Hello from Iowa!

[compounder]

I've been consuming information from this site for a long time but a recent milestone prompted me to join and share.

I have noticed a trend of threads that appear as sort of a journal through the years and I plan on continuing to update this thread through the coming years. I have found reading others posts like this to be quite inspiring. Especially as it seems the majority I've read have appeared to work out better than the original posters initially plan!

I just broke into the 2 comma club with NW (including equity in home and vacation home), next goal will be to reach this amount in investment accounts/sans home equity.

I'm 46 years old, married and my DW stays at home, 3 kids. With the oldest just beginning college.

Current NW ~1 million (includes home as well as vacation home).
Have ~700k in deferred retirement accounts.
Hoping to hit that next milestone of 1 million in retirement accounts in the next few years.

Only real debt is mortgage, which is ~147k @ 2.875% with about 12.5 years remaining.

Want to retire early, but my real aim is just financial independence.
Don't hate my job, just hate NEEDING to have a job Real goal is just getting to the point where I can have piece of mind knowing I don't have to work. This is my current 5 year goal.

I'll need to build up taxable accounts to deal with transition period. So current projection is retiring sometime between the ages of 52 and 55.

Thanks for all the shared inspiration and information, be seeing you around.

 

[brucethebroker]

Welcome, comp.
Somewhere between where you are today, and where you want to be at total FI is a sweet spot of knowing you don't have to work as hard as you now do. You could cut back your hours, or take a sabbatical. Or start a dream job/hobby job and play around, making enough to get by on in addition to your savings. You may already be there.

Well done so far, BTW.

 

[frank]

it looks like you are well on your way. like they say " if it ain't broke don't fix it" so keep doing what you are doing.

 

[cooch96]

Welcome!

 

[Mdlerth]

Fi > re

Want to retire early, but my real aim is just financial independence.
Don't hate my job, just hate NEEDING to have a job Real goal is just getting to the point where I can have piece of mind knowing I don't have to work.

+1

Like you, I don't have the worst j*b in the world. If I had to plug away in the sweatshop for a little longer than my current plan, it would be tolerable. Not fabulous, but tolerable... especially considering that since perusing this forum the past couple of years I've dropped my target exit age from 65 to ~60.

Last December I concluded that our household was partially FI, meaning that either I or Mrs Mdlerth could retire now, just not both. One of us would need to keep w*rking for three more years. She enjoys her j*b, while I merely put up with mine. I haven't REd yet because I want to do retirement stuff with her. It wouldn't be as much fun alone. If we both put in another 1.x, we can go out together.

OTOH, having hit that interim milestone has given me a feeling of confidence I never had before. My Megacorp is undergoing another "change", so in the event our CEO decides my retirement date for me, I won't shed a tear or worry about finding another j*b. Megacorp has done nothing but "change" for over 30 years, and so far I've dodged every one. If the next one finds me, at this point it would be a gift.

Delighted to have you aboard. I look forward to reading your updates.

 

[Katiek]

Welcome, and congrats on all the progress you've made so far!

 

[Rianne]

Sounds like a great situation. When you say oldest is just starting college, does that mean 2 younger are getting close to college? I worked and lived at home through college. We happened to live in a Big 10 college town, so I was lucky to live at home for free. Do you have plans for the young ones to at least partially fund their college?

I'm a big Dave Ramsey fan. He encourages independence at a young age. Then again, when I went to college tuition was a fraction of what it is now. Just a thought!

 

[JoeWras]

Welcome. You have a head start being in Iowa. Lower cost of living.

Speaking of which, make sure to get a handle on what your expenses are, and will be, so you can continue to refine your plan.

 

[Montecfo]

welcome. Sounds like a lot of folks here: you want to get to the "FI" so YOU can decide when to "RE". Great for you.

First $1M is hardest that's for sure!

 

[ImThinkin2019]

First $1M is hardest that's for sure!

I remember when we got to our first $1M. I was in the basement on the computer and when I saw it I was ecstatic. Very meaningful moment.

You seem like you are on a good path. Best wishes!

 

[Tom52]

Welcome from a fellow Iowan! Sounds like you are on track and on your way to FIRE.

 

[street]

A lot of great people here with a lot of good advice. Welcome!

 

[compounder]

Thanks everyone for the warm welcome!

Sounds like a great situation. When you say oldest is just starting college, does that mean 2 younger are getting close to college? I worked and lived at home through college. We happened to live in a Big 10 college town, so I was lucky to live at home for free. Do you have plans for the young ones to at least partially fund their college?

I'm a big Dave Ramsey fan. He encourages independence at a young age. Then again, when I went to college tuition was a fraction of what it is now. Just a thought!

Yes! I have one 8th and one 10th grader. Planning to contribute to, but not completely fund their college. I had to pay for my schooling myself (also lived at home with parents and commuted). It made me feel a greater sense of accomplishment when I graduated and paid it off. Additionally, this provided me with plenty "don't do what I did financial lessons" that I have been passing on to them. I feel that having skin in the game will be beneficial for them on many levels. It's their life to live and this is the start of them making decisions that will impact them for the rest of their lives, I am but the tour guide .

Welcome. You have a head start being in Iowa. Lower cost of living.

Speaking of which, make sure to get a handle on what your expenses are, and will be, so you can continue to refine your plan.

Amen to that! I have several remote co-workers in HCOL areas and it's not lost on me how much cheaper it is to live in Iowa.

I remember when we got to our first $1M. I was in the basement on the computer and when I saw it I was ecstatic. Very meaningful moment.

You seem like you are on a good path. Best wishes!

I was super excited as well as I have been watching/ tracking for 4 years or so now. Wife on the other hand was like "cool".

+1

Like you, I don't have the worst j*b in the world. If I had to plug away in the sweatshop for a little longer than my current plan, it would be tolerable. Not fabulous, but tolerable... especially considering that since perusing this forum the past couple of years I've dropped my target exit age from 65 to ~60.

Last December I concluded that our household was partially FI, meaning that either I or Mrs Mdlerth could retire now, just not both. One of us would need to keep w*rking for three more years. She enjoys her j*b, while I merely put up with mine. I haven't REd yet because I want to do retirement stuff with her. It wouldn't be as much fun alone. If we both put in another 1.x, we can go out together.

OTOH, having hit that interim milestone has given me a feeling of confidence I never had before. My Megacorp is undergoing another "change", so in the event our CEO decides my retirement date for me, I won't shed a tear or worry about finding another j*b. Megacorp has done nothing but "change" for over 30 years, and so far I've dodged every one. If the next one finds me, at this point it would be a gift.

Delighted to have you aboard. I look forward to reading your updates.

Wishful thinking, but I hope as I get closer to FI/RE and my company may has the need to cut staff and offer a early retirement package. Although many probably share a perfectly timed dream like this, the nightmare would be to be "eligible" but not be "able" to take it!