Coast Fire / Early Retirement Possible ?
46M here .. 2 kids 8 and 10, wife now home maker. We have following savings and we dont have any pension other than CPP and OAS.
RRSP : 215k
TFSA : 110k
Cash : 50k
Bitcoin / Crypto : 100k
Corporation retained earnings : 400k
I am looking for opinion if i can coastFire or FIRE now ? I work as an independent contractor but lately feeling completely burned out ... and with recent back to office policy have 0 motivation to commute 3 hours back n forth from where i live.
Fortunately enough we were able to buy house at right time 10 years ago and have very little mortgage of around 150k so monthly payment is only around $1000.
My monthly expenses are on higher side around 10k that includes mortgage, kids RESP contribution, vacation budget and emergency funds of around $500 a month for house repairs etc. I have a side hustle that brings around 1800 a month. Plus bsmt rental brings another $1200 so total $3000 a month i am getting as income. My Q is can i coast fire / early retire with my savings ?
My goal is to focus on my side hustle for next 2-3 years full time without any stress , travel for whole winter season and spend max time with family . The only concern i have is if i quit now it will be really hard to find similar consulting arrangements.
Worst case scenario in case my business fails i am
open to idea of getting some low stress job that pays around 5-6k a month. so looking for a strategy / allocation of money correctly in high growth, monthly income and may be some emergency allocation as well that could cover expenses for next 2-3 years with maximum cash preservation and if i end up doing 9-5 again, will the savings be enough to grow automatically until reaching retirement age. Thanks