second_act_at_42
Dryer sheet wannabe
- Joined
- Jun 15, 2020
- Messages
- 19
Hello Forum -
I learned about FIRE about a year ago from a friend that off-handedly recommended I check out FIRECALC when I asked what he did to be able to quit his job. What a rabbit hole this has been!
Hoping to get some feedback on our plan - but also some input on the crazy emotions that come into play with this whole thing (at least for me anyway).
Info:
- 42yrs old, my partner 38 and our son 2.
- NW $4.5mm
- Investments: $2.5mm ($1.7mm taxable, $800k IRA/401k/Roth)
- Portfolio makeup: 60/40, VG, 4 funds including int'l
- Real Estate: CA house $1.6mm, WA house $300k ($785/mo income)
- Cash ~$100k
- No debt
- Current Expenses: $107k/yr (in the last 12 months, lots of fat to trim)
- Retired Expenses: $100k/yr (accounts for $20k/yr health insurance)
Our basic plan is to save up to about $200k in the next 6-12 months which is totally doable given our income stream. Then FIRE sometime early next year and spend some time figuring out where we'd like to relocate to. Ideally we live off of cash for a year or two cruising around. Find a place (likely in the Pacific NW) to call home and buy a nice but reasonable place there with the proceeds of our CA property. At that point we'd plan to invest at least $800k into our taxable account - pushing our portfolio to ~$3.3mm still with no debt.
We are expecting some withdrawals to pay for college when it is time ($200k over 4 yrs in 16 yrs) and even with that we are FIRECALC'ing OK.
Thoughts?
On the emotional side of things - did (or does) anyone else have a bittersweet feeling? Some days it tears my gut apart to think about working one more day and not being able to help raise my boy and call the shots on how I spend my time. Then other days I see meaning and purpose in my work and I think... it's not so bad. Anyone else feel this way prior to making an exit?
Thanks for creating such a great community - hoping to be able to talk to some folks more candidly about these things then I can with nearly everyone else in my life.
2ndAct@42
I learned about FIRE about a year ago from a friend that off-handedly recommended I check out FIRECALC when I asked what he did to be able to quit his job. What a rabbit hole this has been!
Hoping to get some feedback on our plan - but also some input on the crazy emotions that come into play with this whole thing (at least for me anyway).
Info:
- 42yrs old, my partner 38 and our son 2.
- NW $4.5mm
- Investments: $2.5mm ($1.7mm taxable, $800k IRA/401k/Roth)
- Portfolio makeup: 60/40, VG, 4 funds including int'l
- Real Estate: CA house $1.6mm, WA house $300k ($785/mo income)
- Cash ~$100k
- No debt
- Current Expenses: $107k/yr (in the last 12 months, lots of fat to trim)
- Retired Expenses: $100k/yr (accounts for $20k/yr health insurance)
Our basic plan is to save up to about $200k in the next 6-12 months which is totally doable given our income stream. Then FIRE sometime early next year and spend some time figuring out where we'd like to relocate to. Ideally we live off of cash for a year or two cruising around. Find a place (likely in the Pacific NW) to call home and buy a nice but reasonable place there with the proceeds of our CA property. At that point we'd plan to invest at least $800k into our taxable account - pushing our portfolio to ~$3.3mm still with no debt.
We are expecting some withdrawals to pay for college when it is time ($200k over 4 yrs in 16 yrs) and even with that we are FIRECALC'ing OK.
Thoughts?
On the emotional side of things - did (or does) anyone else have a bittersweet feeling? Some days it tears my gut apart to think about working one more day and not being able to help raise my boy and call the shots on how I spend my time. Then other days I see meaning and purpose in my work and I think... it's not so bad. Anyone else feel this way prior to making an exit?
Thanks for creating such a great community - hoping to be able to talk to some folks more candidly about these things then I can with nearly everyone else in my life.
2ndAct@42