Old MacDonald
Confused about dryer sheets
- Joined
- Dec 1, 2015
- Messages
- 2
Hello all! I just turned 40 this fall, I have a wife, 37 and two kids 10 and 7. I've worked sales for the last 18 years, I've had some really good years, but I am getting to the point I am having a hard time dealing with difficult customers along with people on the company side that are incompetent. I am ready to be done, but it seems like a really big step to take with a young family. My wife is a full time mom.
Luckily I've got a part time "hobby" that will provide enough to cover our living expenses, but not add any to retirement savings. I think if I have more time to devote to it I can turn it into more than it is today.
My hesitation is do I have enough saved to never add another dollar to retirement savings?
Here is where we are at: I'd like to continue to do my "hobby" for another 20 years, possibly longer if I still enjoy it and my son doesn't want to take over someday. My wife and I would like to start to travel when the kids are out of the house, so in 10 years or so we would start to draw from our retirement.
Our net worth is $1.7M. We have no debt. Of that $515,000 is in Stocks, $50,000 in bonds, $240,000 cash (I know it's too much) and about $250,000 invested in the hobby that could be liquidated pretty quickly if needed. The rest is in our home, vehicles and real estate.
We would like to draw $50,000 of today's dollars per year starting in 10 years from the retirement to travel and have fun with.
I've ran the FIRE numbers and it's saying there is a 98.3% chance we'll be OK. I didn't figure anything in for SS as I am not convinced it will be there when I am old enough to collect. Both the wife and I have a $1M term life insurance policy that still has 10 years left on them. I am guessing that should tell me it'd be OK to step off the curb and try it.
I really like the idea of spending more time with the kids during these years. We are convinced we will not mind not keeping up with the Jones anymore and the fun of buying new cars is past. My wife is 100% for it. Worst case scenario I have to go back to work.
What is everyone's thoughts? Are we crazy? Are we missing something?
Luckily I've got a part time "hobby" that will provide enough to cover our living expenses, but not add any to retirement savings. I think if I have more time to devote to it I can turn it into more than it is today.
My hesitation is do I have enough saved to never add another dollar to retirement savings?
Here is where we are at: I'd like to continue to do my "hobby" for another 20 years, possibly longer if I still enjoy it and my son doesn't want to take over someday. My wife and I would like to start to travel when the kids are out of the house, so in 10 years or so we would start to draw from our retirement.
Our net worth is $1.7M. We have no debt. Of that $515,000 is in Stocks, $50,000 in bonds, $240,000 cash (I know it's too much) and about $250,000 invested in the hobby that could be liquidated pretty quickly if needed. The rest is in our home, vehicles and real estate.
We would like to draw $50,000 of today's dollars per year starting in 10 years from the retirement to travel and have fun with.
I've ran the FIRE numbers and it's saying there is a 98.3% chance we'll be OK. I didn't figure anything in for SS as I am not convinced it will be there when I am old enough to collect. Both the wife and I have a $1M term life insurance policy that still has 10 years left on them. I am guessing that should tell me it'd be OK to step off the curb and try it.
I really like the idea of spending more time with the kids during these years. We are convinced we will not mind not keeping up with the Jones anymore and the fun of buying new cars is past. My wife is 100% for it. Worst case scenario I have to go back to work.
What is everyone's thoughts? Are we crazy? Are we missing something?