Hello Everyone!
I'm new to these boards. Found FIRE by being a frequent lurker on the Bogleheads boards. Need some advice from the good people here.
My husband and I are 42 and 44 years old, respectively. We are both tired (exasperated) with our jobs for different reasons. My (large company) employer has downsized due to the economy. My job is not in jeopardy, but my workload has effectively double while my salary has stayed the same. The job was already stressful but now with the added workload it has become unbearable.
My husband can stand his job but there is no love there. His gripe is the 45 minute commute downtown (each way) and back. This weekend we actually discussed how miserable these situations make us and were wondering if an early retirement is even possible? And if so, when?
Here's our financial situation:
-We owe about 90K on our home
-No other debt to speak of
-We have one child who is turning twelve next month, but have set the college $$ aside and that won't be a problem
-We have about a million and a half in savings ($1M outside of 401ks another 500K inside 401K), we are frugal savers and don't have a very expensive lifestyle
-I believe we could live on a budget of $70-75K a year, maybe less if we payoff the house first ($1200 month payment right now).
We were considering ER in the next 3 to 5 years, maybe after paying off the house. With 401Ks and outside savings, we could put away $50K a year if we bite the bullet. Is this doable? Thoughts?
I'm new to these boards. Found FIRE by being a frequent lurker on the Bogleheads boards. Need some advice from the good people here.
My husband and I are 42 and 44 years old, respectively. We are both tired (exasperated) with our jobs for different reasons. My (large company) employer has downsized due to the economy. My job is not in jeopardy, but my workload has effectively double while my salary has stayed the same. The job was already stressful but now with the added workload it has become unbearable.
My husband can stand his job but there is no love there. His gripe is the 45 minute commute downtown (each way) and back. This weekend we actually discussed how miserable these situations make us and were wondering if an early retirement is even possible? And if so, when?
Here's our financial situation:
-We owe about 90K on our home
-No other debt to speak of
-We have one child who is turning twelve next month, but have set the college $$ aside and that won't be a problem
-We have about a million and a half in savings ($1M outside of 401ks another 500K inside 401K), we are frugal savers and don't have a very expensive lifestyle
-I believe we could live on a budget of $70-75K a year, maybe less if we payoff the house first ($1200 month payment right now).
We were considering ER in the next 3 to 5 years, maybe after paying off the house. With 401Ks and outside savings, we could put away $50K a year if we bite the bullet. Is this doable? Thoughts?