Anonymous
Anonymous asked in Business & FinancePersonal Finance · 3 weeks ago

Switching to part time after saving 100k?

I’m a male 40yrs old single currently working full time and have saved up 100k. I need more time focusing on my online YouTube business so I’m planning on switching from full time to part time. Is it a good idea? I also plan to retire abroad in Colombia

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  • 3 weeks ago

    No.  Thats not a lot of money in the long run, you will burn through it faster than you think with reduced income...

    If you cannot do your youtube business outside of a full time job (or at least have it earning revenue), then it may never be successful anyway. 

  • Anonymous
    3 weeks ago

    No.  At 40 you should have a lot more than that in savings for retirement.  Like, add a zero to that number and then you can think about it.  For now you need to save aggressively.

  • Anonymous
    3 weeks ago

    No.  It is not a good idea.  

  • Anonymous
    3 weeks ago

    100k is nothing if that is all the retirement assets you have.

    If you're planning to spend any of that 100k so you can You Tube, you'd be incredibly foolish.

    Unless your "business" is making money comparable to the salary you're giving up, do You Tube on your evenings and weekends.    Keep your FT job until you have another source of reliable, steady income.

    Remember, whatever you do on You Tube isn't going to provide you with paid time off, medical/dental, unemployment, or half your social security/medical tax.    That's all on you when you're self-employed. 

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