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- [00:00]
A
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- [03:27]
B
Hi, Jayla and Mark. Doing great. How are you both?
- [03:30]
A
Fantastic. What's going on? You want to make a big. You're ready to like an upheaval of your life, aren't you?
- [03:35]
B
Yes, I am. I have been working a long time, 25, 26 years. And I'm currently working in a full time remote position right now. And my job has become a bit of a toxic situation right now. So I'm looking to just get a health check. You know, I have thoughts of maybe taking a break for the next six, seven years, but the field I'm in with AI and everything, I just don't know if I'll be able to get back in work in this, in this exact role. Maybe something else right in the future. Okay.
- [04:09]
A
But like essentially it's like, can I call it quits and then leave you open to see if you wanted to go back in?
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B
Yeah.
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A
Whether you could. Okay, so. So give us a little bit of the background. So you, you are how old?
- [04:24]
B
I'm 45.
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A
45. And how old is you had a spouse? Because I heard you say we.
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B
Yes, he's 47.
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A
Okay. You have kids?
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B
Yes, we've got two kids, 11 and 14.
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A
Okay, great. Are they in public or private school?
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B
They're in public schools.
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A
Okay. You pulling the plug doesn't mean your husband would. So let's just pretend you've pulled the plug already. How much does he Earn?
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B
He earns $217,000 per year.
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A
217. Okay. And can you live on $217,000 a year?
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B
Yes, I think so.
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A
Okay. All right, we're going to talk through this okay, let's talk about the money you have saved. So let's start with retirement accounts. You said you've been working for 20, 25 years. So what have you saved? And let's try to start with traditional, traditional retirement.
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B
Okay. Traditional retirement, including 401k, 403b, 457. All of that is 1.8 million.
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A
Wow. Wow, that's amazing. Okay, Any Roth money?
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B
Yes, we've got 400 plus we've got 428,000 in Roth. So we're a little low on Roth.
- [05:39]
A
That's okay. I'll take that. Low balance. Yeah, exactly. Give me that. Just 400 and something. Thousand. Okay, so that's the traditional. That's the Roth. What about a brokerage account?
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B
We've got 834,000 in the brokerage account right now.
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A
Oh, that's amazing. Savings. Like boring bank stuff.
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B
Yeah, we are. We were saving for another property or another investment. So we're a little cash heavy right now. Little over $200,000 in cash.
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A
Okay. You own a home right now, right?
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B
Yes, we do.
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A
How much is that worth? About.
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B
It's probably worth about between 800 to 850.
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A
Is there a mortgage remaining on it?
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B
Yes, we've got a really low mortgage left. 127,000.
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A
And what's the interest rate that's on that mortgage?
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B
It's 2.25.
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A
Wow. Knowing where you live, how many square feet is that?
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B
It's like 4,900 square feet.
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A
Oh, my God.
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B
I've got room in the basement for you both.
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A
Mark's coming. I'm kidding. Wow. That's a lot. Okay, that's incredible. Okay, so that's the stuff that you guys have set aside for yourselves. You've got these kids. Do you have money in 529 plans?
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B
Yes, we do. It's about 259,000 right now.
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A
Both of them?
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B
Yes.
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A
Okay, got it. Do you think they'll go to public private? Does it matter? What's your guess?
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B
I don't know. They're a little young, but I feel like. Feel like they'll probably end up at public. But, you know, if they were getting to a really good school and.
- [07:14]
A
Yeah, then you make a different decision. So you've got a ton of money saved. What do you suspect you guys spend?
- [07:23]
B
Yeah, we spend anywhere from 120 to 150. We do travel quite a bit. So it kind of depends on the
- [07:31]
A
year and what's going on. Okay. Do you have family that you need to take care of?
- [07:37]
B
Not really. We may have one family member that might need some help, but not a whole lot.
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A
Okay, that's good. When you were rattling off all your assets, I heard you say 457. So are either of you entitled to a pension?
- [07:55]
B
No, unfortunately not.
- [07:56]
A
Okay, I gotcha right now. You just don't spend a ton of money. If you were to pull out and just be done, you think you could probably live on the 2:17. But what does your husband contribute into her? His retirement plan right now.
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B
So we currently are fortunate enough to max out all accounts. So he's maxing his 457, 403B, and I'm maxing my 401K.
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A
And what are you earning right now, by the way?
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B
Oh, I'm earning 205,000 with a 30 to 50,000 variable.
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A
Whatever. You're not going to work there anymore because I can already see you're like, you hate it. So. Okay, how would you feel if instead of him maxing both of the those retirement plans that he pulled back a little bit? I mean, you've got a ton of money, you've done an incredible job, but maybe when you stop working, is he going to be. I would hate for you to do this. And then you're like, oh, but we can't spend as much money as we want to spend. I mean, I think you probably can live on his salary. I don't know if you could live on his salary and max out everything.
- [09:05]
B
Yeah, I don't think that's possible.
- [09:07]
A
Anything else that is on the horizon? You said you were going to maybe buy a second home. Is that off the table now?
- [09:15]
B
Kind of. I mean, depending on whether I continue to stay or not. Right? Sure, yeah.
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A
Okay. And do you guys have life insurance?
- [09:23]
B
I do. My husband has it through his work.
