Coast Time Reality Check
Disclaimer: This is a new reddit account as my normal account is not fully anonymous anymore.
I'm looking for some validation or reality checks regarding my current situation. I anticipate I will be laid off from my job in the next 2 months to 1 year. Ideally I would like to start coasting rather than find a new corporate job given my habitual burnout and financial situation. In fact, I am already beginning to quiet quit in the form of only giving 50% of my time and energy to work.
- 30M, Single, No kids
- ~$500k net worth
- Currently HCOL but not going to give numbers because I will happily downgrade lifestyle to LCOL once I'm let go (if not sooner).
- Retirement Accounts: $235k (VOO)
- Non-retirement Accounts: $135k (VOO)
- Cash: $45k
- Rental Property + Car Equity: $90k (slightly negative cash flow)
- Salary: $195k (only for about a year, my career average is around $100k)
- Occupation: Data Engineering Consultant turned into Product Manager
On top of the above I recently started getting $19k annually as an early inheritance and expect a large payout once that relative passes away. Hopefully this won't be anytime soon but I'm currently expecting about $500k. I realize that being in the high paying tech industry in the US plus my inheritance makes me very privileged.
Given my current financials and the inheritance safety net I would like to:
- Quiet quit until I am let go and collect severance or unemployment
- Downgrade my lifestyle by either moving in with family (who have been asking me to do this anyway) or moving to a LCOL area
- Start spending long stretches abroad in LCOL areas (Philippines?)
I realize I am young and may decide to start a family or something in the future but my ~370k in stocks should have grown to over $1M by the time I'm in my 40s. Anyone else in a similar situation? Comments on my stats are appreciated or alternative recommendations?