Hi all - looking for a sense-check on how secure our financial position actually is and whether stepping back from demanding careers in the next few years is realistic.
Mid-30s couple with one toddler and another child due later this year. We both work in private practice law and moved to 4-day weeks after our first child. With a second on the way we’ve been reflecting more seriously on our longer-term plans. Neither of us is especially motivated by trying to make partner, and we’re both feeling fairly burned out and don’t particularly love the work, so we’re trying to understand whether stepping off the treadmill to pursue greater flexibility is already realistic given our position.
We’re generally cautious and risk-averse financially and prioritised saving heavily in the early part of our careers, though spending has increased more recently after buying a family home and starting a family. We’re planning on state rather than private education.
Current position (approx):
• Combined income: £270k
• Family home value: £1.3m
• Mortgage: £450k remaining (5-year fix just under 4%)
• Cash: £125k
• ISAs (mostly equity index trackers) £725k
• GIAs: £115k
• Pensions + LISA: £630k combined
• No other meaningful debt
Total net worth roughly £2.4m including home equity (~£850k).
Current household spending is about £85k/year net including childcare, travel, groceries etc. We don’t expect this to rise materially.
What we’re trying to understand:
• Whether stepping off the high-pressure career track within ~1-2 years looks realistic given this position
• Whether pursuing a FIRE-style path toward earlier financial independence now makes sense
• How others would think about sequencing a move toward part-time or lower-intensity work while raising a young family
Ideally we'd both be working 3 days a week in much less demanding roles, potentially an in-house position but could also be something completely different and potentially a lot less well paid.
Interested in honest views on whether this looks conservative / reasonable / optimistic, and what you’d prioritise next if you were in this position. I feel the numbers say we have a lot of security but really struggle to internalise that.