harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Sometimes I am amazed how disconnected from reality this board is
The median US household income in 2007 was ~ $50,000 and most of those people still have to pay a mortgage/rent.
In the first place, this isn't reality, it's ER. In the second place, I'm not much on "average" and "median". There are a number of fairly wealthy people included, and a ton of poorer people. But even if Joe Average is making $50K, we're not talking about people who will never retire. We're talking ERs that have to foresee a large number of possible futures in order to be able to be happy in retirement.
Most Americans won't earn $2M in 40 years, much less save $2M.
If the median income is $50K, that's $2M over 40 years. However, nobody (much) "saves" $2M. You get there by investing and compounding. If we had to save it out of our paychecks, I doubt there'd be more that a dozen or two people on this board.
Personally live in Northern VA (re:expensive) with 2 kids and spend about $4,000 a month + mortgage for a very middle class lifestyle - eat out 2x a week, 2 x $2,500 vacations year, kids do gymnastics, etc.
That's $4K/month (after taxes, savings, healthcare premiums)? Plus a mortgage? Sounds to me like you're making between $60-$75K, or more. If you are doing all that on a $50K salary, you are a much better money manage than most. And just so you know, I'm a NoVA veteran too. I made about $100K/year at the end of my career. But after taxes and all the other deductions I was only bringing home about $48K (lot's of savings). e lived well, but frugally. In retirement I wanted more.
If I had $2M and no mortgage I would quit today and could increase my lifestyle with a 4% withdrawal.
Only real issue to me is health care. A reasonable HSA would be required or some kind of national solution or my costs would go up here.
I just don't see it, with 3 kids. That $60K would still be taxed, and as you say, there's the healthcare elephant in the room. Then you have to pay for all the things that Ha is implying, and nobody has even mentioned how you are going to come up with college money, weddings, etc. I'm not saying you couldn't do it, but to me that is cutting it way to close to the bone. I'm very conservative, so I like to figure what I think I'll need, then add 50% to it. If I was in the OPs position, I'd be hesitating to go out that young with even $3M, especially with the responsibilities he has. But that is JMHO.
I appreciate the OP desire to work and am fine with that, but don't kid yourself that you can't make it. You choose not to. Most Americans make do with far less. If you really value the time then use it how you want, but you have no need to work if you don't want to. Certainly no need to step on the treadmill for 60 hours. If someone is willing to pay you $250k then presumably you are talented and creative enough to make $50k working 20 hrs week or less.
I don't think most ERs, especially with young kids, are willing to make do. I think they want to have a lot of flexibility and surety. And since work is work, I'd personally rather do a couple 60 hr/week years at $250K than the same length or more at 20 hr/wk for $50K.