SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Getting from $2mm to $3mm is even easier! It'll only take you five years.
It will take six years.
2Cor521
Getting from $2mm to $3mm is even easier! It'll only take you five years.
I'm the OP
I must say you guys are ridiculous, or live extravagant lifestyles.
Congratulations! That is outstanding. I had about a 10th of that at age 27.
I'm the OP
People saying they need 2mil + in TODAY'S dollars really need to look at their spending habits and determine where cuts can be made.
Age 27. Portfolio just broke $300,000. Plus I've got another $30-40k in a pension-like plan that will be fully vested in a couple years. Saving $60,000+ per year. The savings rate is likely to increase significantly in the next few years and at a rate about twice that of inflation (in nominal terms) thereafter.
I should hit my target in 8-9 years assuming 8-9% market returns.
I also plan to save a little extra for those big one-time expenses I'll have since kids won't be out of the house at FIRE-time.
Just to be nosy a little more, but do your numbers include a spouse's income or accumulated assets? Are you the sole breadwinner in your family (assuming you have one). If you're not married, then your assets and savings rate are quite impressive for someone who is 27 years old.
My numbers are for our household earnings, savings, and invested assets. My wife has worked off and on for a couple of years between going to school and having kids (and taking off around 5 months each time). My $1.4 million target number is for our family of 4 (2 kids age 2 and under right now).
If memory serves me, you're a lawyer, right? The difficulty you may face is sustaining your level of earnings/savings. Many lawyers go through a transition period in their early-30s (after making partner, not making partner, going in-house, going to work for the government), all of which will affect future earnings and savings. The key for you now is to save as much as possible, and let compound interest do the rest.
So Justin ...
You're 27 years old. You've invested the time (and possibly money, if you did not get a full scholarship) in law school, which means you've also invested the time (again, if not money) in undergraduate education.
Upon graduation from law school you decided not to practice law. You have 2 kids and a spouse who works on again/off again since going to school and now taking time off for raising the kids. You have a portfolio (which sounds like it excludes home equity) of $330,000+ and are saving more than $60K+ per year. You work as an engineer.
And your parents gave you a total of $8,800 dollars, plus $75 per year in gifts.
"Impressive" is one word that comes to mind.
I think everyone has their own definition of help from parents. Some people seem to ignore the fact that their parents paid for their first cars and college education/s and just focus on the monetary gifts. Well, IMO, those "other" gifts are a lot help for a young person but it is not always included in their definition.
I'm the OP
I must say you guys are ridiculous, or live extravagant lifestyles
People saying they need 2mil + in TODAY'S dollars really need to look at their spending habits and determine where cuts can be made.
Justin - I was originally set to go to law school after college, but clerked at a firm the summer beforehand and once I went to orientation I pulled out. I was not 100% about it - getting the JD would have been cool, but I knew I didn't want to practice and could not justify following through with it. Curious why you decided not to practice, and if you knew about this during 1L, 2L, etc.?
I started having doubts about whether I would practice law during my 2L year. My clerkship at a firm during the summer before 3L year solidified my doubts. I went ahead and finished school. Having a JD opens doors and leads to responsibilities that I otherwise would not have access to at this point in my career.
Right now, I'm 31 and spend about 20K pre tax per year....no kids yet.
Maybe I can get the DW to go for a chicken coop and a garden
-Mach