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04-21-2017, 10:58 AM
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#61
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Full time employment: Posting here.
Join Date: Nov 2015
Posts: 661
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Bummer OP. Not everyone is cut out for FIRE. Life gets in the way at times. Good luck to you.
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1000 days since my last update...
01-16-2020, 11:42 AM
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#62
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 233
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1000 days since my last update...
It's been almost 2 years and 9 months since my last update on this thread -- exactly 1000 days if my math's right.
A few months after my last post, the powers that be at my employer decided to significantly alter my job, which made me want to find another position elsewhere. My new job paid vastly more than I've ever earned before, but wasn't as fun and was a lot more time consuming and stressful. To compensate, I gave myself permission to buy a ridiculously expensive and luxurious sports car (Porsche 911, baby!!). So I stayed there for only a year before jumping ship again to another lower-stress position, with a relatively low salary again. My wife is in a similar lower-stress, lower-income job as well now. Still have the Porsche though!
So, our incomes are relatively low, but our job satisfaction is relatively high. Unfortunately, we have definitely allowed ourselves to live high on the hog for far too long. Our spending is barely under control. We're still saving about 16-18% of our salaries for retirement, as well as contributing to the kids' college funds. But wow, it's shocking how much money we spend every month. I'm trying to improve our budget in an effort to impose some newfound financial discipline on ourselves, but it's slow going.
If we had real financial discipline we could save way more. But with the stress of both me and my wife having significant full-time careers, plus trying to raise 8 and 10 year old little boys, plus now having new responsibilities to help care for my elderly and sick parents, there are many reasons to make financial splurges just to make it easier to get through the week.
Family net worth is a little over $2 million right now. It should be higher but, you know, Porsche.
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01-16-2020, 05:22 PM
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#63
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Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,390
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Wealth isn't always measured by money.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger
The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
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01-17-2020, 09:19 AM
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#64
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,803
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Life is all about choices.
It appears that spending more money now for comfort is more important than ER for you at this time.
You are still saving for retirement and your kids college, you are doing OK.
It also never hurts to start a budget and check spending if you desire.
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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01-17-2020, 09:48 AM
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#65
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: 5-sided building
Posts: 1,183
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When my Uncle Sam sent me to Germany to work for a few years, I really enjoyed driving on the Autobahn. Road conditions were impeccable compared to the US, and drivers predictably followed the rules. I considered buying a Porsche, but then we came home to the US for a couple of weeks on leave; I quickly realized that I wouldn't be able to have any fun with a car like that where we were going to live long term (Washington, DC) once I retired from the military. Roads are crap, drivers are erratic, and the traffic is a beast. So I passed on the fun sports car.
I think you should have much better opportunities to enjoy that Porsche in Utah!
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01-17-2020, 04:35 PM
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#66
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 233
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Quote:
Originally Posted by HawkeyeNFO
I think you should have much better opportunities to enjoy that Porsche in Utah!
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Oh yeah, it's being thoroughly enjoyed! There are lots of great roads out here.
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01-17-2020, 04:37 PM
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#67
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 233
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Quote:
Originally Posted by pacergal
Life is all about choices.
It appears that spending more money now for comfort is more important than ER for you at this time.
You are still saving for retirement and your kids college, you are doing OK.
It also never hurts to start a budget and check spending if you desire.
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Yes, I agree. We should be a bit more deliberate about our spending, but I can rationalize it by observing just how busy and stressful our day-to-day lives can be. As my boys are getting older though, I think we should be able to impose at least some financial discipline on ourselves. We're getting there.
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01-17-2020, 08:10 PM
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#68
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by SLC Tortfeasor
Unfortunately, we have definitely allowed ourselves to live high on the hog for far too long. Our spending is barely under control. We're still saving about 16-18% of our salaries for retirement, as well as contributing to the kids' college funds. But wow, it's shocking how much money we spend every month. I'm trying to improve our budget in an effort to impose some newfound financial discipline on ourselves, but it's slow going.
If we had real financial discipline we could save way more. But with the stress of both me and my wife having significant full-time careers, plus trying to raise 8 and 10 year old little boys, plus now having new responsibilities to help care for my elderly and sick parents, there are many reasons to make financial splurges just to make it easier to get through the week.
Family net worth is a little over $2 million right now. It should be higher but, you know, Porsche.
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Quote:
Originally Posted by SLC Tortfeasor
We should be a bit more deliberate about our spending, but I can rationalize it by observing just how busy and stressful our day-to-day lives can be. As my boys are getting older though, I think we should be able to impose at least some financial discipline on ourselves. We're getting there.
