All, here are my current expenses and networth. Please let me know your thoughts
Rent: 3300
Grocery & misc. items: 500
Eat out: 200
Entertainment & Clothes/shopping: 200
Car (gas+insurance+maintenance): 250
Wireless: 100
Utilities (pge+internet+misc): 200
Kids classes & tuition: 300
Health Care (Insurance+Payments): 300
unexpected expenses: 300
Vacations: 300
Life insurance: 400 (big health issues for me)
Total: ~6400
Total current Networth: 630k
My salary is ~260k and including ROI I can save about 130k per year. 27k in 401k including 9k company match, 27k in after tax 401k which gets megabackdoor rothed, 50k savings, plus 25k ROI to a total of 130k
Goal is to comfortably retire on 4-5k per month including rent. Pay college fee for my 2 kids (25k/kid/year) and basing on how long I work, be able to leave them some money too. Given this I can look at the below scenarios, let me know your thoughts.
FIRE with 1.25 mill in 4.5 years: Move to low COL area, Pay kids school, retire with 4k comfortably
FIRE with 1.5 mill in 6.5 years: Move to low COL area, Pay kids school, retire with 4-5k and leave kids 750k to 1M
FIRE with 2 mill in 9.5 years: Not sure if we can move immediately to low COL area as elder kid will be in college, but eitherway it will be a comfortable retirement 4-5k per month and leaving each kid 1.5M.
There is also lean FIRE with 1 mill in 3.5 years where I may not be able to pay school.