Coast fire in Europe, episode 2. Looking for advice.
Hi folks.
One year ago I posted
https://www.reddit.com/r/EuropeFIRE/s/vOqQrHlQLo
And I thought it would be interesting to post a yearly update, just to see how things evolve over time.
M35, renting, Italy. Wife doesn't work. No kids but planning to have one soon. Current NW ~ 350 k, of which 300 k in an 80/20 portfolio. The rest is in an emergency fund, another fund for taxes, a complementary pension fund and some cash. Yearly expenses still at 35 k of real spending + 20-25 k in taxes.
Still working in the public sector (~ 75 k gross per year, so a net of around 3,4 k per month) and running my private business (probably 100 k gross this year, a consistent upgrade since last year, that increased my DCA to 6-8 k per month).
I understand that considering a SWR of 3 - 3,5 k I would need ~ 1,2 - 1,4 m to safely fire. A very long way to go. That's why I still consider coast fire as a more realistic option.
Due to burnout and other reasons, I am considering a part time offer in my public job, something like 20 hours per week (half of what I work now) and keep my second job. Because of taxation in my country, it could be even better to slightly decrease the revenues of my private business in order to pay less taxes (yes, this is Italy).
In this scenario I would probably have to lower my DCA to almost half of what it is now or even lower, but I would gain more free time for family and in general a better WLB.
What would you do if you were in my shoes?