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Old 10-04-2007, 10:45 PM   #21
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One thing that i am learning - the government does a real good job of telling you how to sock money away into deferred and retirement accounts. then, when you want to enjoy the good life a few years early you are screwed as you cant touch that money without penalty til 59 1/2; They teach you how to put it in but not how to get it out ! and what the pitfalls are of only putting money into the deferred accounts!

It's a consipracy, I tell ya.
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Old 10-04-2007, 10:53 PM   #22
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Here are some stats from a recent financial planning seminar that i found interesting. This is apparently "average" for this guy's client base. No idea if it's BS or not.

Age: 38, married, 2 children
Cash accounts (stocks, bonds, mutual funds) $900K
Home/Real estate equity: $350K (example was 500K home, owe $150K on it)
Deferred 401K and IRA's: $450K
College savings for 2 children: $100K

Total net worth: $1.8M

question is - can you retire on that? Given so much is locked in deferred savings like 401K and locked up in house equity, i personally dont think it's possible even though the net worth figure is pretty darn impressive.

What do you all think?
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Old 10-05-2007, 07:01 AM   #23
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What do you all think?
In my opinion, not near enough to retire at 38...
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Old 10-05-2007, 08:00 AM   #24
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Depends on how much s/he spends. At a 4% withrawal rate, the liquid assets could generate $58,000 per year before taxes.
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Old 10-06-2007, 07:56 PM   #25
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I'm mid 50s and my net worth is many, many thousands of Albanian leks. I am a penis inspector for the state of Oklahoma. Let me get my calipers out and we will see how you measure up...
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Old 10-07-2007, 12:11 AM   #26
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What is your liquid net worth and what are your milestones?
Age- 27
Liquid NW- $75k
Milestones- To finish school...again.... I'm back in school full-time with students ~10 years my junior, but damn it's awesome.... I haven't posted in awhile since FIRE is now much lower on my list than doing well on the MCATs. So yup, I really did do it it. All those years ago when I said I would... So for all you FIRE folks worried about your healthcare costs- consider this post a coupon for 5% off your next exam once i'm Dr Marshac. Thankfully IT is [FONT='Calibri','sans-serif']conducive [/FONT]to consulting work (I do DB work now), so i'm not quite a ramen eating college student. Oh yeah, I also got married 3 months ago, and my wife an an RN...

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How long did it take you to save up your first 100k, 200k, 300k, etc.
Not there yet.
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Old 10-08-2007, 12:10 PM   #27
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Good luck with school, Marshac.
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Old 10-08-2007, 01:13 PM   #28
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Hi -

Age: 26
Where I am at: Off to a great start, but worked hard, long hours to get to this point. Started working (and saving/investing) full time about 2 years ago, and I managed to save and invest about 75k as of Friday's close. I should hit 100k by year's end, or January at the latest.
Where I hope to be: 5 million, minimum. If my dad did it in 30 years with a 7th grade education, broken english, and a heavy accent, then there is no reason why I can't do it (and faster) with formal education and 'proper' english.

Marshac - Congrats & good luck to you with school! Ironically, I'm finishing up my post-bacc right now at night, and I plan on taking the MCATs in about a year. It's very odd taking coursework at the undergrad level - they are so scatter-brained (but I was no different at that age).

My transition will be from finance to medicine. More money in finance (I'm literally setup to jump into a hedge fund or Goldman with my experience and contacts within a couple of years), but definitely not what I'd like to do for much longer. My personality and interests are more fitting to medicine than the business/legal world. I'll do it until I go to med school, and in the meantime, I will sock away as much as possible, and hopefully, work under contract part time when I am in med school (projected start at 29). Arg! I'm so jealous that you'll be in sooner! I can't wait to go.
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Old 10-08-2007, 03:11 PM   #29
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Originally Posted by Pavo View Post
Hi -

Age: 26
Where I hope to be: 5 million, minimum.

My transition will be from finance to medicine. More money in finance (I'm literally setup to jump into a hedge fund or Goldman with my experience and contacts within a couple of years), but definitely not what I'd like to do for much longer. My personality and interests are more fitting to medicine than the business/legal world. I'll do it until I go to med school, and in the meantime, I will sock away as much as possible, and hopefully, work under contract part time when I am in med school (projected start at 29). Arg! I'm so jealous that you'll be in sooner! I can't wait to go.
Ah yes, the young and idealistic.........
I know a guy who went in the opposite direction. He's running a biotech fund now.
Meadbh (old MD)
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Old 10-08-2007, 09:14 PM   #30
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What do you all think?
I could but i'm used to living on 18K per year after tax. It all depends on what he "needs" to cover his expenses.
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Old 10-11-2007, 05:38 AM   #31
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I'm 21. I've got 9K, no debt. Hope to have first 100k at 26. 200k at 29. 300k at 31, etc. Planning to retire before 40 just raking in the dividends.
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Old 10-11-2007, 05:20 PM   #32
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I'm trying to gauge where most of you on this board are financially in life.
Why? :confused:
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Old 10-12-2007, 08:40 PM   #33
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Ah yes, the young and idealistic.........
My idealism strengthens as I age; Berkeley was on to something when he presented his theory. My mind & inner world keep blossoming.

Interesting as quite a few of my clients are former practicing MDs - neuroscience primarily. Low barrier to entry when covering the healthcare sector as an in, and now they manage their own funds.
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Old 10-21-2007, 03:56 PM   #34
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Age 28 (today) - 300K
Age 32 - 500K
Age 40 - 1M
Age 48 - 2M
Age 57 - 4M

I would like to get an early retirement offer from my federal job between 48-57. However, if I really like my job at that time, maybe I'll just work till I'm 65 or so. Who knows?
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