Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
10 years to go...hopefully.
Old 06-14-2013, 04:44 PM   #1
Confused about dryer sheets
 
Join Date: May 2013
Location: Houston
Posts: 4
10 years to go...hopefully.

We're 35 year old DINKs and we want to achieve FI by 45.

My first job sucked hard so I've always saved around 2/3 of my income since my sanity required having the option of telling my boss to jump. My mantra was two days of freedom for every day of prison.

In the end it was me who jumped ship to a much better job but in some ways I was lucky to have had that first job. I never developed the bad habits of living hand to mouth like many of my friends. Our AGI has gone up by a factor of six since we met but our living costs have been pegged to inflation for the last 6 years.

Assets: ~$900K in stocks/bonds, $300K in Real Estate (excluding home, paid off)
Spending: $75K/year (excl. taxes)
Current Saving: ~$250K/year. IRAs maxed (pretty much meaningless) but no 401Ks.

Goal: $3MM. I realise this should be easily attainable IF we keep our jobs and saving rate intact for a decade. Easier said than done, but times are good for us right now. DW is a consultant. Work can come and go.

The Basic FireCalc estimation has a spending of $100K/year lasting for 45 years (until 90) 99% of the time though I'm aware of the sampling problem it has with longer retirement periods. I hope 25% is a reasonable amount of "fat" to account for taxes/post retirement surprises (though I'm hoping our spending goes down once I no longer have to commute or wear pants).

One challenge I'm finding is trying to stay motivated at work. Ever since I saw the crack of light beyond the prison walls, I've found it really hard to stay focussed on improving/maintaining my skills at work (not good). I no longer have any interest in the politicking and "networking" you need to get promotions and titles which I guess is both good and bad.
__________________

__________________
Porphyry is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-14-2013, 04:55 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,988
Welcome aboard, Porphyry. It's always nice to hear of someone who is motivated to RE. There are many informed and interesting posters on this forum.

omni
__________________

__________________
omni550 is offline   Reply With Quote
Old 06-14-2013, 05:17 PM   #3
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Welcome to the forum.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 06-14-2013, 05:29 PM   #4
Recycles dryer sheets
Willers's Avatar
 
Join Date: May 2013
Posts: 480
Welcome! It looks like you are well on the way to your goal.

Regarding the motivation problem, my suggestion is to find whatever energizes you and spend just a little bit extra on that each year (if needed). That little bit of spending won't significantly move your date and may make the time much more tolerable.

I found that travel filled that need for me. I make sure I go on two great trips/year and it reminds me why I'm working so hard and what I can look forward to after RE.
__________________
Willers is offline   Reply With Quote
Old 06-18-2013, 08:29 PM   #5
Recycles dryer sheets
 
Join Date: May 2013
Location: Kouts
Posts: 58
Porphyry, you plan looks solid as a rock.

As for motivation and advice, I asked a similar question a couple of weeks ago under the subject "7 Year Itch"... Some good thoughts / advice from the community.


You clearly have an impressive approach; I hope the road is kind and you achieve your goals
__________________
CUinFl is offline   Reply With Quote
Old 06-19-2013, 02:42 PM   #6
Confused about dryer sheets
 
Join Date: May 2013
Location: Houston
Posts: 4
Quote:
Originally Posted by CUinFl View Post
Porphyry, you plan looks solid as a rock.

As for motivation and advice, I asked a similar question a couple of weeks ago under the subject "7 Year Itch"... Some good thoughts / advice from the community.

You clearly have an impressive approach; I hope the road is kind and you achieve your goals
Thanks all for the welcome. I love how friendly everyone is!

Willers - that's good advice. We do try to get out and around as much as possible.

CUinFL - That was a good thread to read. There are times when 10 years seems forever away, and times when it seems too close to achieve FI.
__________________

__________________
Porphyry is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 08:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.