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Re: Anyone in the age group of 30-39?
Old 09-23-2006, 03:05 PM   #61
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by rayakasun
Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun
Two kids for us. We benefitted from socking it away like crazy before the kids came, and getting our various graduate degrees and designations done mostly prior to their arrival. We save less now than we used to, since kids cost money and DW only works occasionally (self-employed), but my earnings have increased tremendously, which makes it easier to save.
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Re: Anyone in the age group of 30-39?
Old 09-25-2006, 12:01 AM   #62
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by rayakasun
Wow, you guys are really amazing.
I'm just curious how many of you actually have kids because I'm finding that starting a new family will really cut into the amount that I can save.
Mostly this will be due to my wife staying at home to raise the kids.

rayakasun
I have two kids, ages 6 and 7. I'm 39 and wife is 38. Net worth is $2.3M.

Key is a) having a good income, b) investing early, c) spending less than you make and d) getting lucky once in a while. In my experience (c) is the most important factor in building wealth.

Kids are expensive but they're worth it. You could retire younger without kids; but the memories last a lifetime.

I could retire today but love my job. There's also the major concern about healthcare costs. Going to work for at least another 5 years.

Mike
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Re: Anyone in the age group of 30-39?
Old 09-25-2006, 12:16 PM   #63
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by MikeK
I have two kids, ages 6 and 7. I'm 39 and wife is 38. Net worth is $2.3M.

Key is a) having a good income, b) investing early, c) spending less than you make and d) getting lucky once in a while. In my experience (c) is the most important factor in building wealth.

Kids are expensive but they're worth it. You could retire younger without kids; but the memories last a lifetime.

I could retire today but love my job. There's also the major concern about healthcare costs. Going to work for at least another 5 years.

Mike
Holy crap. $2.3 million in your 30s It sounds more like (d) was the most important factor. LBYM doesn't get you that kind of money so quickly.
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Re: Anyone in the age group of 30-39?
Old 09-25-2006, 12:29 PM   #64
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by Jay_Gatsby
Holy crap. * $2.3 million in your 30s* It sounds more like (d) was the most important factor.* LBYM doesn't get you that kind of money so quickly.
For many years (d) was pretty important to me.

JG
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Re: Anyone in the age group of 30-39?
Old 09-25-2006, 01:05 PM   #65
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Re: Anyone in the age group of 30-39?

I have five children.* I've been fortunate enough to make enough money that I can still entertain FIRE thoughts while keeping up a middle-class lifestyle, but I may be deluding myself.* I'm especially nervous about how much our costs will increase over the next 10-20 years (my kids are all < eight).* While I do spend more than I'd like, and live in the 'burbs, and drive two cars and all that, I am far more frugal than some of my neighbors who seem to renovate or get a new "toy" on a regular basis.

Even more than the earnings, my best luck is that my wife and I must have missed out on the envy gene.* I could have spent $100k+ re-lanscaping and putting in a pool like my neighbor did this summer, but why on earth would I?
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Re: Anyone in the age group of 30-39?
Old 09-25-2006, 02:52 PM   #66
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Re: Anyone in the age group of 30-39?

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Re: Anyone in the age group of 30-39?
Old 09-25-2006, 03:19 PM   #67
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Re: Anyone in the age group of 30-39?

No - I would not want to be that young, again...*

- Ron
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Re: Anyone in the age group of 30-39?
Old 09-26-2006, 07:10 PM   #68
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Re: Anyone in the age group of 30-39?

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Originally Posted by Ron'Da
No - I would not want to be that young, again...*
If medical science could put your current brain & experience in the body of a 30-year-old, how much would you be willing to pay?
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Re: Anyone in the age group of 30-39?
Old 09-26-2006, 07:17 PM   #69
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by Ron'Da
No - I would not want to be that young, again...*
I agree, Life is so much better now. There really is something to the "Life begins at forty" saying.

When I was in my twenties and thirties I was too insecure, too concerned about getting ahead, and worried too much about what others might think of me. What was I thinking ?
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Re: Anyone in the age group of 30-39?
Old 09-26-2006, 07:56 PM   #70
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Re: Anyone in the age group of 30-39?

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Originally Posted by Nords
If medical science could put your current brain & experience in the body of a 30-year-old, how much would you be willing to pay?
My brain would remember the emotional turmoil I have had in the past - no thanks (too painful).* In my case (which is certainly not true for everybody, and I understand that), "the best is yet to come".* I have no problem with who I am, in my current physical body.* Actually, being diagnosed as diabetic in my early 50's (currently managed by diet and excercise - no drugs) I'm actually in better physical shape than I was at 30.* I guess I have a "classic car body" with a new high-performance "engine" (vroom...)*

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Re: Anyone in the age group of 30-39?
Old 09-27-2006, 12:57 AM   #71
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Re: Anyone in the age group of 30-39?

