Long time admirer of everyone that works so hard towards their goals to achieve FI and possibly ER as soon as possible. Wife and I sat down the other night and agreed that we would shoot to be FI by 2030 and then evaluate the status of our family at that time for ER.
I am 39 with 3 young kids that have 15 years before they enter college. We will pay for their college but I would continue working to pay for graduate school if they have those plans. I have only been working for 4 years since I switched professions and after additional schooling I was middle aged
. We live below our means but have room for improvement. Some numbers below so I can keep myself honest with updates and also a chance to document our progress.
Salary: Currently 800k but that will most likely drop in the years to come. First two years we made 300-400k per year.
Assets:
We just hit the 1 million club which was our goal before I hit 40. This is a mix of 401k, roth and taxable brokerage account. Further details in future posts.
Debt: The scary part. While we could have been more aggressive in the past 4 years, I wanted to create our investing snowball as soon as we could, now that we hit the 7 figures investments we are going to hit these debts hard.
Mortgage: 530k.
Student loans: 230k
We hope to be debt free by Feb 2023.
Our current plan is to save 300k in our taxable brokerage account every year from 2023-2030. With my group we save 52k per year in our profit sharing (401k). Who knows what the markets and economy will do in the upcoming years so we are not dead set on retiring by 2030 but we would like the option.
I have not run any numbers to see if we will hit 4m by 2030, mostly because I tend not to put much faith in estimating rates of returns, inflation etc and we dont know if 4m is our goal. 4m just sounds like it should be enough. Also we have not decided what our yearly budget will be if we do retire at that time, I feel that it is way to early to set goals that could dramatically change depending on family, health etc.
Cheers to crushing debt in the next 3 years! Thanks for reading
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