dukebound85
Dryer sheet wannabe
- Joined
- Dec 20, 2020
- Messages
- 16
Been following this forum for a few months after being shown the firecalc and got inspired. Got the FIRE bug from watching youtube channels (ie OurRich Journey) and following websites like MMM.
Like many others here, I am wanting to not live my life working for a living and hope to retire early and have work be "optional".
Some background, I am 35, recently married with my wife (36) and a little one on the way!
I keep a spreadsheet of my amounts and projections. As of this month, we have:
Combined Income:
~160k/year (110k for me; 50k for wife)
Retirement accounts:
Tax Advantaged Accounts (401k/Roth/HSA):
Me: 112k; Wife: 55k
Taxable and Savings Accounts:
Me: 106k; Wife: 16k
Of the above 122k, We have ~30k in liquid bank accounts as our EF
Pension Accounts:
Me: 31k in my contributions (not including state contributions)
Properties
Primary:
~100k in equity (350k left on mortgage)
Rental 1:
~150k in equity (250k left on mortgage)
Rental 2:
~50k in equity (170k left on mortgage)
Net Worth
Net Worth Without Real Estate Equity:
~320k
Net Worth With Real Estate Equity:
~620k
We do not have any debts aside from mortgages. I wish I was aware of FIRE before the last few years and am hoping to reach a 1 million net worth (without houses factored) by 2025 (we would be 40) and 2.5 million by 2034 (would be 49) and have work optional. Our current savings rate is ~55-60% combined
I hope we are on the right track!
Anyways, that is me and I welcome any and all advice. Very much looking forward to this community and following along.
Like many others here, I am wanting to not live my life working for a living and hope to retire early and have work be "optional".
Some background, I am 35, recently married with my wife (36) and a little one on the way!
I keep a spreadsheet of my amounts and projections. As of this month, we have:
Combined Income:
~160k/year (110k for me; 50k for wife)
Retirement accounts:
Tax Advantaged Accounts (401k/Roth/HSA):
Me: 112k; Wife: 55k
Taxable and Savings Accounts:
Me: 106k; Wife: 16k
Of the above 122k, We have ~30k in liquid bank accounts as our EF
Pension Accounts:
Me: 31k in my contributions (not including state contributions)
Properties
Primary:
~100k in equity (350k left on mortgage)
Rental 1:
~150k in equity (250k left on mortgage)
Rental 2:
~50k in equity (170k left on mortgage)
Net Worth
Net Worth Without Real Estate Equity:
~320k
Net Worth With Real Estate Equity:
~620k
We do not have any debts aside from mortgages. I wish I was aware of FIRE before the last few years and am hoping to reach a 1 million net worth (without houses factored) by 2025 (we would be 40) and 2.5 million by 2034 (would be 49) and have work optional. Our current savings rate is ~55-60% combined
I hope we are on the right track!
Anyways, that is me and I welcome any and all advice. Very much looking forward to this community and following along.
Last edited: