raydermonk
Confused about dryer sheets
Just signed up and am amazed by the wealth of knowledge on the site. Looking forward to learning from the folks here on the forum, as I try to wrap up the last few years of my career.
A little about me, as I'd welcome any advice or guidance you may have. I'm in middle management (multi-unit) for a large fuel retailer, and have been in the industry for 26 years. No college degree (though my semester at ASU was memorable), and started a family very young. All 3 kids are grown, with my youngest (19) almost out of the house. My wife is in a good senior sales position at Megacorp, and has been there for 15+ yrs.
We're currently salaried at a combined $180k annually, with my additional bonuses adding another $60k+ to that. Her 401k is at 18%; with 2% for me, and an additional 12% going into my NQDC account (high-comp rules...). Current portfolio (cash, IRA, 401k, NQDC) at $600k+. Our primary house, at approx $275k market value, was paid off in 2013 after purchasing in 1999.
We purchased our dream mountain home on 5 acres for $400k, with a rough market value of $500k currently. Our only debt is the mortgage on the weekend home, with a current balance of $300k. As my financial plan thus far has played out exactly as written 15 years ago, I'm confident that the cabin will be paid off in <5 years. With company partner-profit bonuses paid on a schedule of 1 year and 6 years from now (totalling $400k-$500k, gross), that will leave me at 50 years old, with the estimated holdings, figured on VERY modest gains from today:
--Debt = $0
--Portfolio = $1.2 million
--Real estate = 2 houses, clear, @ approx $900k-$1.1mm value (?)
--NO pension to count on
--Wife will continue working (it's her turn, she says. I'm glad!)
--Estimated yearly expenses on current calc + inflation = $45k
My balance on the NQDC ($350k+) will be paid out over 2 years upon resignation....I'd absolutely welcome hints on how to leverage this, as I haven't found any yet. Net cash from this would be reinvested, as the wife's salary more than covers yearly expenses and fun money.
While I'm not decided on going full FIRE at 50 yrs old, I like to think it's an option, or at least an option to spend my time doing things I enjoy in a completely different industry....part-time of course, and on MY schedule. If things in my current role seem favorable, I could always stretch it and bank the additional $200k/yr for backup cash and peace of mind. But, my motivation is strong to be done before 51. I've noticed the term "One more Year" in my reading here....I'll be cautious.
Sorry for the long post, but hopefully this helps get solid feedback from the well versed here. Thanks!
A little about me, as I'd welcome any advice or guidance you may have. I'm in middle management (multi-unit) for a large fuel retailer, and have been in the industry for 26 years. No college degree (though my semester at ASU was memorable), and started a family very young. All 3 kids are grown, with my youngest (19) almost out of the house. My wife is in a good senior sales position at Megacorp, and has been there for 15+ yrs.
We're currently salaried at a combined $180k annually, with my additional bonuses adding another $60k+ to that. Her 401k is at 18%; with 2% for me, and an additional 12% going into my NQDC account (high-comp rules...). Current portfolio (cash, IRA, 401k, NQDC) at $600k+. Our primary house, at approx $275k market value, was paid off in 2013 after purchasing in 1999.
We purchased our dream mountain home on 5 acres for $400k, with a rough market value of $500k currently. Our only debt is the mortgage on the weekend home, with a current balance of $300k. As my financial plan thus far has played out exactly as written 15 years ago, I'm confident that the cabin will be paid off in <5 years. With company partner-profit bonuses paid on a schedule of 1 year and 6 years from now (totalling $400k-$500k, gross), that will leave me at 50 years old, with the estimated holdings, figured on VERY modest gains from today:
--Debt = $0
--Portfolio = $1.2 million
--Real estate = 2 houses, clear, @ approx $900k-$1.1mm value (?)
--NO pension to count on
--Wife will continue working (it's her turn, she says. I'm glad!)
--Estimated yearly expenses on current calc + inflation = $45k
My balance on the NQDC ($350k+) will be paid out over 2 years upon resignation....I'd absolutely welcome hints on how to leverage this, as I haven't found any yet. Net cash from this would be reinvested, as the wife's salary more than covers yearly expenses and fun money.
While I'm not decided on going full FIRE at 50 yrs old, I like to think it's an option, or at least an option to spend my time doing things I enjoy in a completely different industry....part-time of course, and on MY schedule. If things in my current role seem favorable, I could always stretch it and bank the additional $200k/yr for backup cash and peace of mind. But, my motivation is strong to be done before 51. I've noticed the term "One more Year" in my reading here....I'll be cautious.
Sorry for the long post, but hopefully this helps get solid feedback from the well versed here. Thanks!