bearkeley
Recycles dryer sheets
- Joined
- Aug 20, 2005
- Messages
- 299
So look, my wife and I go back and forth. One day I say we can, then she says we can't. Then she says let's do it now and I say we can't. Then we look at the numbers and decide we need to wait at least 2 years. Then she says she dosen't want to wait let's do it earlier.
So today we both had a not good not bad, just another day at the office and came home and decided we can only stand so many more BLAH BLAH days at the office.
We simply enjoy our time not at the office more. We are not at all worried about being bored not working. We are bored working. So at least if we are bored not working we will be at home and can be bored naked if we so choose. We have our hopes and aspriration set on spending no more than two more years in the working mans purgatory but we need some help working the bugs out of our plan and finding the courage to FIRE.
So here it is:
Me 39
She 37
Me 401k 185K
she 401k 85k
me IRA 8k
she IRA 8k
Total 286k I also have some Fed pension of maybe 15k/yr at 62.
Cash 80k
Brokerage 50k
total 130k
Equity
1 st home 400k
2nd home 500
total 900k
1t rental 100k
2n rental 110k
3rd 150k
other 75k
total 435k
So in theory we have $1.75 mil in assets to plan with, plus we have the goal of saving and investing 100k of our salary every year we work before we do it. So theoritically given the 4% SWR we have nothing to worry about (estimate 80k/yr to live, less if we move outside the country; no kids, so no need to worry about leaving anything to our heirs) and should join the ranks of the unemployed. BUT, reality seems different.
So...here's the Question: If we stick with a plan of 2 years to FIRE, do the following steps seem like it would get us there?
1) Sell house 1 this Fall after remodel is complete (never again) to get tax free equity out and either buy or rent another house to live in until we FIRE to house #2
Questions: Buy or rent? Where do we put the equity if we don't buy?
2) Sell Rental #1 - tenant just moved out, and purchase a multi-family unit with outside management thru a 1031 exchange
3) Take cash on hand and consider investing in another rental property or stock - thoughts? (right now it is getting 4.75% in ING)
4) Invest 100k/yr of salary thru monthly allocations into stocks/index funds.
Any thoughts, concerns, things to look out for (ie., too much RE, not enough)? Help!
So today we both had a not good not bad, just another day at the office and came home and decided we can only stand so many more BLAH BLAH days at the office.
We simply enjoy our time not at the office more. We are not at all worried about being bored not working. We are bored working. So at least if we are bored not working we will be at home and can be bored naked if we so choose. We have our hopes and aspriration set on spending no more than two more years in the working mans purgatory but we need some help working the bugs out of our plan and finding the courage to FIRE.
So here it is:
Me 39
She 37
Me 401k 185K
she 401k 85k
me IRA 8k
she IRA 8k
Total 286k I also have some Fed pension of maybe 15k/yr at 62.
Cash 80k
Brokerage 50k
total 130k
Equity
1 st home 400k
2nd home 500
total 900k
1t rental 100k
2n rental 110k
3rd 150k
other 75k
total 435k
So in theory we have $1.75 mil in assets to plan with, plus we have the goal of saving and investing 100k of our salary every year we work before we do it. So theoritically given the 4% SWR we have nothing to worry about (estimate 80k/yr to live, less if we move outside the country; no kids, so no need to worry about leaving anything to our heirs) and should join the ranks of the unemployed. BUT, reality seems different.
So...here's the Question: If we stick with a plan of 2 years to FIRE, do the following steps seem like it would get us there?
1) Sell house 1 this Fall after remodel is complete (never again) to get tax free equity out and either buy or rent another house to live in until we FIRE to house #2
Questions: Buy or rent? Where do we put the equity if we don't buy?
2) Sell Rental #1 - tenant just moved out, and purchase a multi-family unit with outside management thru a 1031 exchange
3) Take cash on hand and consider investing in another rental property or stock - thoughts? (right now it is getting 4.75% in ING)
4) Invest 100k/yr of salary thru monthly allocations into stocks/index funds.
Any thoughts, concerns, things to look out for (ie., too much RE, not enough)? Help!