Hello from cold Michigan

[foxfirev5]

Thanks for the update. It's a great idea to adequately fund a taxable account. Looking back that's the one thing I would change a tad. However save enough and it will cover a multitude of minor mistakes. Best wishes.

 

[Youngblood]

Thanks for the update. It's a great idea to adequately fund a taxable account. Looking back that's the one thing I would change a tad. However save enough and it will cover a multitude of minor mistakes. Best wishes.

Foxfirev5, this is something I learned on this great site and I'm so thankful for all the knowledge everyone shares. I'm still worried I won't have enough in the taxable account by 52, but once the home is paid off (in about 5 years), I will be putting what I was paying for the mortgage payment into the taxable along with bonuses and raises.

 

[foxfirev5]

Foxfirev5, this is something I learned on this great site and I'm so thankful for all the knowledge everyone shares. I'm still worried I won't have enough in the taxable account by 52, but once the home is paid off (in about 5 years), I will be putting what I was paying for the mortgage payment into the taxable along with bonuses and raises.

Your plan sounds like ours. Although many here would recommend not paying off a low interest mortgage, paying it off worked for us. One less thing to worry about.
Just build up that reserve account and all will be good. The one thing I've learned is that the group on this forum is very dependable to provide useful info. Maybe a tad too conservative, to the point I wish I would have pulled the trigger a little earlier. However its hard to find fault with a safe approach.

 

[foxfirev5]

Welcome. I just fled Michigan.

Best wishes. DW and I moved to Michigan years ago and wouldn't consider leaving. Great central location for our travels and great weather most of the time. Water sports and outdoor activities add to our fun time between trips to South Florida. (But I wouldn't want to live there)

 

[travelover]

......... great weather most of the time.........

I guess you live in another Michigan. Mine had bitter cold winters with snow that didn't melt until spring. But I'm glad you like it.

 

[foxfirev5]

I guess you live in another Michigan. Mine had bitter cold winters with snow that didn't melt until spring. But I'm glad you like it.

Like most things I guess the truth lies somewhere between. October is like summer. I haven't seen a long hard winter in years although I do admit travelling south for few weeks in January and February.

 

[atmsmshr]

Hey everyone, here is a quick update on how things are going. Currently, I'm 41 years old now and still not married....and no kids! In reviewing my assets, I found that when I included my equity (I'm know I shouldn't, but I couldn't resist) I was over 500K!

My goal is still to retire by 52, but I'm hoping to be closer to 2 million by that time. If not, I'll probably need to work a little longer.

Look, you need to get this part of life behind you. Find someone you don't like, marry and then give them half your stash.

Seriously though, don't focus on RE to the point of missing out on finding someone to share your life with. Heck, kids aren't that bad all of the time.

Atom

 

[Youngblood]

Look, you need to get this part of life behind you. Find someone you don't like, marry and then give them half your stash.

Seriously though, don't focus on RE to the point of missing out on finding someone to share your life with. Heck, kids aren't that bad all of the time.

Atom

That is something I also need to work on. My long term relationship ended with my girlfriend because she wanted to get married and at the time I wasn't open to it. We didn't see eye to eye on finances, along with some other things, but no need to get into that here. She's a spender and wanted no part of tracking expenses. I know you were probably half joking in your first paragraph, but that really scares the hell out of me. I would love to be in a committed relationship, but it will need to be with someone that shares my respect for being fiscally responsible.

Kids are not in my plans. Some people have that calling to be a parent, but that isn't me. Kudos to the parents out there and put up with all the craziness. I really enjoy coming home and being able to relax.

I still date and enjoy myself, so life is still good!

 

[Youngblood]

Hey everyone! It's been about a year since my last update and there has been good and bad news this past year.


As for the good news, I've passed the 500K point with just investments (401K, Roth IRA, and Taxable Account). My goal for FIRE is between 2028-2029 with between 1.5 and 2 mil (I'll be around 52). My strategy is still to build my taxable account, so I can bridge a 5 year gap to do Roth conversions.


As for the bad news....this was a tough year for me. I was diagnosed with stage 3 kidney cancer in June, and I had the tumor and kidney removed in July. It was really scary for a bit. However, I don't need to have chemo or radiation (As far as they can tell, there is no more cancer!). They will just monitor me like crazy for several years.


I won't waiver on my desire to retire early and strive for my independence. However, I also feel it's important to pause and enjoy the present. I've always told myself that before, but it has much more meaning to it now.

 

[whatnot]

I am sorry to hear about your cancer diagnosis. But am glad to hear that your treatment went well. I have several friends dealing with cancer treatments now.
It does make you appreciate today. Saving for retirement is important but it should be balanced with enjoying the present.

 

[kgtest]

Sorry to hear about your declining health. Sis has stage 4 colon, turned the whole family upside down. She can relate to living in the moment. For me I think it will take my own serious medical diagnosis.

