njconfused
Confused about dryer sheets
Greetings Everyone,
I am 40 years old. My wife is 38. I have two kids aged 8 and 10.
I have been wondering about FI alot lately as I just turned 40. I am hopefully looking to hit FIRE in the next 7 years. The other option is to work in a retail store or something part-time to pay for health care coverage.
My income gross is $192,500.
My wife's income gross is $102,500
Total Income - $295,000
We paid off our mortgage in 2021. Our house is worth about $850,000.(Northern Jersey)
Our savings is broken out as follows:
$213k -Checking/Savings/CDs
$500k- Brokerage Accounts (Mix of Index Etfs and Stocks)
$794k - IRA's and 401ks -Tax Deferred (Index Etfs)
So total assets excluding the house is $1,507,000.
We did not do any 529s for the kids. The plan is to pay for at least $200k towards college for each kid. We plan to take that money from our savings and brokerage accounts.(7 and 9 years from now respectively)
We max out our 401k's. Over the last two years or so we have been trying to add at least $50k each year to the brokerage account. I just started an HSA account so did not include that in the figures above.
Sometimes I just feel burned out to save save save.
How are we doing?
If we wanted our end goal to be at around $3M in 7 years, is that doable?
Even with college expenses coming up?
Even if we do not add additional $50k each year to brokerage?
Our ultimate goal is to have around $100k-$120k in spending money annually. We are not totally against working a part-time job for extra cash to off-set healthcare premiums.
Please let me know how I am doing.
Feel free to roast me as well.
Thank you. Appreciate all your feedback.
njconfused.
I am 40 years old. My wife is 38. I have two kids aged 8 and 10.
I have been wondering about FI alot lately as I just turned 40. I am hopefully looking to hit FIRE in the next 7 years. The other option is to work in a retail store or something part-time to pay for health care coverage.
My income gross is $192,500.
My wife's income gross is $102,500
Total Income - $295,000
We paid off our mortgage in 2021. Our house is worth about $850,000.(Northern Jersey)
Our savings is broken out as follows:
$213k -Checking/Savings/CDs
$500k- Brokerage Accounts (Mix of Index Etfs and Stocks)
$794k - IRA's and 401ks -Tax Deferred (Index Etfs)
So total assets excluding the house is $1,507,000.
We did not do any 529s for the kids. The plan is to pay for at least $200k towards college for each kid. We plan to take that money from our savings and brokerage accounts.(7 and 9 years from now respectively)
We max out our 401k's. Over the last two years or so we have been trying to add at least $50k each year to the brokerage account. I just started an HSA account so did not include that in the figures above.
Sometimes I just feel burned out to save save save.
How are we doing?
If we wanted our end goal to be at around $3M in 7 years, is that doable?
Even with college expenses coming up?
Even if we do not add additional $50k each year to brokerage?
Our ultimate goal is to have around $100k-$120k in spending money annually. We are not totally against working a part-time job for extra cash to off-set healthcare premiums.
Please let me know how I am doing.
Feel free to roast me as well.
Thank you. Appreciate all your feedback.
njconfused.