Hi everyone! Long time lurker, first time poster. The Frugalwoods got me into FIRE, and I've been on the path for a year (started 1/1/18). I hit my goal of saving 65% of after-tax income last year, and now I'm thinking about where to go next - financially, career-wise, and geographically. I live with my boyfriend; we haven't combined finances but are looking at getting engaged soon so I'll include his numbers as well.
I'm 23F, he's 24M, no kids (1-3 in the future). We live in a rural part of the Southeast (LCOL) and commute to small cities - more on that in a bit. I work in data, he works in landscaping. Both college grads, no student loans.
Gross Salary: $55k me, $30k him
Assets (me):$50,000 - money market, 1.25% (looking to get this invested; been hearing to wait on the market a bit? I'll do ETFs when I do)
$45,000 - 16-mo CD, 2.5% (I have this set aside for a house, which I hope to buy in about 4 years)
$11,000 - ROTH IRA; max every year
$4,000 - ROTH 401(k) through my employer; I contribute enough to get the match
I drive a 2011 Corolla my parents helped me buy (in cash) when I graduated college. She's got about 70k miles on her now; I'll keep her as long as I can.
Assets (him):$16,000 - savings account, low yield.
He's not yet eligible to participate in his company's retirement plan but will be soon.
He bought a 2015 Subaru for $15k last year, in cash. He'll drive it its whole life as well.
Liabilities:No debt for either of us. We're both still on our parents' insurance.
Shared Expenses:Rent $500/month for a 2BR/1BA house. We rent from a friend of mine, moved in August :)
This is half the going rate for comparable rentals.
Utilities (electric + water) $70/month (average - lower in spring/fall, higher in winter: home has no central heat or air;
we heat with space heaters and cool with fans)
By choice, we have no cable, Internet, Netflix, etc.
Individual expenses: these are all mine; I track better than he does, but if anything mine are a bit higher.
Groceries $100/month
Gas $100/month (25 miles to work - flipside of the cheap mountain home. Public transport is nonexistent)
Eating out $50-75/month
Shopping $50-75/month
Car insurance $120/month (100/300 coverage; cheapest I could find)
Phone $35/month
Car repairs/service $30/month (averaged over the year)
Urgent care/meds/etc. $15/month (averaged over the year; I was sick a lot last year)
Gifts/birthdays/etc. $15/month (averaged over the year)
Month-to-month spending varies but
I averaged about $1250/month last year. With the lower rent, I expect that number will be lower, and I'm well on track for a sub-$1k month in January.
I should note here that, while these are my expenses now, there will be some lifestyle inflation along the way. Nothing obscene, but at some point I would like to live in a larger home (maybe 2,000 sf), with heat/AC, have a proper TV + cable/streaming so we can host football watch parties, etc. Plus the assorted home expenses, plus kid(s). I/we will also be responsible for my/our health insurance in the next couple of years. Goals: We'd like to get married in the next couple of years
Buy a house around 27/28 (buying is non-negotiable - we want to be homeowners and don't plan to sell once we buy)
1-3 kids (I'd prefer the lower end), starting around 30
I'd like to be FI mid-30s but continue to work part-time. I'm a writer and photographer by nature, so hopefully I could monetize those passions, or at least do something where I can be outdoors much more than I am now
***Immediate questions/situation:***This is where things get a bit complicated. As I mentioned, we live in a rural part of the SE US, near some small cities. Our future is most likely in this state, though probably not exactly here - he's from a different part of the same state about 2/3 hours from where we live now. We like that area along with a coastal area about 4 hours from us now; hopefully "home" will be one of those.
I'm from the Northeast and would like to move back for 2-3 years before we settle down - spend time with family and friends, share my hometown with 24andfrugal. But that would be $$$, especially because our rent right now is so low that the increased cost would be magnified. I think I'd be able to break even, but wouldn't get the 15-20% jump one typically wants with a new job. My part of the Northeast is more expensive than anywhere in the state we live now, even the coastal areas.
Due to circumstances at work and not feeling challenged, I've been looking for a new job for a while: in my hometown, in his hometown, in the coastal area we both love, and remotely (which would be ideal, but hasn't panned out yet).
Question 1: Should I keep looking for work in/moving back to my HCOL hometown, or throw away that dream and start setting up my long-term future in the LCOL Southeast?
Question 2: Without giving too much identifying info, there's a career path I can go with my degree that is more fulfilling, but pays less than what I make now. Plan is to wait until FIRE/almost FIRE and pursue it then. Should I do that, or try to get into it sooner? (starting salary
@$45k)
Lastly,
Question 3: How am I/are we doing? What can be better? Are we on track?