Dear All
First, I really want to thank you all of you who make this website the very best source of people with the same grand dream. I have been following on and off for many years. I come here to educate myself, come here to motivate myself, and come here to ensure myself. Embarrassingly, I just created my account and want to post something.
My wife and I, both 40 - have been LBYM all our life. We are lucky to share the same goal since we were younger which is to be FI.
We are around 5 years toward our scheduled FI date and recently just had a baby girl (5 months) old. While we are pretty conservative on budgeting (budget for more than we need), we plan to talk to one of the CFP to make sure our plan still approachable. After selecting a few good CFPs, the fee would be a one time $2,500-$3,000 and may be $400-$600 annual. I decided to check with all of us here first if it's worth a check up with professional.
Stat (combined)
-----
Home Asset : $325k (no mortgage left)
Retirement Investment: $225k
Cash Equivalent: $280k
Fixed Income(bond,etc) $950k
Equity $652k
Total NW $2,432k
Without Home $2,107k
Goal
-----
-Financial Independent by 45 - retired from MegaCorp and Medical Field
-We are both originally from Thailand. We also plan to move back to Thailand to take care of our aged parents and shift to help on (non-profit, social etc.)
-Or do the same plan in US for our daughter's better education with a couple trips back a year.
-Based on our family discussion, if we can make $80,000 annually from investment income (this is way more than we spend - 2 of us), we can be happily set ourselves free.
-Base on the grand scheme of what people talk about which is 4% safe withdraw rate(and we adjusted it to 3%), I will need about $2,100,000 in investment. I think we are on the right track to reach that goal by our due date.
Question
----------
-Most important thing, How can I budget for my kid? We do not plan to have more baby. We allow more budget than what we have spent and use 3% SWR to be conservative. Am I missing anything? Is 3% too aggressive for 40-45 years old FIRE?
-As we want our retirement fund sooner for ER, I have not been putting max. into 401/IRA (only as much as the company match). I could be wrong. Feel free to advise me on this.
-I have my investment in various places. Do you guys combine them into one place and withdraw from there? or I can withdraw from various place as a fixed%?
-Should I really go to CFP for these questions? and 10+hours of their time($250/ hour).
We just want to make sure we are on the right track here.
-------------------------------
Again, thank you everyone who making this forum the way it is.
Thank you all who FIREd for keep educating us.
Thank you all who are working toward this dream for walking together.
In the past 20 years in working toward FIRE, here is what I learn
FIRE = SAVING/WANT
2 ways to get to FIRE closer, 1. Increase your saving and 2. Decrease your "want" and try to desire what you already have. If you keep practicing of 1 and 2, things are getting closer very fast.
I didn't mean to type this long. Thank you for reading thru this line.
I really hope to contribute to the forum more.
Sincerely,
Saenar
First, I really want to thank you all of you who make this website the very best source of people with the same grand dream. I have been following on and off for many years. I come here to educate myself, come here to motivate myself, and come here to ensure myself. Embarrassingly, I just created my account and want to post something.
My wife and I, both 40 - have been LBYM all our life. We are lucky to share the same goal since we were younger which is to be FI.
We are around 5 years toward our scheduled FI date and recently just had a baby girl (5 months) old. While we are pretty conservative on budgeting (budget for more than we need), we plan to talk to one of the CFP to make sure our plan still approachable. After selecting a few good CFPs, the fee would be a one time $2,500-$3,000 and may be $400-$600 annual. I decided to check with all of us here first if it's worth a check up with professional.
Stat (combined)
-----
Home Asset : $325k (no mortgage left)
Retirement Investment: $225k
Cash Equivalent: $280k
Fixed Income(bond,etc) $950k
Equity $652k
Total NW $2,432k
Without Home $2,107k
Goal
-----
-Financial Independent by 45 - retired from MegaCorp and Medical Field
-We are both originally from Thailand. We also plan to move back to Thailand to take care of our aged parents and shift to help on (non-profit, social etc.)
-Or do the same plan in US for our daughter's better education with a couple trips back a year.
-Based on our family discussion, if we can make $80,000 annually from investment income (this is way more than we spend - 2 of us), we can be happily set ourselves free.
-Base on the grand scheme of what people talk about which is 4% safe withdraw rate(and we adjusted it to 3%), I will need about $2,100,000 in investment. I think we are on the right track to reach that goal by our due date.
Question
----------
-Most important thing, How can I budget for my kid? We do not plan to have more baby. We allow more budget than what we have spent and use 3% SWR to be conservative. Am I missing anything? Is 3% too aggressive for 40-45 years old FIRE?
-As we want our retirement fund sooner for ER, I have not been putting max. into 401/IRA (only as much as the company match). I could be wrong. Feel free to advise me on this.
-I have my investment in various places. Do you guys combine them into one place and withdraw from there? or I can withdraw from various place as a fixed%?
-Should I really go to CFP for these questions? and 10+hours of their time($250/ hour).
We just want to make sure we are on the right track here.
-------------------------------
Again, thank you everyone who making this forum the way it is.
Thank you all who FIREd for keep educating us.
Thank you all who are working toward this dream for walking together.
In the past 20 years in working toward FIRE, here is what I learn
FIRE = SAVING/WANT
2 ways to get to FIRE closer, 1. Increase your saving and 2. Decrease your "want" and try to desire what you already have. If you keep practicing of 1 and 2, things are getting closer very fast.
I didn't mean to type this long. Thank you for reading thru this line.
I really hope to contribute to the forum more.
Sincerely,
Saenar