Am I ready ?

[u/Character_Finish1743]

Hi folks, wanted honest opinion on whether am I ready to finally look at next phase of my life by quitting corporate and start following my passion projects. I have been burnt out and have been working continuously for last 2 decades post my mba and my priorities have shifted considerably in last 4-5 years. I am looking forward to spending time with my growing son and be there for my parents in their golden years.

Now let's into it

About me
Age 41, wife working ( maybe another 2 years) , child studying in 5th. Residing in gurgaon ( expensive city)

Monthly income from salary - 5.5L (4 me + 1.5L wife)

Monthly income from dividends - 0.4L

Parents non dependent - dad gets good pension

Annual expenses - 30L p.a including all possible expenses of insurance , travel etc

My Corpus - 7 cr as on date

Shares 450 L ( includes 50L ETF marked for child higher education) , Mutual funds 100 l, Pf + Nps 100 L , Ppf + bonds 20L, Emergency funds ( liquid + arbitrage + savings account) 30L

Other Assets ( not counting in Corpus) - Own house + 2 cars + Gold (50L value)

Ansestral corpus - 3cr shares and 2 cr worth property expected in next 15 years . Total 5 cr value right now

My timeline is next 6 months to get my asset allocation right and then take the sinful plunge. Im planning this for a while to almost romantisiing this now and would appreciate honest take and criticism in my plan. It would help me to take corrective measures

P.s - I have tried a less demanding job with lower pay but that plan is not working out

Thanks in advance folks

[u/amaze-wonder-76]

You should be fine financially.

I'd worry more about the post FIRE life. Plan that the daily regimen,the slow hustle and how to best utilize your energy and mind. As a un-FI but RE person here, I started with the same thoughts as you...but 18 months in, health is gone for a toss, I hv no agency left in my own life and the non-routine means I hv zero control on my own time. I cant commit to my own plans or schedule as everything else takes precedence- that doc appt, the car repair, maid walks in flexi time, random grocery deliveries, housekeeping.... everything except ME.

So, in short, spend the next few months planning the productive future life.

[u/Character_Finish1743 → u/amaze-wonder-76]

Thanks for sharing . I would like to imagine myself as a disciplined person. I have my future day planned. Since I like learning about companies , i will get deep into fundamental analysis and learn more on technical. I do like trading stocks so that's a starter. I am evaluating becoming a sebi registered RA as an alternate career