Filetmerlot
Dryer sheet wannabe
- Joined
- Nov 16, 2017
- Messages
- 23
HI. I've been lurking here for about a year now and thought I would finally introduce myself. my wife and I are both 42 and have recently been thinking about FIRE. Our goal is to be able to call it quits the day our second child graduates from high school (The youngest is about to start kindergarten) so it really is a ways away. There are some interim goals in there also such as being able to reduce our work schedules so we can do more of the things that we would like to do.
We have been pretty decent savers most of our lives together, but it is just recently that we are really starting to ramp things up. We were probably saving about 15-20% of our income, but I wanted to try to save more so we decided to make a few changes. For the last year and a half we did it Dave Ramsey-like. I didn't turn off 401K like he said, but I did get rid of whole life that I had since I was a baby and get term life. I then sold some individual equities to pay off both cars, student loans, home equity loan, fully funded emergency fund, and now just have our mortgage ( I have enjoyed reading all the mortgage threads) and a small bit on a rental property. Once everything was paid off we started living off of one income and the other one goes into investments. Our current investable portfolio is about $650,000 with most of that in 401ks and IRAs so part of the plan is to increase contributions to taxable investments
We have several FIRE dreams. I would like to actually open a small business making gourmet peanut, almond, cashew etc. nut butter cups. Right now I make a bunch at Christmas time for friends and family and every year I hear ‘you should sell these’. I have no idea how to start or run a business, but when I get closer to FIRE I may start looking into that a little more seriously.
We have also thought about selling the house once the kids are in college and then being nomads for a couple years to figure out where we want to live (which would of course put on hold the aforementioned nut butter cup business).
It’s been enlightening to read a lot of the threads here. My 7 year old son and I even started a new hobby based on a mention here. Someone had mentioned beekeeping and it piqued my interest so I did a little research and this year we got our first beehive. He enjoys going out to the bees in his suit and inspecting the frames. This past weekend he harvested his first honey. He is ready to add more hives next year. At night when it is time to read he sometimes asks to read Beekeeping for Dummies
Right now ER is just a dream so we haven't done a lot of the budgeting and expense tracking that are recommend for several years before pulling the trigger, but the plan is in place and once things start to get closer I will do more preparation. In the meantime I’ll just keep saving and learning and maybe make a few posts around here.
We have been pretty decent savers most of our lives together, but it is just recently that we are really starting to ramp things up. We were probably saving about 15-20% of our income, but I wanted to try to save more so we decided to make a few changes. For the last year and a half we did it Dave Ramsey-like. I didn't turn off 401K like he said, but I did get rid of whole life that I had since I was a baby and get term life. I then sold some individual equities to pay off both cars, student loans, home equity loan, fully funded emergency fund, and now just have our mortgage ( I have enjoyed reading all the mortgage threads) and a small bit on a rental property. Once everything was paid off we started living off of one income and the other one goes into investments. Our current investable portfolio is about $650,000 with most of that in 401ks and IRAs so part of the plan is to increase contributions to taxable investments
We have several FIRE dreams. I would like to actually open a small business making gourmet peanut, almond, cashew etc. nut butter cups. Right now I make a bunch at Christmas time for friends and family and every year I hear ‘you should sell these’. I have no idea how to start or run a business, but when I get closer to FIRE I may start looking into that a little more seriously.
We have also thought about selling the house once the kids are in college and then being nomads for a couple years to figure out where we want to live (which would of course put on hold the aforementioned nut butter cup business).
It’s been enlightening to read a lot of the threads here. My 7 year old son and I even started a new hobby based on a mention here. Someone had mentioned beekeeping and it piqued my interest so I did a little research and this year we got our first beehive. He enjoys going out to the bees in his suit and inspecting the frames. This past weekend he harvested his first honey. He is ready to add more hives next year. At night when it is time to read he sometimes asks to read Beekeeping for Dummies
Right now ER is just a dream so we haven't done a lot of the budgeting and expense tracking that are recommend for several years before pulling the trigger, but the plan is in place and once things start to get closer I will do more preparation. In the meantime I’ll just keep saving and learning and maybe make a few posts around here.