congrats. I’m in a similar boat (biglaw; just hit $1.5M, itching to leave) and have really lost motivation in the past couple of months. I find myself wondering how long I can coast before people start asking questions. (Biglaw isnt bad if you’re only billing 25 hours a week! Obviously, that’s not sustainable.) Have you considered finding something part-time? I think I need the structure.

    • Thanks for the comment, Clay. And congrats on reaching the milestone as well. How much longer do you plan to stay in Biglaw? Do you consider yourself financially independent yet? I may do part time later on, but plan to do some long-term travel at the outset. I’m not sure if I need the structure. I think my wife does.

  3. anonlawyer, its been interesting following your story from afar. After more than a decade in-house at the same place and almost 15 years in the law I find myself unemployed after asking to many intelligent questions involving ethics after a very bad corporate restructuring. Oh well it was time to go anyway. After collecting over a years pay from severance and other goodies I find myself with about 2.25 million saved. I really want to have about 400 or 500K more to walk away so Id love to find another job for 2 to 3 years. However, as Im sure you know in this profession you rarely get to choose your exact exit date. How many years did it take you to put together your stash? It sounds like you only had about a decade in the law which is very impressive. Have you considered structuring your departure as a 6 or 12 month leave of absence? Its tough to get back into the game once you leave and you might want to clear your head and possibly come back in one way or another after you clear your head. If you come back and it doesn’t work out you collected a few extra bucks and lost nothing other than a few months of time.

    • I would love to have $2M+ when I leave so I think you are in a good position. But if you like what you were doing, then it might make sense to work a bit more to have that cushion. You make a lot of good points. I’m getting to the point where I’m just impatient and think I need a change of scenery. (I’ve been practicing for about 8 years.) It wouldn’t feel the same if I just agreed to come back in a few months to a year, but also don’t want any regrets of giving up a comfortable lifestyle. Actually there is something interesting in the works that I might post about later. (Still thinking about it as it is very specific and might uncloak my anonymity.)

  4. It’s a great feeling when the market tail winds help you out. And when you achieve a 7+ figure NW. Keep a solid buffer in place, I am still not quite ready to leave, despite having a solid asset base, solid income generating assets, and somewhat decent pensions.

    Only 498 days left.

  5. Huge congrats from me. Just want to let you know that I love reading your posts and learned a lot from them as I have an accounting profession that is very similar to your firm&corporate lifestyle. Keep up the great work and look forward to seeing more great postings from you.

    BSR

  6. Hi AnonLawyer,

    What a gap you managed to cross! Congratulations to you and your wife!!!
    I can’t wait to reach the 1M myself. Still some more years to go 😉

    Also, I would like to contact you for an “interview”, what would be the best way for that? Any contact form somewhere?

    Cheers from Switzerland,
    MP

    • Thanks for the message, MP! We’ve been very fortunate on the income side of things, which is probably the more significant driver on the growth of NW. We were late to the game on the investing side, but now feel like we’re executing an appropriate strategy. You can shoot me an e-mail at anonlawyer25@gmail.com if you’d like to contact me. I don’t check that e-mail very often, however.

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