32M I have a CoastFIRE Plan! What do we think??
Current Situation
32M Married
Invested Assets: 800K
HYSA: 100K
Annual Spending: 75K (M/LCOLA)
CoastFIRE #: 450K
Current combined salary: 250K (50K is spouse, 200K is mine)
I’m currently working a high burn, high travel job, I’ve recently been promoted and am not interested in continuing on given the increased responsibilities and stress (career path is up or out, so no choice in promo)
My Plan
I’m considering starting a small business that has moderate risk (confirmed demand in my local area) . Initial cost to get started I’ve estimated to be ~15K, annual income for the first few years would conservatively be <50K, with potentially 100K by 5 years. I would use my HYSA and my spouses salary to maintain my current spending for 1 - 2 years to try and make the small business work to cover annual spending and begin COAST FIRE (no more retirement contributions) and ideally full FIRE in 20 years.
I understand that starting a small business will have at most a similar level of stress experienced in my current job but the primary driver is this would be following a passion that ideally provides more fulfillment in my life. (won’t be sharing small business details here)
My biggest hesitation is leaving a nice consistent salary and the fear of failing in the small business (despite having confidence that my plan can lead to success) and difficulties returning to a corporate job in 1 to 2 years.
I’m looking for some thoughts, feedback, concerns with my current Coast FIRE Plan.