Hi there,
I am a new member here. I see people claim " I am FIRE" here. How do I know
if/when I am "FIRE"?
Both my wife and I are 47 and have about 5 million NW including primary residence(worth 1.1 million). Among investable money, 1/3 of money is investment properties, 1/3 in retirement account,
the other 1/3 in after-tax account.
My goal is to retire in 7 years when my son graduate from college. I don't feel my current passive income(5k from rent and 3k from muni bonds) is enough to cover my expense in northern CA. If I lose my job, I will have to buy health insurance for whole family, etc. And who knows what can happen in the future, the market can tank, house markets can crash again. I don't want to
try to find a job when I 'm in 50s because money is depleted.
When can I confidently say I'm done and move on to the next stage where I want to break 80 in my golf game?
thx in advance
I am a new member here. I see people claim " I am FIRE" here. How do I know
if/when I am "FIRE"?
Both my wife and I are 47 and have about 5 million NW including primary residence(worth 1.1 million). Among investable money, 1/3 of money is investment properties, 1/3 in retirement account,
the other 1/3 in after-tax account.
My goal is to retire in 7 years when my son graduate from college. I don't feel my current passive income(5k from rent and 3k from muni bonds) is enough to cover my expense in northern CA. If I lose my job, I will have to buy health insurance for whole family, etc. And who knows what can happen in the future, the market can tank, house markets can crash again. I don't want to
try to find a job when I 'm in 50s because money is depleted.
When can I confidently say I'm done and move on to the next stage where I want to break 80 in my golf game?
thx in advance