10 years to go...hopefully.

[Porphyry]

We're 35 year old DINKs and we want to achieve FI by 45.

My first job sucked hard so I've always saved around 2/3 of my income since my sanity required having the option of telling my boss to jump. My mantra was two days of freedom for every day of prison.

In the end it was me who jumped ship to a much better job but in some ways I was lucky to have had that first job. I never developed the bad habits of living hand to mouth like many of my friends. Our AGI has gone up by a factor of six since we met but our living costs have been pegged to inflation for the last 6 years.

Assets: ~$900K in stocks/bonds, $300K in Real Estate (excluding home, paid off)
Spending: $75K/year (excl. taxes)
Current Saving: ~$250K/year. IRAs maxed (pretty much meaningless) but no 401Ks.

Goal: $3MM. I realise this should be easily attainable IF we keep our jobs and saving rate intact for a decade. Easier said than done, but times are good for us right now. DW is a consultant. Work can come and go.

The Basic FireCalc estimation has a spending of $100K/year lasting for 45 years (until 90) 99% of the time though I'm aware of the sampling problem it has with longer retirement periods. I hope 25% is a reasonable amount of "fat" to account for taxes/post retirement surprises (though I'm hoping our spending goes down once I no longer have to commute or wear pants).

One challenge I'm finding is trying to stay motivated at work. Ever since I saw the crack of light beyond the prison walls, I've found it really hard to stay focussed on improving/maintaining my skills at work (not good). I no longer have any interest in the politicking and "networking" you need to get promotions and titles which I guess is both good and bad.

[omni550]

Welcome aboard, Porphyry. It's always nice to hear of someone who is motivated to RE. There are many informed and interesting posters on this forum.

omni

[obgyn65]

Welcome to the forum.

[Willers]

Welcome! It looks like you are well on the way to your goal.

Regarding the motivation problem, my suggestion is to find whatever energizes you and spend just a little bit extra on that each year (if needed). That little bit of spending won't significantly move your date and may make the time much more tolerable.

I found that travel filled that need for me. I make sure I go on two great trips/year and it reminds me why I'm working so hard and what I can look forward to after RE.

[CUinFl]

Porphyry, you plan looks solid as a rock.

As for motivation and advice, I asked a similar question a couple of weeks ago under the subject "7 Year Itch"... Some good thoughts / advice from the community.


You clearly have an impressive approach; I hope the road is kind and you achieve your goals

[Porphyry]

Quote:

Originally Posted by CUinFl Porphyry, you plan looks solid as a rock. As for motivation and advice, I asked a similar question a couple of weeks ago under the subject "7 Year Itch"... Some good thoughts / advice from the community. You clearly have an impressive approach; I hope the road is kind and you achieve your goals

Thanks all for the welcome. I love how friendly everyone is!

Willers - that's good advice. We do try to get out and around as much as possible.

CUinFL - That was a good thread to read. There are times when 10 years seems forever away, and times when it seems too close to achieve FI.