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A
Okay. Do you have your estate documents done?
- [09:28]
B
Yes, we do.
- [09:29]
A
Okay, good. See, this woman was not coming on this program without estate documents. I could tell right there. Mark was listening. Like, read your email before I did. And so when we were talking before we came on the air with Priya, he said to me, she wants to know if she can quit. And the answer is yes. Mark, would you still like to stick with that response? Yeah, 100%. I mean, it's amazing how she could be working fully remote and still. It's so toxic. But yeah, yeah, she can do this. Like you said, husband may not be able to max everything out, but that's okay. I think that's totally okay. You guys have saved so much money. So here's what I think Life is short, my friend. And if you have working in a toxic environment and you feel like it's just unbearable, I do not think you should do this anymore. I really don't. And I think that you have now, you have put yourself in a position. You and your family, you guys have put yourselves in a position where you don't have to tolerate it. I mean, if you didn't have the money, I'd be like, you know what? It stinks. But you're gonna have to suck it up. And I also would be. I think I'd be remiss if I told you that you don't have to go back to work. Like, don't kill yourself. It's gonna feel weird for you. You've been working for all these years. Everybody I know who's done something like this, this is like the quintessential great money reset that, you know, based on my book, that, like, everyone I know who's done this feels weird in the beginning because you're like, oh my God, I don't know what to do with myself. You'll figure it out. Do not jump into something else. Because it's so intolerable for you to be out of work. Okay?
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B
Right.
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A
Take a minute. Really, you're going to need to. When you're around toxic people, you need to detox. Okay? You need to, like, take a minute. You got to nest with your family, be a better spouse, be a better parent, be nice to yourself. You really, you have earned it. And to stay in that place just for money would be terrible. And frankly, maybe you take what you know, maybe you can find something, but you shouldn't feel compelled to jump back in. You want to jump in because you want, like, you know, you want to earn 50 grand or the kids are getting a little bit older and you want to just have some money flowing, fine. But I think you guys are in amazing shape. You have just done an incredible job. And if you just didn't touch the money, it's all gonna grow. It'll be there for you. You will. You know, you don't spend like crazy. I guess the only thing I would say is that I really would not buy a second home right now. I would wait to see how things pan out. I mean, look, having an emergency reserve fund with 200 grand in it, it's not like over the top. You know, if you're spending 120 or 150 grand a year, it might be nice to have a little bit of a Fuller emergency reserve fund, right? And have liquidity. But you got the kids, you got a beautiful 529 plan, especially if they're going to go to state school. And if they don't go to state school, you can figure it out. You'll come back to us. But I think just, I don't know, don't burn bridges. I tell people this all the time, they ignore me. But leave. Well, that's my advice. As someone who's left different things, it's really good to leave. Well, you know, I think if we.
- [12:49]
B
One of the things is that, you know, we've seen our balances grow so much because of the bull market and all of the contributions that we were able to make the last, you know, 10 years or so, you know, that's going to slow down. And I just don't know if, if I'd be okay with, you know, only contributing like say 24,000 into a 401k versus like.
- [13:09]
A
It's fine. It's fine because you've already have this base. Okay, maybe, maybe you're right. Do I think that you're going to have like the past 10 years? Are they going to be like, are the next 10 years going to be like that? I don't know. But what I do know is if I look at 50 or 60 years of data, what I know is that stocks usually advance at around 10% a year. Bonds may be less and you may want more bonds because you're feeling like wimpier because you're, you know, getting older. But you're going to be fine. You have so much money saved. You know, it's like to have this much money, to have $3.2 million in your 40s as you come into your late 40s. There's nothing bad that's going to happen to you by the time you're 60. That will double at least. And I would at least double as being conservative. Yeah, so. And you spend money, but you don't spend crazy money. You're not spending, you know, you're not. You, you are bringing in 450ish, right. Or maybe even five. And you're living on 150 a year. I mean, you're great savers. This is what has happened. You have made it a priority to give yourself this ability to step out and be done. By the way, it wasn't always thus. You didn't always feel like you were in this environment, right?
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B
No, I've been at this job six plus years and it just turned this way the last few months.
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A
Oh, and I would just say this goodbye like that. I mean really, like don't think twice. You're in great shape. You're in great shape.
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B
I appreciate the assurance.
- [14:46]
A
I. It's amazing. So listen, if you are like Priya and you are thinking like, I can't even imagine going to work one more day, maybe we can find a way out for you. Maybe. I mean, honestly, she and her husband found the way for for us. We just like graced this particular idea. But if you need that extra set of ears and eyes on your situation, Mark and I are here for you. You know, we're both certified financial planners. We love this stuff. Go to our website, jillonmoney.com click the contact us button, write us a note and if you would like to come on the air live with us, check the box. Mark will do everything else. You can subscribe to us on the Odysee app or wherever you find your favorite podcasts. Please leave us a rating and review. Wherever you listen, we always ask that you try to do something nice for someone else today. And when I say nice, I would say to someone like Priya, be nice to yourself. Sometimes being doing something nice for someone else is really just like, be nice to yourself too. Change your work, Change your wealth, change your life. Thank you for listening. We'll talk to you tomorrow.
- [15:58]
C
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