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When financial independence is a priority to you and your spouse, then you guys will make it happen.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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01-19-2020, 04:42 PM
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#69
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Full time employment: Posting here.
Join Date: Jun 2009
Location: SoCal
Posts: 569
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I think this sums it up. I don't think you're doing poorly, in fact I think you are living life and finding your true priorities, which are definitely individual.
Keep on it, sounds like you are on the path of happiness...which ER or not, is what everyone seeks.
Good luck on your journey!
Quote:
Originally Posted by pacergal
Life is all about choices.
It appears that spending more money now for comfort is more important than ER for you at this time.
You are still saving for retirement and your kids college, you are doing OK.
It also never hurts to start a budget and check spending if you desire.
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__________________
FIRE'd since January 21st 2022 at age 49
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01-20-2020, 08:19 AM
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#70
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gone traveling
Join Date: Jan 2019
Location: NW Ohio
Posts: 1,156
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"Yea, Porsche baby " I just sold my Porsche because it took up garage space, and no longer was fun to drive with increased traffic. I did pay off some bills with the proceeds, but we live in a much LCOL than you, so no need to prove I had "made it". I still have a GT Mustang convertible, because I like driving it.
It's all about decisions.
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01-25-2020, 08:27 AM
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#71
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Recycles dryer sheets
Join Date: Jul 2013
Posts: 123
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Quote:
Originally Posted by UnrealizedPotential
Wealth isn't always measured by money.
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To be honest, $2 million in the early 40s is pretty close to wealthy.
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01-25-2020, 09:32 AM
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#72
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Recycles dryer sheets
Join Date: May 2013
Location: Gainesville
Posts: 160
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Quote:
Originally Posted by Beer man
Not that I completely agree with Zorba, but it always gives a chuckle!
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I thought the quote worth noting was, "what kinda of a-Man are yah, you don't-a even a-like a-dolphins?" Lol
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01-25-2020, 09:55 AM
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#73
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Recycles dryer sheets
Join Date: May 2013
Location: Gainesville
Posts: 160
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Just noticed the dates on this thread. I bought my dream car, a gently used 2010 Corvette w/ 1500 miles on it, back in 2011. My really enjoyed it for about two years, but started to realize the thrill of driving it waned while the $850 each month in payments and ins got to be more of a noticable drag on my new found ER goal. So I got rid of it and drove the family mini van. At the time my co-workers a bunch of soldiers in my unit were horrified I got traded in the vet for the minivan. I lost a bunch of cool points and some of them would shake there heads and poke fun. I told them I took to heart a quote from Dave Ramsey who says 'Live like no one else, so you can live like no one else.'
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01-25-2020, 09:56 AM
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#74
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Recycles dryer sheets
Join Date: May 2013
Location: Gainesville
Posts: 160
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Quote:
Originally Posted by Nords
When financial independence is a priority to you and your spouse, then you guys will make it happen.
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See my comment above, but you are right Nords, it boils down to priorities.
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01-25-2020, 10:01 AM
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#75
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Recycles dryer sheets
Join Date: Nov 2016
Location: Minneapolis/St. Paul
Posts: 82
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Quote:
Originally Posted by zesty
To be honest, $2 million in the early 40s is pretty close to wealthy.
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It’s in the 93rd percentile for the US, and in the top 0.26% of the world. I’d say it qualifies as wealthy, though it’s not flashy. Secret wealth is my favorite kind.
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01-27-2020, 02:39 PM
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#76
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 1,558
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I hear you there. I think our situations are somewhat similar--
http://www.early-retirement.org/foru...ent-82147.html
http://www.early-retirement.org/foru...te-101841.html
We've put away over $2 million ourselves, but with all of the expenses we've chosen its not really pull the plug money with all of the unknown variables ( healthcare costs, college costs, etc ) that are still too far out and in flux to even guess at a number.
One thing that I do find comforting is that a lot of the expenses are ones that could be reduced in retirement. Childcare costs wouldn't be needed if one of us wasn't working. Eating out could be reduced if we had more time to shop/cook. If we weren't commuting it would reduce gas/parking/vehicle costs. The big house costs a lot more in added expenses, but the mortgage is a large part of that and it will paid off in retirement.
I think we are both on a path that isn't the extreme early retirement that we were originally hoping for/planning on, but it will probably be in the age 60 range. That's still pretty early in the grand scheme of things.
Good luck!
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