Hi All!!
So happy to be part of the community.
I have been obsessed with Mr Money Mustache for months and decided to take the leap and begin my journey to ER.
Here are my numbers. Please don't laugh. I will live on homegrown tomatoes and bike everywhere if I have to.
My husband wants to retire in 8 years and I want to retire in 7.5 years.
Salaries
Me - $125,000
DH - $90,000 + $45,000 pension (he will receive this forever +3% increase ea year)
401K
Me - $105,000
DH - $100,000
DH - will also have a second pension after 8 more years of $20K
Other
Me - Cash $15,000
DH - Cash $50,000
Me - Taxable Investment Account - $10,000 (60/20/20)
Me - ROTH $25,000
Expenses
Me - $28,000 ($5000 is day care)
DH - $50,000 (struggling musician spends a lot on "gear")
Real Estate
Joint home - Value is $225,000
My rental - Value only $50,000 (rental net income of $200/mo after expenses)
His rental - $135,000 but has a $125,000 mortgage so this is ZERO value. Rent breaks even.
I have a 7 year old daughter and a 529 with $10K in it.
He is obviously fine since he has pensions. I don't want to rely on him paying everything so I am trying to cover my portion of the expenses.
My plan is to deposit $2000 per month into my investment account and maintain my 401K deposits of $17.5 annually. What do you guys think? Am I totally nutso?
I ran a FIREcalc and it says it's possible with 91% success rate. I am relying on DH being able to add me to his insurance forever. that's a risk.
So happy to be part of the community.
I have been obsessed with Mr Money Mustache for months and decided to take the leap and begin my journey to ER.
Here are my numbers. Please don't laugh. I will live on homegrown tomatoes and bike everywhere if I have to.
My husband wants to retire in 8 years and I want to retire in 7.5 years.
Salaries
Me - $125,000
DH - $90,000 + $45,000 pension (he will receive this forever +3% increase ea year)
401K
Me - $105,000
DH - $100,000
DH - will also have a second pension after 8 more years of $20K
Other
Me - Cash $15,000
DH - Cash $50,000
Me - Taxable Investment Account - $10,000 (60/20/20)
Me - ROTH $25,000
Expenses
Me - $28,000 ($5000 is day care)
DH - $50,000 (struggling musician spends a lot on "gear")
Real Estate
Joint home - Value is $225,000
My rental - Value only $50,000 (rental net income of $200/mo after expenses)
His rental - $135,000 but has a $125,000 mortgage so this is ZERO value. Rent breaks even.
I have a 7 year old daughter and a 529 with $10K in it.
He is obviously fine since he has pensions. I don't want to rely on him paying everything so I am trying to cover my portion of the expenses.
My plan is to deposit $2000 per month into my investment account and maintain my 401K deposits of $17.5 annually. What do you guys think? Am I totally nutso?
I ran a FIREcalc and it says it's possible with 91% success rate. I am relying on DH being able to add me to his insurance forever. that's a risk.