FIRE hopeful
Confused about dryer sheets
- Joined
- May 25, 2019
- Messages
- 6
Hello all. Appreciate the chance to come on here and share ideas with you all. To cut to the chase, my wife and I are hoping to FIRE sooner rather than later. Here is a breakdown of our financial situation:
Both in our late 20s (28 & 29) with a combined income of $265,000 annually. I own my own business and my wife works for the government. The saving breakdown as of today is as follows:
$192,000 in corporate brokerage account (I own a mix of mutual funds and valuable equities such as Amazon, Google, Apple, Disney, Chase Bank, SPYDR Growth ETF, Vanguard Megacap Growth ETF, etc.)
$5,500 in SEP IRA
$14,800 in our Joint Savings Account
$76,000 in Corporate Operating Account.
$3,500 in Wife’s ROTH IRA
Debts: $167,000 left to pay on our house though we have $80,000 in equity, $15,000 on corporate credit card, $400 on our personal credit card, we have student loans too. Wife has $120,000 but is halfway through Public Service Loan Forgiveness (5 years left), I have $200,000 in student loans though I plan to start my own non profit in a few years and begin the Public Service Loan Forgiveness after saving up to hopefully close to $1,000,000 which at this rate can be accomplished in about 3 years God willing all stays the same. No kids as of now but we are planning for one within the next 2 years and maybe one more after that. My Financial Planner has advised that even with a minimal monthly contribution to the corporate brokerage account of $100 monthly over the next 15 years, I can reasonably expect another million and begin the FIRE journey at which time hopefully both student loans will have been discharged.
Can I get some analysis on my situation? Am I on a solid path to FIRE and is to reasonable to believe that we can scale back on work in about 2-3 years for about a year or two to be with a baby and still be on track for FIRE in our late thirties to mid forties? Any insight and/or advice is appreciated thank you!
Both in our late 20s (28 & 29) with a combined income of $265,000 annually. I own my own business and my wife works for the government. The saving breakdown as of today is as follows:
$192,000 in corporate brokerage account (I own a mix of mutual funds and valuable equities such as Amazon, Google, Apple, Disney, Chase Bank, SPYDR Growth ETF, Vanguard Megacap Growth ETF, etc.)
$5,500 in SEP IRA
$14,800 in our Joint Savings Account
$76,000 in Corporate Operating Account.
$3,500 in Wife’s ROTH IRA
Debts: $167,000 left to pay on our house though we have $80,000 in equity, $15,000 on corporate credit card, $400 on our personal credit card, we have student loans too. Wife has $120,000 but is halfway through Public Service Loan Forgiveness (5 years left), I have $200,000 in student loans though I plan to start my own non profit in a few years and begin the Public Service Loan Forgiveness after saving up to hopefully close to $1,000,000 which at this rate can be accomplished in about 3 years God willing all stays the same. No kids as of now but we are planning for one within the next 2 years and maybe one more after that. My Financial Planner has advised that even with a minimal monthly contribution to the corporate brokerage account of $100 monthly over the next 15 years, I can reasonably expect another million and begin the FIRE journey at which time hopefully both student loans will have been discharged.
Can I get some analysis on my situation? Am I on a solid path to FIRE and is to reasonable to believe that we can scale back on work in about 2-3 years for about a year or two to be with a baby and still be on track for FIRE in our late thirties to mid forties? Any insight and/or advice is appreciated thank you!