No kids. My wife and I are too selfish for that.
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Re: Anyone in the age group of 30-39?
Old 09-28-2006, 12:46 PM   #72
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Re: Anyone in the age group of 30-39?

I'm 31 and my wife is 30, first kid on the way in a couple months. Net worth is around 300K including real estate equity.

My plan is to continue to work hard, save, and LBYM for the next 5-10 years - by then I hope to reach "bare bones FI".

Then I plan on scaling back and working less (maybe in a different career or my own business) for another 5-10 years, or as long as I feel like it. The key would be to only work if I want to, not because I need to.

Right now the plan is to split our living in retirement between Europe and the US, because our familes are on different sides of the Atlantic.
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Re: Anyone in the age group of 30-39?
Old 09-29-2006, 12:52 AM   #73
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Re: Anyone in the age group of 30-39?

I am 35. I am here to get a game plan. Goals are to get
set up for 'barebones retirement' and work my way up.

I got fed up with trying to live how everyone else thinks that
I should and am now cutting my own path.

Currently shaving the budget down to get below means
while paying off all existing debt. I decided that I don't want
to be like the "Jones's" and that I have more than enough
to be satisfied.

I simply have stopped waiting and hoping for something to
change and started taking a proactive stance toward learning
about finances and investing for the future.

A little late to the game but still playing.
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Re: Anyone in the age group of 30-39?
Old 09-29-2006, 09:28 AM   #74
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Re: Anyone in the age group of 30-39?

Better late than never, scrubradio - and most Americans seem to be taking the "never" approach so you're already ahead of the game. I have learned a lot from the members of this community, and through many of the book recommendations that I 've picked up along the way (the public library is a great tool).
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Re: Anyone in the age group of 30-39?
Old 10-01-2006, 08:13 AM   #75
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Re: Anyone in the age group of 30-39?

I am 38 and DW is 36. We have 2 small children and NO plans for more. We both work and have total NW of 1.2M including equity in our primary and rental properties. I must admit that at least a quarter of this came from our families and inheritance. Also with my current job I get 44k/yr tax deferred into Keogh plan and we contribute 15% take home to education and after tax brokerage. I will probably work until 55 or so but no real plans yet. I enjoy my job, I just don't want to do quite as many hours as I now do.
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Re: Anyone in the age group of 30-39?
Old 10-05-2006, 08:31 AM   #76
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Re: Anyone in the age group of 30-39?

The plan is to ER at 41, 45 at latest. I am currently 32, my wife just turned 30.

We currently have a nw of around $350k, including the sep and home equity. Gross income is 250-300k/year, so we can max out the sep at the cap (currently $42k/year). We are saving at a rate of 40-50% of our take-home, outside of the sep. We are timing the payoff of our mortgages (live in one house, rent out the city duplex) to coincide fairly closely to our er date.

The plan is to continue max contributions to the sep until er, at which point we will live off our savings which is in a brokerage account. We will let the sep grow until we start withdrawing at 59 1/2, at which point the ~500k contributed should grow to a fairly substantial sum.

We are fairly flexible with respect to retirement geography, but right now western New York looks most attractive.
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Re: Anyone in the age group of 30-39?
Old 10-05-2006, 11:33 AM   #77
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by webbach
...We currently have a nw of around $350k, including the sep and home equity. Gross income is 250-300k/year, so we can max out the sep at the cap (currently $42k/year). We are saving at a rate of 40-50% of our take-home, outside of the sep...
Hooey... with that kind of income and that kind of savings rate, seems to me you are well on your way to financial independence. And quickly. Well done.

...and you are more than welcome to send some of that my way if you find that it becomes too much to hande.
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Re: Anyone in the age group of 30-39?
Old 10-05-2006, 04:58 PM   #78
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Re: Anyone in the age group of 30-39?

Quote:
Originally Posted by MikeK
Key is a) having a good income, b) investing early, c) spending less than you make and d) getting lucky once in a while....
a) Check
b) Check
c) Check
d) Check

I'm 34, NW 1.2M$ (Cdn), with no desire to have kids (although everyone tells me it might change) and a complex love life (more details here). Not sure if I want to completely RE yet, but I have not been working much for a while now and I love it.
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Re: Anyone in the age group of 30-39?
Old 10-05-2006, 05:01 PM   #79
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Re: Anyone in the age group of 30-39?

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Originally Posted by Dilettante72
I'm 34, NW 1.2M$ (Cdn), with no desire to have kids (although everyone tells me it might change) and a complex love life
If you think your love life is complex now, wait until you have kids!
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Re: Anyone in the age group of 30-39?
Old 10-05-2006, 08:03 PM   #80
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Re: Anyone in the age group of 30-39?

Quote:
If you think your love life is complex now, wait until you have kids!
Ahh don't let him get his hopes up! After kids there is no more sex. I can't even go to the bathroom by myself anymore. Some 4 yo wants to play hide and go seek while I am on the toilet.

Wouldn't change it one but, well maybe.......
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