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40 and striving for FIRE @45 (if the employer and the clients dun drive me crazy)
06-11-2013, 02:49 AM
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#1
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Confused about dryer sheets
Join Date: Jun 2013
Posts: 3
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40 and striving for FIRE @45 (if the employer and the clients dun drive me crazy)
American, and currently working in Asia. Bought a home in Singapore at a great price, and thinking about selling it (has been rented out since purchasing it several years ago).
Single, no kids. Girlfriend on occasion.
Aggressive investor (trade on margin, options trading).
Thinking $1MM is the magic number, as I'd probably make my way down to South America and travel for a few years down there before figuring out what's next.
Recently been thinking about walking away from the job sooner rather than putting in another 5 years.
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06-11-2013, 05:28 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,715
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Welcome aboard.
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06-11-2013, 01:13 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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Welcome. This can be an amazing journey so I wish you well as you make your decisions.
How did you come up with the number of $1mm ? Would you get another job after a short break ?
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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06-11-2013, 07:49 PM
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#4
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Confused about dryer sheets
Join Date: Jun 2013
Posts: 3
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Thanks Live and Learn,
The $1MM magic number was not derived using any specific projections as to annual expenditure Vs. interest/dividend income. The number is mostly psychological given the ability to reach that number and always try to maintain a $1MM balance and only live off the proceeds from such an investment.
I'm frugal when I need be, and also know how to indulge myself as well.
Definitely open to "working" at some point, but I think it wouldn't be for income. I'm very into the idea of doing volunteer work to keep my mind and body active rather than idle, while contributing in a positive way to the lives of others.
But, the number $1MM is no more scientific than my desire to retire at 45. I'm a goal-based individual, so setting a goal helps me maintain my focus.
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06-11-2013, 08:13 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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I'd say if you can live on $30k / year then I'd say $1mm is the right number. That 30k needs to include health insurance. Sounds awfully frugal to me, but many people live on less.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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06-11-2013, 08:18 PM
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#6
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Confused about dryer sheets
Join Date: Jun 2013
Posts: 3
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Live and Learn,
Thanks again. The $30K seems frugal if living in the USA. Having spent >10 years in Asia and visited beautiful places in SEAsia including Thailand, Malaysia, Indonesia et al where the per capita income is far less than US$30K, it indeed is possible to live within an annual budget of $30K per annum.
But, if I were staying for any extended period in Europe or North America (excl.Mexico) I'd probably have to go beyond that budget.
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