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Old 07-11-2017, 08:54 PM   #21
Confused about dryer sheets
 
Join Date: Oct 2010
Posts: 6
Hello all. Back again for a check-in after a multi-year hiatus. Things still going well. Goal hasn't changed - $5m liquid is still our bogey. Right now sitting at roughly $2m liquid assets split 60 / 40 cash / equities and then $1.5m in home equity. Income is high (and expenses too!) but trying to save $400k this year and $500k in the coming years. At this rate we'll hit our target within 5 years if job holds out and then it'll be more about how much 'extra' we want later in life. All that said, still worry about those curveballs that you never see coming and pray we don't hit unexpected turbulence. Thanks all for the encouragement and community.
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Old 07-11-2017, 09:58 PM   #22
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
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Originally Posted by aroundtheblock View Post
Hello all. Back again for a check-in after a multi-year hiatus. Things still going well. Goal hasn't changed - $5m liquid is still our bogey. Right now sitting at roughly $2m liquid assets split 60 / 40 cash / equities and then $1.5m in home equity. Income is high (and expenses too!) but trying to save $400k this year and $500k in the coming years. At this rate we'll hit our target within 5 years if job holds out and then it'll be more about how much 'extra' we want later in life. All that said, still worry about those curveballs that you never see coming and pray we don't hit unexpected turbulence. Thanks all for the encouragement and community.
This is the first time I've come across your post. Love these yearly updates, Best of luck.
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Old 07-12-2017, 03:29 AM   #23
Recycles dryer sheets
 
Join Date: Oct 2015
Posts: 313
Quote:
Originally Posted by aroundtheblock View Post
Hello all. Back again for a check-in after a multi-year hiatus. Things still going well. Goal hasn't changed - $5m liquid is still our bogey. Right now sitting at roughly $2m liquid assets split 60 / 40 cash / equities and then $1.5m in home equity. Income is high (and expenses too!) but trying to save $400k this year and $500k in the coming years. At this rate we'll hit our target within 5 years if job holds out and then it'll be more about how much 'extra' we want later in life. All that said, still worry about those curveballs that you never see coming and pray we don't hit unexpected turbulence. Thanks all for the encouragement and community.
Love to hear progress!

I'm the other 4 kid guy who is probably 10 yrs ahead of you. Don't want to repeat my earlier post, but guessing your kids are mostly pre-teens or younger? With 4 kids you most definitely will see your share of "curveballs" both financial and otherwise. IMO and experience, your financial heavy lifting starts around the driving years and runs until they graduate college and perhaps a little beyond... and then sprinkle in some weddings for some icing. The bar I set at young 40's to FIRE moved up a few mill (currently age 53) after running the gauntlet mentioned (I have a Jr and Sr still in college, 1 married, 1 getting married) so I can really see light at the end of the tunnel. I feel like I am now at a point where I can envision the lifestyle I want in my RE years and what that may cost. The fact is that number has gone up 50%+ from my number 10 yrs earlier. Part of it is the "creep", but most of it is by design (i.e. 1 to 2 nice trips with kids/spouses, grand kids per year, keeping bigger house vs downsizing). It sounds like you have a pretty solid income. If you truly can turn it off/on at will, then give it a try. In my case, to keep my income up I need to stay in the game. My plan has been to launch around 55 when last kid graduates... but that's just me.

You are doing great, just make sure you run both the financial and non-financial exercises before you give up a lucrative income at your age.
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Old 07-12-2017, 05:21 AM   #24
Confused about dryer sheets
 
Join Date: Oct 2010
Posts: 6
I hear you. $5m is my *minimum* and that would require a reduction in current lifestyle. If I get to $10m (my 'secret' ambition) I'll be pretty close to current lifestyle. Either way I plan on working until my youngest is out of HS (10+ years away) at which point oldest 3 (hopefully) out of college. But like you said - trips, weddings, bigger house - don't come cheap. And I don't mind working. My bigger fear is that I won't have the earning power then I do now. You see it all the time - companies laying off old expensive types for younger, cheaper models...
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