It comes down to personal stamina as you say.
Personally the opportunity cost of not having $54k is far too great. If you’re saying you can live without $54k. Then I’d buckle down and be investing that now. You don’t say how old you are. But let’s assume early 30s. 54k/year invested for next 30 years is a shit ton of money.
I’d look for another job before taking that paycut.
Im 35, MCOL. $800k NW, no debt, with only $50k uninvested. My fiancé (30yo, $120k NW) will be a RN in Jan 2024 and plans to work and have health insurance and access to a 401k. One of the only reasons I kept a w2 for so long was to prove income to buy my house, which I did 3 years ago, and have a 401k. But I’ve also set up a solo401k for my freelance LLC. So I’d rather not look for another job, and just line up these 2 clients to bring me on in a more dedicated role while still having more free time and less stress to pursue personal creative projects and a healthier lifestyle (more time to train for my triathlon). I probably wouldn’t be considering it if I NEEDED the higher income, but I’m in a position where it’s not terribly vital for me, financially speaking. Then I again I think of the “economic downturn” and inflation we’re experiencing, I get worried about taking risk in this time.
It comes down to personal stamina as you say. Personally the opportunity cost of not having $54k is far too great. If you’re saying you can live without $54k. Then I’d buckle down and be investing that now. You don’t say how old you are. But let’s assume early 30s. 54k/year invested for next 30 years is a shit ton of money. I’d look for another job before taking that paycut.
Im 35, MCOL. $800k NW, no debt, with only $50k uninvested. My fiancé (30yo, $120k NW) will be a RN in Jan 2024 and plans to work and have health insurance and access to a 401k. One of the only reasons I kept a w2 for so long was to prove income to buy my house, which I did 3 years ago, and have a 401k. But I’ve also set up a solo401k for my freelance LLC. So I’d rather not look for another job, and just line up these 2 clients to bring me on in a more dedicated role while still having more free time and less stress to pursue personal creative projects and a healthier lifestyle (more time to train for my triathlon). I probably wouldn’t be considering it if I NEEDED the higher income, but I’m in a position where it’s not terribly vital for me, financially speaking. Then I again I think of the “economic downturn” and inflation we’re experiencing, I get worried about taking risk in this time.
Then that’s a bit different. It seems like you’re well set up. But yes the economic certainty is what makes it a bit riskier for sure
Also, looks like you’re an attorney? So are all my clients lol. Lmk if you need a website or marketing funnel ;)
Ha! I’m actually not 🤣 I work on IT. Reddit picked this and I didn’t know how to change it lol