FI_by_2023
Dryer sheet aficionado
- Joined
- Jan 31, 2015
- Messages
- 27
I have been lurking for almost a year. I very much enjoy reading the advice and equally as much each other’s financial plans. It’s great to see a community of people that are realistic and want others to succeed. My only complaint is it has become additive reading the forum.
About my situation, I’m 39 and DW is 38. We have four children - all under the age of 7. I had been more concerned about having the ability to retire rather than going early until about a year ago – now my focus is going early. Thank you Early Retirement Forum for changing my mindset!
Cash - $100k
401ks and IRAs - $1.8M
529 - $300k
House - $700k
Vehicles/Equip - $100k
Commercial Property (apartment complex and development land) - $5M
Total Assets are $8M
House Mortgage is $400k and commercial debt is $2.6M, so $3M in total debt therefore making net worth $5M.
We purchased a couple of apartment complexes in the credit crisis, which are managed by mgmt company (we had no experience, but researched extensively). As you see, we have substantial debt (averages 4.7% rate), but have been and plan to continue prepaying. Our plan is to leverage them as our income bridge from 48 to 59. They consistently have been returning $350k / year before debt service. We are dual income and have maintained around $400k the past few years. No expensive hobbies, or hobbies for that matter, or expensive toys.
We married out of undergrad with some debt. We landed basic mega corp business jobs (we both work for same corps yet). Between a combination of hard work/investing in careers, living conservative (except our last house purchase), taking risks and not having substantial personal debt, we have been able to start to see the results. Equally, if not more important, is both of us have been likeminded in our approach in saving, and most recently wanting to “both” retire early. Our careers are now challenging to manage with the family, but because of our risk adverse nature and desire to retire, we both plan to stay working.
Thought I owed sharing my situation since I read all of yours. This coming year I am going to start to track our expenses (we did for several years after marriage, but that was in the day when it was all checks and manual input and we eventually concluded the “climb was not worth the view”) so we can build confidence when we arrive closer to the date. My entire life I have learned from others – whether directly or indirectly, so I welcome any advice in our situation. I will try and keep all of you updated at least annually (even though I will be reading yours nightly).
About my situation, I’m 39 and DW is 38. We have four children - all under the age of 7. I had been more concerned about having the ability to retire rather than going early until about a year ago – now my focus is going early. Thank you Early Retirement Forum for changing my mindset!
Cash - $100k
401ks and IRAs - $1.8M
529 - $300k
House - $700k
Vehicles/Equip - $100k
Commercial Property (apartment complex and development land) - $5M
Total Assets are $8M
House Mortgage is $400k and commercial debt is $2.6M, so $3M in total debt therefore making net worth $5M.
We purchased a couple of apartment complexes in the credit crisis, which are managed by mgmt company (we had no experience, but researched extensively). As you see, we have substantial debt (averages 4.7% rate), but have been and plan to continue prepaying. Our plan is to leverage them as our income bridge from 48 to 59. They consistently have been returning $350k / year before debt service. We are dual income and have maintained around $400k the past few years. No expensive hobbies, or hobbies for that matter, or expensive toys.
We married out of undergrad with some debt. We landed basic mega corp business jobs (we both work for same corps yet). Between a combination of hard work/investing in careers, living conservative (except our last house purchase), taking risks and not having substantial personal debt, we have been able to start to see the results. Equally, if not more important, is both of us have been likeminded in our approach in saving, and most recently wanting to “both” retire early. Our careers are now challenging to manage with the family, but because of our risk adverse nature and desire to retire, we both plan to stay working.
Thought I owed sharing my situation since I read all of yours. This coming year I am going to start to track our expenses (we did for several years after marriage, but that was in the day when it was all checks and manual input and we eventually concluded the “climb was not worth the view”) so we can build confidence when we arrive closer to the date. My entire life I have learned from others – whether directly or indirectly, so I welcome any advice in our situation. I will try and keep all of you updated at least annually (even though I will be reading yours nightly).