IHaveHope
Confused about dryer sheets
Hi everyone,
I'm 43, married, four kids from 2 to 10 and I have been lurking on various early retirement sites for a few years but this is my first post. RE is a goal as soon as possible (BS bucket overflowing!) but, with young kids, brings with it a high amount of anxiety. I'd love to hear from anyone that has an opinion, a similar experience, or just a random thought that can make a difference. I've received a lot of varied and valuable feedback from reading lots of your posts but I'm taking the plunge now for specific feedback!
I'm hesitant to set a "what's your number" goal because I find myself moving the goal posts. But, the "number" is probably something I'm seeking as well as either constructive criticism or affirmation that we're on the right track.
Our numbers and info: fairly LBYM in general with a decent track record of savings. ~2.1MM net worth: 1.2 of which is tax deferred, 300K home equity, 350K in taxable (index funds), 200K in 529s (moderately aggressive), 50K emergency fund (cash).
Life is great right now except for 'work'! (well, I can't truly say that when it funds everything but the love is gone). Home life is great, kids are growing fast, activities are going to increase and this brings with it an expectation of increased costs. That said, we truly value experiences over things so we're happy to enjoy the kids experiencing things/events/activities and willing to invest in those. Right now, annual expenses are about $90K, which includes very little corner cutting and many 'nice to haves'.
The challenge is mainly when to decide to back off work and be comfortable that we can keep the high value family activities, reduce the stress of work, and not worry about the financial impact. Scale back? Change jobs? New Career? Quit? Suck it up for X more years?
I'm pretty comfortable with investment vehicles, choices, costs, diversity, etc. What are your opinions on the numbers above? If solid, what to do going forward!?
Thanks in advance for any and all opinions!
IHaveHope
I'm 43, married, four kids from 2 to 10 and I have been lurking on various early retirement sites for a few years but this is my first post. RE is a goal as soon as possible (BS bucket overflowing!) but, with young kids, brings with it a high amount of anxiety. I'd love to hear from anyone that has an opinion, a similar experience, or just a random thought that can make a difference. I've received a lot of varied and valuable feedback from reading lots of your posts but I'm taking the plunge now for specific feedback!
I'm hesitant to set a "what's your number" goal because I find myself moving the goal posts. But, the "number" is probably something I'm seeking as well as either constructive criticism or affirmation that we're on the right track.
Our numbers and info: fairly LBYM in general with a decent track record of savings. ~2.1MM net worth: 1.2 of which is tax deferred, 300K home equity, 350K in taxable (index funds), 200K in 529s (moderately aggressive), 50K emergency fund (cash).
Life is great right now except for 'work'! (well, I can't truly say that when it funds everything but the love is gone). Home life is great, kids are growing fast, activities are going to increase and this brings with it an expectation of increased costs. That said, we truly value experiences over things so we're happy to enjoy the kids experiencing things/events/activities and willing to invest in those. Right now, annual expenses are about $90K, which includes very little corner cutting and many 'nice to haves'.
The challenge is mainly when to decide to back off work and be comfortable that we can keep the high value family activities, reduce the stress of work, and not worry about the financial impact. Scale back? Change jobs? New Career? Quit? Suck it up for X more years?
I'm pretty comfortable with investment vehicles, choices, costs, diversity, etc. What are your opinions on the numbers above? If solid, what to do going forward!?
Thanks in advance for any and all opinions!
IHaveHope
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