a Canadian calculating our FI date ~ 42yo

[ashley7]

Great site. I've enjoyed reading the many interesting topics.

My husband and I are both 32yo, and currently have 2.7 million saved (a big chunk of that thanks to this sharp rally since '09 ). We own our house and have paid off our debts. We have 3yo and 1yo children, and are currently saving about 600k a year. With a prolonged retirement and estimated yearly spending in the 250k range (current dollars...we have lots of family charity and external charity projects both current and planned), we are hoping to be FI and able to semi retire in about 10-12 years and devote most of our time to our children, our family, and charity. If not, we'll have to work a little longer.

Wish us luck, and best of luck to everyone with their well thought out plans.

 

[JBmadera]

welcome and best of luck, seems like ya'll are well on your way!

 

[Danmar]

Congratulations. You have done remarkably well. FI seems well within reach at a very early age. How important is it to ER? Do you enjoy your job(s)? Is part time work, or consulting an option? You could do a lot of charity work with an extra $600k/year if you worked a little longer. Cheers.

 

[LightningDawg]

Just curious....how do you save $600k/year? What kind of jobs do you both have?

 

[ashley7]

Congratulations. You have done remarkably well. FI seems well within reach at a very early age. How important is it to ER? Do you enjoy your job(s)? Is part time work, or consulting an option? You could do a lot of charity work with an extra $600k/year if you worked a little longer. Cheers.

We love to work right now, and it is hard to fathom stopping cold, so I envision that we will continue to work part-time for the love of it even after we are FI. These things can change though. It's hard enough to predict how I'm going to feel in a week let alone 10 years.

 

[ashley7]

Just curious....how do you save $600k/year? What kind of jobs do you both have?

We are physicians.

 

[Isoman]

Welcome and best of luck.

Impressive saving rate .

 

[Meadbh]

We are physicians.

Welcome Dr. Ashley!

You and DH must be surgeons or cardiologists, because you are earning significantly more than I am! I sure hope you are incorporated!

Dr. Meadbh

 

[janonymous]

32 year old doctors in Canada saving $600K a year. Are you witchdoctors? Just joking - it doesn't completely add up though? If you spend $250K, you would have to be grossing well over $1.5M/year pre-tax to save $600K/year, and to save as much as you have and paid off your debts, you must have been making that much since you got out of medical school what, 6 or 7 years ago? I'm jealous and sending my kids to Canada to become doctors!

 

[ashley7]

I don't want to give too many details since I will expose ourselves and have provided financial details I would never share with friends or family. Nonetheless, we are in specialty fields that are highly paid. I don't know why some are paid so much more than others, but that's not why we chose our fields. Most of the money we ever make will never be spent by us, but rather put toward excellent causes, and much to our pleasure. We also donate our services to third world countries, and we will increase the amount of time we devote to this later in our careers.

For the record, most doctors don't make a lot in Canada. Most live very modest lives, and if they don't, they are the ones working into their 70's. We are unusual in that we are two, and both in specialties that pay well.

Thanks for the warm welcome, although I feel like I've known all of you for quite some time since I have been lurking for many years.

 

[travelover]

..........We also donate our services to third world countries, and we will increase the amount of time we devote to this later in our careers. ...........

Please keep the US in mind.

 

[obgyn65]

Welcome Ashley.