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Almost 5 year update - 29 year old hoping for ER
Old 01-23-2017, 02:55 AM   #21
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Join Date: Mar 2012
Posts: 34
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
401k/403b: $310,000
taxable accounts: $221,000
College accounts for kids: $32,000
No debts (other than mortgage)

Current expenses/month
$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.
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Old 01-23-2017, 07:33 PM   #22
Full time employment: Posting here.
Join Date: May 2011
Posts: 873
Good to see an update. Looks like you are doing great to me. There is a balance between saving for life and living life. Looks like you have found it.

Just keep on doing what you are doing. You will be able to retire before you know it. Life goes by fast. Enjoy your children. They will grow up fast. Good to hear from you again.

Happy New Years.
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