Hello All,
I finally signed up after lurking here for the last few months. I get a lot of inspiration from reading various postings and I am definitely aspiring to FIRE early, although I am not sure at what point I can do so.
Here are my statistics:
- Age, 41 and wife is 37
- 2 Daughters, ages 11 and 9
- Combined income of around 200K
- 401K - about 400K
- IRAs - 20K
- Savings - 80K
- Mortgage - 400K, Equity - 450K
- No credit card or car payments
- College Tuition fully paid for
- 529's - 10K
- Saving rate about 50K/year
I think I should have not taken out such a big mortgage. There are days where I think we should sell our house and buy a smaller one around 300K for cash then we could live on one income and really boost our savings rate up to perhaps 100K/year.
Once the kids are out of the house and if we have no mortgage (sell the current one), I truly believe we can live on 50K / yr. My goal is around 52 - 55 to FIRE. Perhaps the wife would work a few more years after I FIRE. Do you think this is a reasonable plan?
Thanks.
I finally signed up after lurking here for the last few months. I get a lot of inspiration from reading various postings and I am definitely aspiring to FIRE early, although I am not sure at what point I can do so.
Here are my statistics:
- Age, 41 and wife is 37
- 2 Daughters, ages 11 and 9
- Combined income of around 200K
- 401K - about 400K
- IRAs - 20K
- Savings - 80K
- Mortgage - 400K, Equity - 450K
- No credit card or car payments
- College Tuition fully paid for
- 529's - 10K
- Saving rate about 50K/year
I think I should have not taken out such a big mortgage. There are days where I think we should sell our house and buy a smaller one around 300K for cash then we could live on one income and really boost our savings rate up to perhaps 100K/year.
Once the kids are out of the house and if we have no mortgage (sell the current one), I truly believe we can live on 50K / yr. My goal is around 52 - 55 to FIRE. Perhaps the wife would work a few more years after I FIRE. Do you think this is a reasonable plan?
Thanks.