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Old 09-04-2016, 08:15 AM   #21
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It's been a fabulous few months financially both from a saving and investing perspective. This culminated in me becoming FINANCIALLY INDEPENDENT a month or so ago at age 43! I now have 105% of the wealth I believe I need to ensure I never have to w*rk again.

With my investment return YTD at 14.0% it actually all snuck up on me meaning I'm not yet ready to actually FIRE. That will have to wait until mid-2017.

Some of the highlights of my journey to FI:
- Time to achieve FI = 8.7 years
- Annualised investment return = 6.9%
- Average savings rate = 53% of gross income
- Contribution from saving = 62%, contribution from investments = 38%
- Planned withdrawal rate = 2.5%
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Old 09-04-2016, 11:13 AM   #22
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Congratulations, GenghisKhan! Being FI is really the goal, after all. ER is just one option that opens up once you hit FI.
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Old 09-04-2016, 12:55 PM   #23
Recycles dryer sheets
 
Join Date: Sep 2016
Location: Near Schladming, Austria
Posts: 79
Quote:
Originally Posted by GenghisKhan View Post
It's been a fabulous few months financially both from a saving and investing perspective. This culminated in me becoming FINANCIALLY INDEPENDENT a month or so ago at age 43! I now have 105% of the wealth I believe I need to ensure I never have to w*rk again.

With my investment return YTD at 14.0% it actually all snuck up on me meaning I'm not yet ready to actually FIRE. That will have to wait until mid-2017.

Some of the highlights of my journey to FI:
- Time to achieve FI = 8.7 years
- Annualised investment return = 6.9%
- Average savings rate = 53% of gross income
- Contribution from saving = 62%, contribution from investments = 38%
- Planned withdrawal rate = 2.5%
I've been following your journey and your website and you've done a really good job with a little benefit from a rising market ;-).

A couple of observations (from a fellow Brit).

From a financial perspective I know your expenses are pretty low, but your retirement stache is also on the modest size. I would be a bit nervous relying on that for the rest of my life. Of course you could always go back to work but I know for me (and I am sure for you as well) that would be totally soul crushing.

In a similar vein, not sure how old the kids are but where do you see their futures financially in terms of university and / or other financial support? There's different views but I know from my perspective its so much harder for them that I feel almost duty bound to sling a fair chunk of change in their direction (60k for three years at Uni - cheap by US standards - but a significant chunk of an early retirees budget).

Of the locations you mention I would definitely plump for Spain. Cyprus is too close to Greece to be financially comfortable (and of course suffered its own meltdown) that I would not be confident that all the things you need (medical, schooling etc) will remain affordable. Malta is just too small, particularly if you did want to do some work in the future and Spain is at least on the up again (although I would never live there due to the preponderance of British oikdom).

Finally - the big question - what are you waiting for?
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