This is one of those 'how much questions'
I still have a possibility of paying off the 6 homes early and it is based on a gift which is not confirmed yet so feeling (what is the word) tense but hopeful and not wwanting to get excited before it is a sure thing. . so no word on it yet.
Anyways I am feeling like my goal is 'save as much as I can' but when I think about it I do not know what my ultimate goal is. like when will I feel safe to leave this high paying job to move to a lower paying job and then to not working
Right now I am just working as much as I can which not really sure I can (with the temporary nature of my contracts) or want to (stress, health, no life) want to keep up forever
So thinking maybe like this
1. Phase 1-be content with a FULL TIME job (not contract)making around $100k but still in IT project management but having vacation etc. This would be a $40k+ drop from what I am at.I can transition to thsi where I am now provided one is available when my contract is up.
2. Phase 2- leave IT and work in a more fulfilling field (unclear what and I want to start thinking on this so I have a GOAL and vision),, make $50-60K full time..
3. Phase 3- stop working full time and just do contracts from time to time or take a social services type of job (love social services) or start new lower paying career likely in some helping field,
So these are my thoughts but they are vague and unclear and I want to put more detail around them so I have something to look forward to and a goal
1. To enter phase 1--6 homes paid off, rental and personal emergency fund intact, 20K additional cash not invested, $175k left on the house, $400k savings and still pulling income from not for profit I run
2. to enter phase 2--6 homes AND 3 units paid off, similar emergency funds, 100k left on house and $550k savings
3. to enter phase 3--all above and house paid off and $750k saved
These are rough swag ideas but have to start somewhre. what am I missing? insurance needs? health factors? relationship factors? more emergency funds, self insure some things, some factors that my key things are in good shape (ie large house items or car have certain amount of life left in them), no pending large issues with rentals? no other debt?, firm social network? long term care insurance, certain health tests, maybe keeping my PMP (project manager certificate) in tact?
I am thinking also on phase 2 and 3 I shouldl have prepared for those phases by thikning through what I want to do and start preparing for the transition in the prior phase
Question for group, phased retirement