 

[Bestwifeever]

Thanks for the update—wonderful that your surgery was successful!

 

[Youngblood]

It's been over a year since my last update. I passed $600K for investment assets (about 1/3 of my goal). I'm still building my taxable account, along with my 401K and Roth IRA. The plan is still to retire when I turn 52 (August of 2028). So far, Fire Calc says I'm good. I just need to keep the spending under control. Health insurance will be key factor in that.


As for the health scare I had, I'm still cancer free! I really feel like I'm back to my normal self. This really put things in perspective for me. Tomorrow is not guaranteed to anyone. Enjoy the present, but plan for the future (common sense for this group).


Again, thank you all for the support in this group. I've learned so much from this site!

 

[pacergal]

Great update.
Financially looks like you are doing well, and your health is also. Glad you remain cancer free!

 

[mistermike40]

It sounds like you're still on plan, and congrats on your health! It's very important to plan for the future, but enjoy the journey as well

 

[street]

I'm very happy for you and wish you the best. Thanks for the update.

 

[Rianne]

I almost chimed in with a welcome, then realized your first post was in 2013, before I joined and before I FIRED! Nice to meet you and keep up the good work. Happy your cancer is in check. We lived in Portage, MI for 9 years. I loved the snow, trails, woods, Lake Michigan...on and on. There were elements I was not so excited about. We bought our house in 2003, sold in 2012 Had to move. Nothing like selling in a down market.

 

[Youngblood]

Hello all! I thought I would provide an update to my introduction thread. It's hard to believe it's been almost 8 years since I joined this group! When I first posted back in 2013, I had about $170K saved. As of right now, I'm closing in on $900K for investable assets. If I were to count my home equity, I would be over 1 MIL!! I don't normally count it, but when I did my monthly budget sheet and saw my total assets hit that 1 MIL mark, I just couldn't believe it. The hard work is paying off and compound interest is really starting to do the heavy lifting for me now

My plan really hasn't changed much since my first post. I would like to retire at the end of 2028 (I'll be 52 in 2028). The goal is to have 1.8 MIL in investable assets. If I need to work into 2029 to reach that, then so be it. FIRE Calc usually gives me 98 - 100%, but I really need to focus on what I will be spending at that age. Like I mentioned earlier, I track my spending monthly, so I know exactly what I'm spending pre-retirement. However, I have been putting more into the spending bucket in the FIRE Calc. So like I said, I really need to figure out what I will be doing with my time and how much it will cost. I just know the biggest chuck will be health care.

If some of you have read my earlier posts, I mentioned I had a kidney cancer 2.5 years ago. I've been cancer free since my surgery to remove the tumor and kidney. That scare put a lot of things in perspective for me. While I'm still grinding away to retire early, I'm also trying to enjoy the present day moments more. Covid 19 isn't making that easy, but I'm making the best of it.

Anyways, I'm done babbling. Again, thank you all for sharing your knowledge.

 

[Youngblood]

Hey everyone! It's been over two years since my last update. It's been pretty cool to see my original post back in 2013 and see how things have progressed since then

For the plan and financials. My plan has not really changed much. I want to FIRE at the end of 2027 or sometime in 2028 (I'll be either 51 or 52). The goal was originally to have 1.5 million, but I'm wanting to get closer to 1.8. Over the past few years, I have been at 1 million and then way under that, lol. I'm floating just under that now. So hopefully things settle down a little.

As for health, I've been cancer free for 5 years. That was a big hurdle I wanted to get to and I'm there now. When it comes to OMY syndrome, I don't think I'll have that issue. We can't take our health for granted. I lost two friends this past week to cancer, and they were both in their 40's.

On a different thread, I let ya'll know I invested into a brewery. It's been over a year now, and the business is doing very well. We are distributing our beer all across Michigan and are hoping to get across state lines in the near future.

That's it for now. Like I said, it's a trip to see where I was at a decade ago. A lot of financial and personal growth over that time.

 

[Kings over Queens]

Congrats on all of your accomplishments, and most importantly, your continued good health. /raises a glass/

I didn't realize when I opened the thread it had started in 2013. Your story unfolds in front of us as the testament to having a plan and working the plan.

 

[Toast]

+1 Wishing you continued good health.

 

[MarieIG]

Best wishes for your continued good health, personal and business success.

 

[Youngblood]

Thank you very much Kings over queens, Toast, and MarieIG

 

[HawkeyeNFO]

...I let ya'll know...

You're not really from Michigan.

Anyways, congrats on the progress, and save me some Vernor's.

 

[Youngblood]

You're not really from Michigan.

Anyways, congrats on the progress, and save me some Vernor's.

Thank you!

Lol. I'll save you a beer, too!