| Want to take some time off: Am I in a good position? |
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shrtwrd
First Time Poster
Cash: $ 0.25
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Joined: 05 Aug 2011
Location: usa
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| Want to take some time off: Am I in a good position? |
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Hi all. New to the forum. Just looking for opinions, ideas, thoughts to help me verify that I'm making an OK decision.
I just turned 28, have been working for a few years. I'm planning to take some time off to pursue some side goals and hobbies. Maybe 2 years. I'll work part-time jobs or do consulting to pay the bills or at least pay most of them. So I'd expect to dip no more than $300, max $500/mo into savings while I'm "off."
I have no dependents nor plans to buy a house or anything like that. My position is roughly this:
401k: $70,000
Other investments (70% stock, 30% bonds): $35,000
Cash/short-term: $25,000
Debt: $0
Wise ones: Should I stick around longer to save more cash? Re-balance things? Or would you be comfortable in my position? Thanks!
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Fri Aug 05, 2011 4:27 pm |
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littleroc02us
Moderator
Cash: $ 205.35
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Joined: 09 Feb 2009
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IMO, live your life the way you want, but know that it may be harder to reenter the workforce when you've been out of it full time. You do have 25k savings which can be your EF fund and if your idea doesn't work you have something to fall back on.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Fri Aug 05, 2011 4:44 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
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Joined: 11 Oct 2005
Location: Wisconsin
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I agree with the above. Now is not a good time to let go of a good job you already have.
You didn't say what you do, but is there a chance that you might be able to combine your wanderlust with doing something that increases your professional credentials/qualifications? You might consider asking your employer for a furlough. If they know that a better-qualified employee will be back at work after an extended unpaid "vacation" maybe they might be in favor of that.
~Tim~
Eye Candy : Why Whimsy
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Fri Aug 05, 2011 5:58 pm |
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artwest
Member
Cash: $ 3.40
Posts: 17
Joined: 04 Aug 2011
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Congratulations for being in such a good financial situation.
In my opinion, I would stay where you are at.
You say that you only expect to tap $300-500 per month from your savings. That may be right, but also life happens and you may wind up having to take out more.
If these hobbies and goals make money for you, try to build them into a position where you can make a living at them. Then quit your job and your hobby will be your business.
If these hobbies don't make money for you, I would stash as much cash back as I could and retire early. Take it from a 53 year old, there is plenty of life left to live at age 40 or 50.
Please check out my articles at:
http://artwest.hubpages.com/
and
http://www.helium.com/users/442409/show_articles
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Fri Aug 05, 2011 6:14 pm |
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Gary Barzel
Full Member
Cash: $ 17.20
Posts: 83
Joined: 07 Aug 2011
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You say you want to take some time off to pursue some side goals and hobbies. Are these goals or hobbies something that you can make a profit of in the future? If it's something that you are doing in order to pursue a dream that can profit you in the long run, then I'd say now is a good time to do that. You have some cash set aside as well as no strings attached, if you wait for a different time, you may not have the opportunity you have now. If it's just to spend two years to enjoy life then try to see if the current position you hold will still be available in the future for you.
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Wed Aug 17, 2011 11:41 am |
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