Race to 2024 - please join :)

[brokrken]

Quote:

Originally Posted by brokrken OK, I'm officially going to join this Class of 2024. DW and I have discussed this quite a bit since I found this forum a few weeks back. We are targeting 2024 because that lines up with when our only child will graduate from High School. She is 10 now and we have $80k in a 529 and plan to have $160-200k in there by the time she graduates to pay for college, or enough of it to where the difference won't hurt. At that time I'll be 48 and DW will be 53. Actually, if we are ahead of schedule, we will look at DW stopping work at 50. We'll see how that works. Since we are doing updates. I'll start with today and include NW excluding real estate. So, only retirement accounts, taxable investment accounts and savings. The hope is to have $3mln by 2024, but with less we should be fine according to FireCalc. By 2024, our home will nearly be paid off and we plan to move to a much lower COL area, so should be able to use the equity in our current home to buythe new one outright and add the rest to our nest egg. As of close yesterday we we're at: 06/20/2017 - $1,205k Glad I found this thread. Will update again end of each month.

Well, I said I would update at the end of each month. Guess that has turned into each quarter, so here's our latest:

10/02/2017 - $1,273k - Nice little quarter, I would say.

[NgineER]

Quote:

Originally Posted by NgineER At 40.5% at the end of Q2.

End of Q3 2017 42.5% of target

[pjigar]

47.5% of target.

[Exit 2024]

Finished Q3 at 41.6%

[xmanz3]

I WOULD LIKE TO START A RACE FOR 2030!!!! It will be a combination of ROTH IRA, mutual funds, 2 businesses and my Real Estate portfolio of at least 6 rentals + my primary residence that I'm buying this year.

[exnavynuke]

I'm at 37.3% of the goal based on current spending (using 12 month numbers starting last October) and 46% of the 3-year P/T work goal.

That did include a few thousand dollars I think are non-recurring expenses, but I figure better safe than sorry so I'm going to go with the total spending.

[hilltide]

Quote:

Originally Posted by xmanz3 I WOULD LIKE TO START A RACE FOR 2030!!!! It will be a combination of ROTH IRA, mutual funds, 2 businesses and my Real Estate portfolio of at least 6 rentals + my primary residence that I'm buying this year.

xmanz....I'm in for 2030 or 3 million in after tax investments whichever comes first! Not a day later. If you start a new thread i will join. Will be a combination of 401k, IRA, 3 Rentals, HSA, paid off house.

[ohyouknow]

I'm a 2024 FIRE candidate. Our net worth recently crossed $2M but about half of that is invested in real estate rental units. My pension vests in April 2024, my spouse's vests in May 2021. He is 38 now and I'm 40.

[CajunGirl]

We hit a financial milestone - $500k - in invested assets, 4 months ahead of schedule. Plus my husband is down to one semester left of school - so only one more tuition payment for us!!

I expect us to really ramp up our savings next year. H got a part-time internship which comes with awesome and cheap health insurance. I'm currently contracting for the same company; I expect that next year they'll bring me on as a permanent employee, and my salary and benefits will increase.

We're also working at reducing our spending. I was inspired by Your Money or Your Life and Marie Kondo's decluttering book, and we've really started looking hard at how we choose to spend our time and money.

As of the end of Nov, we're at 35% of our retirement goal, have 50% equity in the house, and the college accounts are at 54% of our goal.

[exnavynuke]

Quote:

Originally Posted by CajunGirl We hit a financial milestone - $500k - in invested assets, 4 months ahead of schedule. Plus my husband is down to one semester left of school - so only one more tuition payment for us!! I expect us to really ramp up our savings next year. H got a part-time internship which comes with awesome and cheap health insurance. I'm currently contracting for the same company; I expect that next year they'll bring me on as a permanent employee, and my salary and benefits will increase. We're also working at reducing our spending. I was inspired by Your Money or Your Life and Marie Kondo's decluttering book, and we've really started looking hard at how we choose to spend our time and money. As of the end of Nov, we're at 35% of our retirement goal, have 50% equity in the house, and the college accounts are at 54% of our goal.

Nice work! Do you think you're on track to move up your target date, just on track, or behind your goal? I'd guess the former...

[joejetski]

Quote:

Originally Posted by exnavynuke I really hope you're wrong as that would suck for everybody as even a 3% withdrawal rate would not be "safe" in such an environment and you'd likely need a SWR of less than 1%. I don't think that growth of the economy is going to be as muted as you estimate however, as I think a 7% average return will be easily met over the next 40 years and higher is likely.

All depends on what "other plans" you have, and what changes you are willing to make. For example, do you want to leave a big legacy for your children? Or, are you willing to move to low COL area so that your money goes farther? Also, what are your retirement goals? Lots of travel? Being near kids/grandkids?

[CajunGirl]

Right now I'll say we are on track. A lot will depend on what kind of job my husband gets after graduation.

[brokrken]

Quote:

Originally Posted by brokrken here's our latest: 06/20/2017 - $1,205k 10/02/2017 - $1,273k - Nice little quarter, I would say.

1/1/2018 - $1,354k - Still headed in the right direction. Let's see what 2018 has to offer.

[Markola]

53% toward $3M target. This bull market is getting log in the tooth. Or is it? No one can know. If it crashes this year, we 2024ers still have time to treat it as a buying opportunity, no?

[exnavynuke]

Quote:

Originally Posted by Markola 53% toward $3M target. This bull market is getting log in the tooth. Or is it? No one can know. If it crashes this year, we 2024ers still have time to treat it as a buying opportunity, no?

That's my plan if it does...

[NgineER]

Quote:

Originally Posted by NgineER End of Q3 2017 42.5% of target

20180101: 42.4% of target (invested assets and cash only)

Invested assets and cash went backwards due to purchase of income property, but if I account the reduction in nest egg size required due to the cash flow I am doing better.

20180101:50% of target when including rental properties with current cash flow.

My cash flow reduces the needed nest egg size the same way that reducing expenses reduces the needed nest egg to support your spending.

My desired income is $100,000 annual or $8333 monthly, which means that my nest egg needs to be $3,000,000 using a 3 1/3% SWR.
My cash flow (assuming 50% expenses plus mortgage payments) before mortgage payoff is $635/month, or $7620/year. This is equivalent to a nest egg value of $228k at 3 1/3% SWR.
Once the mortgage is paid off the cash flow is equivalent to a nest egg of $750,000

[Exit 2024]

Finished year at 43.9% of $3M target

Quote:

Originally Posted by Markola 53% toward $3M target. This bull market is getting log in the tooth. Or is it? No one can know. If it crashes this year, we 2024ers still have time to treat it as a buying opportunity, no?

That is what I am counting on

[brokrken]

Quote:

Originally Posted by brokrken 06/20/2017 - $1,205k 10/02/2017 - $1,273k - Nice little quarter, I would say. 1/1/2018 - $1,354k - Still headed in the right direction. Let's see what 2018 has to offer.

4/1/2018 - $1,398k - Smaller increase this quarter as the market hasn't helped. Luckily my contributions more than made up for the lack of market returns.

[SnowBound]

2024 Goal: 1,400K & good health = RE in April @ 57

[pjigar]

End of Q1, 2018: Invested capital 38% of target.