Should I quit my tech job? Can we both quit temporarily then re enter with slower earning jobs
41F / 41 M, two kids 5 and 3 as well as a dog. The eldest is higher needs with high functioning autism, and the younger one likely is neurodivergent without any formal diagnosis yet. Both need OT, physiotherapy, behavioural support - and with them expected to independently live life.
Financial details
Incoming $700k per year, 53% tax rate (likely this will be more like $350k if one person quits). I’m in Canada, hence the high tax rate and no need for health insurance
$1.6M liquid assets and cash across investments
$400k of that is in tax sheltered investments
Home is worth $2M, have $900k remaining.
Monthly expenses $10k/m
Mortgage payments are $5.5k/m
Car payments $1k/m
Lessons and activities $500
Daycare negligible
Living expenses $3k/m food, incidentals, subscriptions
Annual expenses
Car insurance $2k per car (2 cars)
House insurance $4k
Life insurance $8k (whole life, whole family)
Property tax $7k
I’m the 41F and completely burning out. I make $240k/y, and haven’t been promoted in 6.5 years from a director level at a tech company despite significant increase in scope over the years. I’m now operating at a VP level mandate and scope, without the salary or title matching. I’m doing something from 6am until 11pm every day, with weekends 7am to 10pm. I’ve talked to my boss, but the answer has always been not yet. I’m seeing now that I will never be promoted.
I believe I can get a better paying job, but tech is weird with AI, and I’m worried about just leaving without any other plans. I wanted to ideally have $4-$5M liquid assets before quitting but not sure what to do.
Last piece of info: the company I’m at has grown 10x in the time I’m employed, and I have illiquid options that could be $1.5M post tax and share payment on the strike price. This would get me over $3M but not sure when this will happen so am not banking on it.
Have any others as a female left work in tech for 2-3 years then come back with any success? I’m also considering starting up consulting part time as I have a very sub specialized expertise that’s relevant for AI. I’m worried about most options, with a lot of money trauma living in poverty at a young age and working several jobs to put myself through university.