Good evening,
I've been reading here a lot lately and it's been reiterating what I've been practicing for years. I'm a 29 year old male, engaged, and been planning to ER since I started working.
I grew up with my dad as a SAHD, as he was FI and ESR with rental properties for my entire life. Mom was in education and worked and now has a great pension.
Anyway, current stash:
Mint net worth - 200k made of:
30k cash
30k traditional 401k
20k Roth IRA
120k equity in rental properties (conservative zillow estimate)
2 rentals, one cash flow at net 22k annual, the other is cash flow neutral (putting 100% back to pay off mortgage, will be paid off in 3 more years, post mortgage will cash flow net 14k annual)
Current salary fluctuates due to commissions - 80k annual gross (approx)
I put about 13k into 401k, 5k into Roth IRA a year. Save about 30k in cash a year to purchase another rental or start a taxable investment account.
I'm getting married soon and future DW is 27 and practices LBYM and approximate:
50k cash
50k tax deferred retirement
50k equity investments
0 debt
50k gross income, decent savings rate.
One question that I have right now: how did anyone here convince their significant other that RE is possible? I am lucky that she is LBYM, but she is very conservative and hesitant that we could RE with all the variables in the future. We're also looking for a house, but I could have another post on that one!
I'm all for getting out of Megacorp as quickly as possible and ESR with rentals.
I look forward to joining other posts in the future.
I've been reading here a lot lately and it's been reiterating what I've been practicing for years. I'm a 29 year old male, engaged, and been planning to ER since I started working.
I grew up with my dad as a SAHD, as he was FI and ESR with rental properties for my entire life. Mom was in education and worked and now has a great pension.
Anyway, current stash:
Mint net worth - 200k made of:
30k cash
30k traditional 401k
20k Roth IRA
120k equity in rental properties (conservative zillow estimate)
2 rentals, one cash flow at net 22k annual, the other is cash flow neutral (putting 100% back to pay off mortgage, will be paid off in 3 more years, post mortgage will cash flow net 14k annual)
Current salary fluctuates due to commissions - 80k annual gross (approx)
I put about 13k into 401k, 5k into Roth IRA a year. Save about 30k in cash a year to purchase another rental or start a taxable investment account.
I'm getting married soon and future DW is 27 and practices LBYM and approximate:
50k cash
50k tax deferred retirement
50k equity investments
0 debt
50k gross income, decent savings rate.
One question that I have right now: how did anyone here convince their significant other that RE is possible? I am lucky that she is LBYM, but she is very conservative and hesitant that we could RE with all the variables in the future. We're also looking for a house, but I could have another post on that one!
I'm all for getting out of Megacorp as quickly as possible and ESR with rentals.
I look forward to joining other posts in the future.