How much of a pay cut would you take for a lighter workload? Paul, 35, is grappling with that question. Like many of us, Paul says he loves his job, but the hours are demanding. He would love to work less. But he didn’t think the opportunity would come so soon. You see, Paul is a dedicated saver. He’s spent years trying to build financial independence. He’s amassed a net worth of $910,000, with no debt. His ideal early retirement, which would be filled with travel and hobbies, requires more money. Besides, he enjoys his career. That’s why Paul thought he’d work full-time for several more years. He felt happy with that plan. But an interesting opportunity recently arose. Paul’s workplace has offered him the chance to drop his hours – and his salary – by 25 percent. He’d love to work less. But the salary cut is earlier than he’d planned. Should he take it? Today, we kick off the podcast episode with this question. After that, we turn our attention to an anonymous caller. She and her husband want to retire at 55. They also want a bigger home, a better car, and to start growing their family. Can they afford it all? Meanwhile, Tim spent his 20’s in medical school. He missed out on retirement savings during those years. He’s eager to catch up. What’s the shortest path to get there? Finally, Matthew and his family dream of leaving Florida for the Pacific Northwest. Will they regret selling everything to start over? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. _______ Paul asks (at 02:38 minutes): I’m 35, single, and don’t plan to have kids. Though I love my job, I aim to achieve financial independence and eventually work less. I’d planned to wait at least a few more years, but my company is preparing for staffing changes this year that would allow me to reduce my working hours to 75 percent full-time. Should I take this opportunity? I’d still be considered a full-time employee with benefits, but my salary would drop by 25 percent to $100,000 annually. I have no consumer debt, and I could survive on $35,000. However, I usually spend more because I like to travel and enjoy my life. My net worth is $910,000. I have $20,000 in cash, $390,000 in investments, and $500,000 in real estate equity between a primary home and five rental properties. I’d like to build up more cash savings. I have safety nets, though, including a Home Equity Line of Credit (HELOC) that I could access in an emergency. I know I’d be fine, but this reduction will slow down the growth of my net worth and make it harder to grow my real estate portfolio. On the other hand, after reading the book “Die With Zero,” I think I need to make more time for my hobbies. How should I think through such a big decision? Anonymous asks (at 21:32 minutes): My husband and I want a financial plan where we can both retire at 55. Are we on the right path? We’re in our late 30s and make $200,000 a year in the public sector with pension retirement plans. Our expenses range from $4,500 to $5,000 per month. Our car payment is $400, our student loans total $500 a month, and our mortgage is $1,500 a month. Currently, we plan to: Start growing our family next year Trade our current car for a new one but keep the payment at $400-$500 a month Upgrade to another home within three years Switch our term lif