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Sesq is in the house
Old 04-28-2010, 04:58 AM   #1
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Sesq is in the house

I am 38, and my wife is 35 (for a few more weeks). We have 2 kids, 4 and a half and 1 and a half. I work in corporate taxes for a big multinational. I started savings for retirement at age 24, when I started to work. In college I saw a compound interest chart, and that was a big deal to me. I pretty much always max the 401(k) now. The IRAs took a break for a while after we became parents and home owners.

Our net worth is in the 400s. We have a couple of home improvement projects in the near term (suit the house to our needs), then it mortgage killing time. Between my pre-payments and some restricted stock that vests over the next 5 years I think we can pay off the $300K balance in 48 months. All my money details are here:

https://www.networthiq.com/people/Sesq
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Old 04-28-2010, 09:21 AM   #2
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Welcome to the forum! Any date in mind for retirement?

I'm sure your wife appreciates your keeping her at 35 as long as possible -- I know I would.

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I am 38, and my wife is 35 (for a few more weeks).
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Old 04-28-2010, 10:56 AM   #3
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Ha, true (about 35).

Tomorrow would be nice, but realistically, mid 50s. If my kids do college in four years I'd be 58 when they would be done, that is about as far out as I'd like to go. But, I want to have the option to retire (with less comfort) much sooner. I am a big believer that sacrifices today will create options tomorrow. That said, I still want to provide for a comfortable and engaging life for me and my family.

The other consideration is I am an amputee (left leg, below the knee), so I am motivated to maintain health insurance since replacement legs are $10-15k, every 4-7 years. With all the healthcare changes its impossible to know what that world is going to look like in 15-20 years.

I think I can hit the $1M net worth (including house) by 42. After that, if my career stays on track it might take 4-8 years for the second one. Depending on my age, I might need to make it to $3M to power through. My wife has longevity genes, so I can't leave her out to dry.

All that said, my dad retired at 55, got bored and went back to work for himself. He is 74 and still working in his own law firm now. I think he's nuts. He did teach me to save, hopefully I didn't pick up his work-a-holic habits.
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Old 04-28-2010, 01:58 PM   #4
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Sesq is in the house...

Hello and welcome to the forum Sesq! I look forward to hearing more from you, so visit often.
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Old 04-28-2010, 04:26 PM   #5
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Thanks - you'll soon tire of me! I guess this makes 11 posts on my first day.
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Old 04-28-2010, 04:28 PM   #6
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Welcome!
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Old 04-28-2010, 04:30 PM   #7
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Originally Posted by Sesq View Post
Thanks - you'll soon tire of me! I guess this makes 11 posts on my first day.
Pffffttt...we can handle it!
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Old 04-28-2010, 07:29 PM   #8
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Welcome Sesq! You're in a good position and kudos for thinking about becoming financially independent now while you're so young. You may want to retire early or may want to keep working like your dad. In any event, having a choice the the key factor. The choice to do what you want with your life, talent, and time. Look forward to hearing more from you.
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Old 04-29-2010, 08:53 AM   #9
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Thanks. Reading a few more threads, I am not quite as frugal as some. We rely on me earning a good income to make it happen. So far, so good. This year is a real challenge as bonus came in low (about 1/3 of my total comp is bonus/stocks), but I am still doing a major yard project, plus converting 80K or IRA's to Roth, for which I jacked up my withholding at work. After 2010, cashflow should be a lot easier. If I am able to pay off the mortgage in 2014, that will be a revelation since except for this year I tend to make double payments. Hope my corporation doesn't get bought in the next few years. I am not in the big cities, so if I change jobs, I change scenery.
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