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03-02-2007, 08:40 AM
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#1
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Confused about dryer sheets
Join Date: Mar 2007
Posts: 2
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Hello-I'm new here too
Hello
I can't begin to tell you all how excited I am to have stumbled onto this site (via a recent article in the paper). I'm 41 and have been thinking and planning for ER for a few years now, especially after reading The Millionaire Next Door. I used the firecalc the other day, putting in 45 years of retirement and it gave me a 91% probability of success, but I just made a guesstimate on my annual expenses. I'm looking forward to reading through this forum and try to digest any and all advice towards this goal.
I've got approx $1.5 mil stashed away but still feel that I'll need a lot more since my 3 boys are pretty young (18months, 4 and 6 yrs) and also worry about health insurance costs. Plus we're still planning on having at least 1 more child! Our current plan is to go (very) part time at 45, live on a lot less income, and not have to worry about contributing any more for retirement, and call it quits a few years after that. Compared to working fulltime, I feel like I can definitely enjoy work much more on a part time basis, and take away some of the worry of "not having enough".
Anyway thanks to all for a great forum for ER-something I've been looking for and didn't even realize it!
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Re: Hello-I'm new here too
03-02-2007, 08:47 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Re: Hello-I'm new here too
Welcome to the forum jonah5. Yes, there really is a Santa Claus community made up of people who don't want to work until they are too old to enjoy life! Congratulations on finding us...
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Numbers is hard
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Re: Hello-I'm new here too
03-02-2007, 05:32 PM
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#3
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Recycles dryer sheets
Join Date: Feb 2007
Location: Martin Alonzo
Posts: 111
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Re: Hello-I'm new here too
The fear of not having enough is a trap. It sound like you have saved enough it is probably time to enjoy your life
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Living life to the fullest
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Re: Hello-I'm new here too
03-02-2007, 05:34 PM
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#4
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Texas
Posts: 1,038
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Re: Hello-I'm new here too
Welcome, I have learned a lot here.
__________________
In theory, theory and practice are the same. In practice, they are not.
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Re: Hello-I'm new here too
03-03-2007, 05:09 AM
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#5
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Full time employment: Posting here.
Join Date: Oct 2006
Posts: 783
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Re: Hello-I'm new here too
Welcome! I am fairly new here as well, and still at least 4 years from FIRE, so I get a lot of inspiration from this group. With a young family you will have a lot to consider such as heath care and college educations. Regardless, you are way ahead of the game compared to most people your age. Congratulations!
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My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
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Re: Hello-I'm new here too
03-03-2007, 12:34 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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Re: Hello-I'm new here too
jonah5,
Welcome. I "erly-semi-retired" a couple of years ago, and am working part-time now mainly to get some funds stashed away for DD's tuition and for the "extra's" we may want but aren't really necessities. I found ESRRob's book very useful--there's a link at this site (but this is NOT an ad!)
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Re: Hello-I'm new here too
03-03-2007, 01:37 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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Re: Hello-I'm new here too
Are you going for a fourth child because you want a girl?
I'd say wait until your three boys are teenagers before you decide on more kids.
__________________
Al
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Re: Hello-I'm new here too
03-05-2007, 02:22 PM
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#8
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Confused about dryer sheets
Join Date: Mar 2007
Posts: 2
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Re: Hello-I'm new here too
Actually we'll be perfectly happy with more boys. We started saving for college tuition right away with the three we have, with over $40k for each of the 2 older boys, and about $15k for the 18month old, and continue to put away $500/child per month-which I hope will grow a lot by the time they reach college age. Health insurance is my biggest concern, which is why I may try to put off complete ER and just go part time (at least initially), but definitely call it completely quits by 50. I also have a mortgage to worry about (about $3000/month). I'm gleaning a lot of good information here about how to invest my $ and how to allocate it. I'm my own financial advisor and sometimes worry that I'm not doing things right, but based on what I've read so far in the coffeehouse investor site, it seems I'm more on less on the right track. Once I've read more, I'll post my holdings and see what you all think based on all of your collective wisdom, insight, and experience. Thanks.
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Re: Hello-I'm new here too
03-06-2007, 11:54 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2004
Posts: 2,049
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Re: Hello-I'm new here too
It'll be helpful to track your expenses for a while. Keep your receipts and write down what you spend. Amortize your annual expenses (house insurance, property tax, etc.) This will you a better picture on if $1.5M (~$60k/yr) is enough.
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Re: Hello-I'm new here too
03-08-2007, 07:41 AM
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#10
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Full time employment: Posting here.
Join Date: Nov 2006
Posts: 548
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Re: Hello-I'm new here too
Welcome aboard!
8)
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