Life Situation: Iím a 30-year-old American who has lived/worked abroad for the last five years. I mainly work in very low cost of living countries, which allows me to save a considerable amount of my income at this point in my life.
My current working contract expires at the end of 2018 and Iím wondering if I could potentially FIRE then (in 21 months)?
Taxes: For purposes of taxes, I am exempt on foreign earned income to a certain limit. Tax filing status: Single, no dependents.
Net Salary/Wages: $9,500 a month (note that I have no 401K, HAS, IRA, etc.)
Current monthly expenses:
Rent: $1,300 (this is my big weakness, I could easily get accommodation as low as $500, but the place I stay at provides many luxuries including; free cleaning, pool, gym, laundry, etc.)
Insurance/Health Care: $50
Net Monthly Savings: $7,090 (~75% saving rate)
Individual Stock Brokerages: $96,000
Previously, I had been investing most of my money in the California property market. In my mind, I see it as a sort of hedge to my work, as all my income abroad is in emerging markets.
Also, I potentially would like to move back to California once my current contract ends.
Property 1: $110,000 Value / $70,000 debt - $40,000
Property 2: $145,000 Value / $80,000 debt - $65,000
Property 3: $310,000 Value / $260,000 debt - $50,000
Combined, all the properties operate at slightly above cash flow breakeven after taking into account PITI, maintenance, taxes, etc. (Net CF about $5,000 a year).
I use all the extra Cash Flow to pay down the mortgages.
All of the mortgages are at around 4.5% and due in roughly 25 years.
Total Combined Property Assets: $155,000
Student Loan: $2,500 (at 2.1% Per year). This is the only debt I have and Iím not any rush to pay it down, given the rate.
Total Net Worth: $246,500
Is it possible to reach FIRE in 21 months?
I know eventually I would like to have a family/kids later in life, which would of course complicate things a bit.