Advice for barista fire, spouse still full time
I have been trying to do calculations for if I can barista fire but it is difficult when taking into account my spouse will not be scaling back her work. A lot of calculators out there it's difficult to paint a full picture. I am hoping you all can give me your thoughts on if I have a viable path.
Background: currently working for a family business where I am in the family. I have declined to buy or take over the business and want my family member to sell. They understand and it is not a point of contention for us.
I am so embedded in the success of this business that I am committed to staying on at least a year after the sale to make sure it remains as successful as possible. I do not want to be a cause of potentially 40+ people losing their jobs if we both leave at the same time causing a major shock to the business.
Currently I am targeting an exit at the end of 2027 if possible. Current prospects have us closing on a buyer at the end of this year.
At the time in which I hope to exit I will be 39
Here is the math.
Cash and HYSA- 90,000
Brokerage- 422,000 primarily in broad market index funds
Roth 401k- 410,000 target date account.
Partner Roth ira- 50,000
House in high cost of living area. Roughly 1.2 million worth. 600,000 still left on mortgage at historic 2.875 rate.
I currently make 200,000 before taxes
My spouse currently makes between 80-100k before taxes running a design business.
Our current household expenses are as high as 12,000 a month. With barista fire we would be able to scale that back to 8 or 9,000. Largest expense is our 4,000 mortgage.
The question is can I conceivably move to something like 40-50k wages, scale back our spending and not touch brokerage and 401k for 30 years.
I hate my job and desperately need to do something that requires less of my time and requires less responsibility. At least for a while.
If I am missing any key facts apologies. Please let me know whatever else I can provide. I would like to start forming a plan.