I've been following the FIRE plan for years and never realized so many others were doing the same until I came across this forum.
My wife and I are both 41 with two children 8 and 10 years old. We have done a good job saving and have about $1 million in a diversified portfolio of 60% stock 40% bonds and have $600,000 in a money market as a safety net. Our house is paid off and worth over $1 million and we have aprox $100,000 in each of the kids 529 plans which will be our part of their college (they will be responsible for the difference if any). We have absolutely no debt and our expenses are only $60,000/yr leading a very comfortable life style in the Boston area.
My dilema is this - I make about $400,000/yr in a job I like but don't love. I would like to "retire early" which for me means working part time from home doing something I am passionate about but I would probably make only $80,000/yr doing that. Financially this would work since my "retirement job" would cover our expenses but I'm having a hard time giving up the big paycheck and the amount of money we are putting into savings.
As other posters have said, I would rather have the free time and flexibilty now while our children are young than wait until they are out of the house. Any guidance for someone who can't seem to pull the trigger?
My wife and I are both 41 with two children 8 and 10 years old. We have done a good job saving and have about $1 million in a diversified portfolio of 60% stock 40% bonds and have $600,000 in a money market as a safety net. Our house is paid off and worth over $1 million and we have aprox $100,000 in each of the kids 529 plans which will be our part of their college (they will be responsible for the difference if any). We have absolutely no debt and our expenses are only $60,000/yr leading a very comfortable life style in the Boston area.
My dilema is this - I make about $400,000/yr in a job I like but don't love. I would like to "retire early" which for me means working part time from home doing something I am passionate about but I would probably make only $80,000/yr doing that. Financially this would work since my "retirement job" would cover our expenses but I'm having a hard time giving up the big paycheck and the amount of money we are putting into savings.
As other posters have said, I would rather have the free time and flexibilty now while our children are young than wait until they are out of the house. Any guidance for someone who can't seem to pull the trigger?