SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I don't know exactly what kind of mental defective I am that I want to claim FI when I'm not *really* FI. I think it has to do with that whole thing about not wanting to become FI by way of inheritance.
I'm 40, single dad of 3, considering retiring to a "boondocking in a teardrop" lifestyle.
If I take the following assets as they are valued today:
checkings
savings
taxable account
traditional IRA
roth IRA
401(k)
house
accounts receivable
Soc Sec NPV
and subtract the following liabilities:
mortgage
student loan
child support NPV
I get my FIRE net worth, $X.
If I take my last six months expenses and subtract:
child support
income taxes
property taxes
interest expense on mortgage
utilities
speeding ticket
bank charges
house expenses
work expenses
and add in:
increased fuel expenses
increased cell phone usage
increased auto insurance
and do the appropriate math assuming a 4% rate, my required FIRE nest egg is slightly smaller than $X.
There are all sorts of reasons I'm not *really* FI, though:
1. I'm at 100% equities now. Should be at 80%/20%.
2. 4% at 40 is not realistic. I really plan to use whatever FIREcalc says is the 40 year 100% survival rate for an 80/20 port...I think that's about 3.5%.
3. I assume my house has increased in value by 4% annually since 2006. Bzzzt.
4. I have kids, some of whom aren't in favor of boondocking.
5. Boondocking with 3 kids isn't practical.
6. I haven't fully funded their college educations yet (9 out of 12 years are funded).
7. I assume SS at 1/4th of what my PEBES says.
8. I haven't included a high-deductible health care plan in the budget yet.
Other than that , what have I missed?
2Cor521
I'm 40, single dad of 3, considering retiring to a "boondocking in a teardrop" lifestyle.
If I take the following assets as they are valued today:
checkings
savings
taxable account
traditional IRA
roth IRA
401(k)
house
accounts receivable
Soc Sec NPV
and subtract the following liabilities:
mortgage
student loan
child support NPV
I get my FIRE net worth, $X.
If I take my last six months expenses and subtract:
child support
income taxes
property taxes
interest expense on mortgage
utilities
speeding ticket
bank charges
house expenses
work expenses
and add in:
increased fuel expenses
increased cell phone usage
increased auto insurance
and do the appropriate math assuming a 4% rate, my required FIRE nest egg is slightly smaller than $X.
There are all sorts of reasons I'm not *really* FI, though:
1. I'm at 100% equities now. Should be at 80%/20%.
2. 4% at 40 is not realistic. I really plan to use whatever FIREcalc says is the 40 year 100% survival rate for an 80/20 port...I think that's about 3.5%.
3. I assume my house has increased in value by 4% annually since 2006. Bzzzt.
4. I have kids, some of whom aren't in favor of boondocking.
5. Boondocking with 3 kids isn't practical.
6. I haven't fully funded their college educations yet (9 out of 12 years are funded).
7. I assume SS at 1/4th of what my PEBES says.
8. I haven't included a high-deductible health care plan in the budget yet.
Other than that , what have I missed?
2Cor521