How much would it take for you to retire/leave work

[Levin]

There are a few men and women at my work who are worth a lot of money, and I wonder why they still do it. Why do they still work day in and day out, maintain such busy schedules, and labor under heavy responsibilities?

What's your number? How much would you have to be worth before you'd say, "Enough. I'm going to choose freedom. I'm going to still be productive and contribute to society, but I'm leaving this line of work."

I don't know what my number is. But I know I crave a stable schedule and freedom from work-related stress.

Maybe many of you already have a stable schedule with little work-related stress, and a quality of life that fits you perfectly.

But still, how much $ would it take for you to leave your work now?

[CardiacCoug]

You wouldn't leave the practice of law entirely, right? Just scale back a little bit.

If money were no object I would probably work part-time, maybe even half as much as I work. But no way would I stop doing cardiology entirely.

[FMCoug]

You wouldn't leave the practice of law entirely, right? Just scale back a little bit.

If money were no object I would probably work part-time, maybe even half as much as I work. But no way would I stop doing cardiology entirely.

Exactly what I was going to say. I'd go back to consulting and be really picky about the projects I did. Do a project then take a month or two off, do another one, etc. Take the summers off when my kids are out of school and travel. But 100% retired? No way.

[ERCougar]

You wouldn't leave the practice of law entirely, right? Just scale back a little bit.

If money were no object I would probably work part-time, maybe even half as much as I work. But no way would I stop doing cardiology entirely.

How do you do that though? I've thought the same thing, but the malpractice premium (my only real overhead) doesn't change, so I wonder if I still would. Also, do you take call? I'm thinking that in my 60's, I won't be so excited about night shifts.

I use mint.com and I follow my little net worth number a little obsessively. I definitely have a number in mind where I plan on retiring. I enjoy most aspects of my job, but there are a few things I don't enjoy at all, which in my mind, is why they pay me. If I could just do the fun aspects of the job, I'd work forever; problem is, so would a lot of people.

I think I'll teach when I'm done with this whole thing. Anatomy or physiology or something.

[CardiacCoug]

How do you do that though? I've thought the same thing, but the malpractice premium (my only real overhead) doesn't change, so I wonder if I still would. Also, do you take call? I'm thinking that in my 60's, I won't be so excited about night shifts.

I use mint.com and I follow my little net worth number a little obsessively. I definitely have a number in mind where I plan on retiring. I enjoy most aspects of my job, but there are a few things I don't enjoy at all, which in my mind, is why they pay me. If I could just do the fun aspects of the job, I'd work forever; problem is, so would a lot of people.

I think I'll teach when I'm done with this whole thing. Anatomy or physiology or something.

Yeah, it's sure not easy in any private practice setting. I would probably work in a university practice or the VA, where the residents and fellows do all the work.

Yeah, I take call and it's terrible -- some nights I don't sleep at all or only get an hour or two. It's not really sustainable for decades or into old age, that's for sure.

[HuskyFreeNorthwest]

$50+ net worth with at least $3-4 liquid or cash flow of $1+ a year.

[Levin]

You're right -- I wouldn't leave the practice of law entirely. I'd work for Defenders of Wildlife or join the Southern Utah Wilderness Alliance. But I have to ask myself: why am I not doing that now? Life would be much more stable. It's the financial security I want, but maybe I'm sacrificing too much for that financial security.

So that's why I've been thinking: what's my number? When would I leave what I'm doing now, and have the freedom to practice law with some creativity and more purpose?

What that number is says a lot.

Is it $1,000,000? No, I'd probably keep doing what I'm doing.

$10,000,000? Maybe too high. Somewhere in between those two?

Am I some greedy bastard?

[ERCougar]

You're right -- I wouldn't leave the practice of law entirely. I'd work for Defenders of Wildlife or join the Southern Utah Wilderness Alliance. But I have to ask myself: why am I not doing that now? Life would be much more stable. It's the financial security I want, but maybe I'm sacrificing too much for that financial security.

So that's why I've been thinking: what's my number? When would I leave what I'm doing now, and have the freedom to practice law with some creativity and more purpose?

Too bad none of us are open enough to really throw out our numbers. What that number is says a lot.

Is it $1,000,000? No, I'd probably keep doing what I'm doing.

$10,000,000? Maybe too high. Somewhere in between those two?

Am I some greedy bastard?

I was having a Thoreau moment the other day and thought about this very thing. My number is much higher than I'd likely need to survive and even be happy, but to guarantee security from some sort of disaster, it takes a higher number. I'm really sort of a cheapskate--the only really nice thing we have is our home--so it's not that I want a lot of things. I realized that security is a very high need for me.

I wonder if my number would be lower if I lived in a country with a better safety net. Or that had nationalized health care. Of course, then I wonder how long it would take me to get to my number.

[Levin]

The interesting thing is that I assume a majority of us on this board have a net worth under $1,000,000. And this seems like a genuinely happy bunch, with varied interests and fulfilling lives. Just like the general population, I think. Me included. So why isn't my security number lower? Would my happiness really change that much with less security, but more day-to-day stability?

[ERCougar]

The interesting thing is that I assume a majority of us on this board have a net worth under $1,000,000. And this seems like a genuinely happy bunch, with varied interests and fulfilling lives. Just like the general population, I think. Me included. So why isn't my security number lower? Would my happiness really change that much with less security, but more day-to-day stability?

My other thought I had the other day is that maybe it's good for us to struggle, maybe it's good for me to have do things that I don't want to do, maybe it's good for me to have a sense of building my family's security. Maybe that helps make us a genuinely happy bunch.

[Colly Wolly]

10 million. Maybe 15 or 20. 20 tops.

[Levin]

My other thought I had the other day is that maybe it's good for us to struggle, maybe it's good for me to have do things that I don't want to do, maybe it's good for me to have a sense of building my family's security. Maybe that helps make us a genuinely happy bunch.

I have similar thoughts.

There's much to be said about the gospel of work. And there are exhibits A to Z of people who were destroyed by the idleness and ease of wealth.

But I'm not one of those people; I know I would be engaged in a good and demanding cause if I left my specific line of work due to having obtained my chosen level of financial security. But the lack of freedom I feel, and the current toll my work is taking on self and family, have me thinking about what that number is. When does it not become worth it anymore?

Some would say -- if you're asking those questions, then it's not worth it. But I don't agree. There are times and seasons, and I'm going through a tough work season. I'm grateful I have a job, and it's not worth leaving over --- unless I had that chosen level of financial security.

[UtahDan]

You wouldn't leave the practice of law entirely, right? Just scale back a little bit.

If money were no object I would probably work part-time, maybe even half as much as I work. But no way would I stop doing cardiology entirely.

I think work is a blessing. Working is really good for my psyche. I would scale back, but definitely would not stop no matter how much money i had.

[Levin]

I think work is a blessing. Working is really good for my psyche. I would scale back, but definitely would not stop no matter how much money i had.

So you'd do exactly what you're doing now? Personal injury? Commercial disputes?

I would still work -- definitely -- but I'd practice law differently. I'd do public interest work in the environmental field.

Or I'd write.

Or teach. Write and teach.

And home for dinner every day at 5:00.

[UtahDan]

So you'd do exactly what you're doing now? Personal injury? Commercial disputes?

I would still work -- definitely -- but I'd practice law differently. I'd do public interest work in the environmental field.

Or I'd write.

Or teach. Write and teach.

And home for dinner every day at 5:00.

I don't do that much PI. But yes, I would still do civil trial work. I would probably do a bunch more pro bono serious criminal cases. I would try some murders.