Hi all
Been on the forum since summer, doing the daily analysis while watching portfolio / market / and analyzing some more (does it ever stop? guessing no )
Appreciate comments from those that might be in similar situation:
58 years young , married (wife is 50) and I have been self employed over a decade now, earning on average a low six figure income, avoiding the corporate environment (had many lucrative offers, but preferred my lifestyle with home office of 30 hrs/week and taking life and vacations before it's too late to enjoy life).
I have an opportunity to start a company that I'm 95% sure will provide at least a decent income ($50k plus) in 12-24 months, perhaps more income, with the ability to live wherever I want (very appealing given Great Lakes weather!). But it will take a at least 12-24 months before the company is cash flow positive - so maybe a couple years before I can draw a small "salary" as Founder ($50k or so, going up if it takes off with at least 33% equity). But it's a "life's work" kind of opportunity. Tying together all the things I care about and have been working on for 30 years.
My wife plans on working another 5-10 years, earning $30-$60k / year depending on location(s)
After a lot of analysis, it looks like $500k in savings and about $50k in cash (two years of expenses assuming wife works) will more than suffice if I start withdrawing after age 59.5 (occurs next year). We live a frugal lifestyle, one car, rent a small house and have always lived below our means to save the $. We have zero debt, 800+ credit scores. If necessary, we can cut back more as our minimal living expenses can covered with her income and minor withdrawals from my savings at 59.5 can cover any discretionary spending (a vacation or two, business trips etc). Our kids are adults.
I'm currently 60/40 (ETF, Vanguard Global). What are things we should watch out for? My #1 concern is health care/long term care. Am I missing anything else? We have term life insurance policies but no long term care. How are you handling / thinking about long term care?
Appreciate any thoughts, comments, insights on the FIRE and work on a startup company instead of continuing consulting. I can't do both. Thanks in advance for your comments.
Been on the forum since summer, doing the daily analysis while watching portfolio / market / and analyzing some more (does it ever stop? guessing no )
Appreciate comments from those that might be in similar situation:
58 years young , married (wife is 50) and I have been self employed over a decade now, earning on average a low six figure income, avoiding the corporate environment (had many lucrative offers, but preferred my lifestyle with home office of 30 hrs/week and taking life and vacations before it's too late to enjoy life).
I have an opportunity to start a company that I'm 95% sure will provide at least a decent income ($50k plus) in 12-24 months, perhaps more income, with the ability to live wherever I want (very appealing given Great Lakes weather!). But it will take a at least 12-24 months before the company is cash flow positive - so maybe a couple years before I can draw a small "salary" as Founder ($50k or so, going up if it takes off with at least 33% equity). But it's a "life's work" kind of opportunity. Tying together all the things I care about and have been working on for 30 years.
My wife plans on working another 5-10 years, earning $30-$60k / year depending on location(s)
After a lot of analysis, it looks like $500k in savings and about $50k in cash (two years of expenses assuming wife works) will more than suffice if I start withdrawing after age 59.5 (occurs next year). We live a frugal lifestyle, one car, rent a small house and have always lived below our means to save the $. We have zero debt, 800+ credit scores. If necessary, we can cut back more as our minimal living expenses can covered with her income and minor withdrawals from my savings at 59.5 can cover any discretionary spending (a vacation or two, business trips etc). Our kids are adults.
I'm currently 60/40 (ETF, Vanguard Global). What are things we should watch out for? My #1 concern is health care/long term care. Am I missing anything else? We have term life insurance policies but no long term care. How are you handling / thinking about long term care?
Appreciate any thoughts, comments, insights on the FIRE and work on a startup company instead of continuing consulting. I can't do both. Thanks in advance for your comments.