Almost 5 year update - 29 year old hoping for ER
Well it has been almost 5 years since I posted so thought I would give a little update:
33 years old- Still very happily married (I am definitely a lucky guy in that regard) and still live a very good life I am very thankful for. When I last posted I had one 1 year old and now am blessed with two more. Now have a 5 year old, 3 year old, and 1 year old. After my last child I had my doctor make sure that no more would come (and had a nice excuse to sit down and not strain myself for a week) so my wife and I are all done in that department. Below are some updated stats:
Combined annual income: ~$120K (we are still at our same jobs)
Mortgage: $150K (we moved to a slightly larger house mostly for more room for the additional kids two years ago and got another 15 year mortgage at 3.25%, after sale of home we would have about $100k in equity)
Roth IRAs: $127,000
taxable accounts: $221,000
College accounts for kids: $32,000
No debts (other than mortgage)
$1,500 mortgage/home insurance/prop taxes
$1,600 child care (3 year old and 1 year old + some after school for 5 year old)
$2,900 recently for utilities/groceries/car insurance/living life
I feel pretty good having investments before of about $250k and now $690k thanks a lot due to the market, socking money away, and aggressive investing. Expenses I really need to nail more down and honestly don't see how they have grown that much (about 1,200 a month more outside of mortgage and child care). I still feel like we don't live too extravagantly. Bought a used minivan last year and I still have my small 2wd pickup I bought 8 years ago. Our vacations typically involve just road trips to see family. I can't remember the last time we bought kid clothes (they are mostly hand me downs or free from friends with older children). I do definitely spend more on groceries then I used to, and utilities are definitely more at our new house. It seems like it has just crept its way up with more kids and more activities. Definitely something I want a better handle on.
Since I first wrote this though I have also been much more of the mind of just enjoying my life. I used to be extremely frugal, but now especially with kids am more open about spending money if it means a more enriching experience and life for my children, wife, and I. Childcare is of course extremely expensive and I am looking forward to not having that any longer, but still have a few more years of that. My wife and I have had some discussions of her staying home (especially as we were forking over $2k a month for a short time when all three of them were in child care) but have ultimately decided against it. We both have fairly unstressful jobs, have a 5 minute commute, and she works only part-time so we still feel like we get to spend plenty of good quality time with our children. There is also significant benefits we feel for having a professional life outside of being a homemaker and we have been lucky to have a great daycare and a fantastic nanny.
I would still like to retire with my wife in my mid 50's and feel it is somewhat achievable if we stay at our current jobs. I receive significant college tuition benefits at my work for my children as long as I stay there long enough for them to be of college age, but that is also of course a long time to stay at a job. Anyway would love to hear any thoughts and thank you all for this fantastic forum which I have learned so much from.