A stable self employment job/continue career?

Question: You have a stable self-employment job earning around $157k annually, but you're currently working part-time while pursuing a bachelor's degree, earning about $109k. You’re considering whether to continue in your current job or switch to a new field that could take 6-10 years to reach a similar income level, but has the potential to earn up to $400k annually in the long run.You aim to achieve financial independence and self-sufficiency, focusing on research and development projects, such as building systems for automation and agriculture. You want to minimize reliance on external systems and government support while managing stress and seeking personal fulfillment. You've experienced significant loss in your life and feel tired of the current societal noise and distractions.You're looking for guidance on whether to stay in your current career path or pursue your desired field, considering your long-term goals and personal circumstances.

Answer

I understand your situation, and it's clear you've put a lot of thought into your future. Let's break this down:Current Situation:

Career Crossroads:

  1. Continue current path: Stable, high income, but possibly unfulfilling

  2. Switch fields: Potential for higher income ($400k) in 15 years, but initial pay cut

Personal Goals:

Recommendation: Given your unique circumstances and goals, I'd suggest a hybrid approach:

  1. Continue your current job part-time while completing your degree. This maintains your high income and financial stability.

  2. Use the next 2-3 years to: a) Complete your degree b) Pay off debts c) Build substantial savings (aim for 1-2 years of expenses) d) Start small-scale projects towards your self-sufficiency goals

  3. Reassess in 2-3 years:

    • If your current job still aligns with your goals, continue but reduce hours to pursue personal projects
    • If you're ready to switch fields, you'll have a financial cushion to support the transition

This approach balances financial security with your personal aspirations. It gives you time to build your “compound” gradually while maintaining income stability. Remember, your mental health and personal fulfillment are crucial. Your experiences have shaped your priorities, and it's okay to choose a path that brings you peace.