I'm not sure if I'll ever want to completely retire, but my wife and I would like complete flexibility in where we live/work and how much we work. My wife may like to completely FIRE and is interested in hitting an FI number. I could see myself working part-time, possibly making $20-50k for a while.
We're currently in our mid-30's, have one toddler and may have another child. Our portfolio is ~$900k, we spend about $75k a year (I could see spending increasing to $80k-$100k) and save about $100-$120k a year. My wife's income is about $150k and has climbed the corporate ladder but is getting a bit burned out. Her company is having layoffs and she may look to take a package in a year or two or even possibly call it quits a bit later. My income is $75k and I have good job stability and flexibility -- I bet I could cut my hours down to 30 a week or even 20 eventually.
We both didn't grow up with a lot of money so I think we get overly concerned about it. Yet, at the same time, we want to take advantage of enjoying life -- going on adventures, travelings, spending family time, not putting in the daily grind. I think we're both pretty employable and should be able to find jobs if need be or if we decide we want to work more after taking a hiatus.
We don't really have a set plan, but I wonder if having something more concrete with goals would be a good thing. It seems like an easy trap is "I need to save $1M", then it turns into $1.5M then $2M, etc. Anyway, I just wanted to give a bit of a background and am interested in any feedback/advice/direction anyone can provide.
Thanks
We're currently in our mid-30's, have one toddler and may have another child. Our portfolio is ~$900k, we spend about $75k a year (I could see spending increasing to $80k-$100k) and save about $100-$120k a year. My wife's income is about $150k and has climbed the corporate ladder but is getting a bit burned out. Her company is having layoffs and she may look to take a package in a year or two or even possibly call it quits a bit later. My income is $75k and I have good job stability and flexibility -- I bet I could cut my hours down to 30 a week or even 20 eventually.
We both didn't grow up with a lot of money so I think we get overly concerned about it. Yet, at the same time, we want to take advantage of enjoying life -- going on adventures, travelings, spending family time, not putting in the daily grind. I think we're both pretty employable and should be able to find jobs if need be or if we decide we want to work more after taking a hiatus.
We don't really have a set plan, but I wonder if having something more concrete with goals would be a good thing. It seems like an easy trap is "I need to save $1M", then it turns into $1.5M then $2M, etc. Anyway, I just wanted to give a bit of a background and am interested in any feedback/advice/direction anyone can provide.
Thanks
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