Question: My wife and I would like to resign a year from now (4/2018), travel in our RV for a year or two then settle into enjoyable hobbyjobs. Is this a reality or financially irresponsible.
Most figures are monthly.
Life Situation: Married Filing Separate, no dependents 38 and 35 yrs old. I work part time, she is full time.
Gross Salary: $11,200
Health, Dental, Vision, Ins $765
Rental Income $900 (net income after all expenses and taxes)
Life, P&C, Umbrella, Auto Insurance $285
Cell phones $88
Loan on Land $493
Property taxes $250
Misc $1,200 (this is our usual credit card bill, I would like to break it out, but it is a different cost driver each month, includes travel, entertainment, frivolous purchases, cabin building funds, and anything not falling above)
Rental 1 $140,000
Rental 2 $125,000
Timber Land $80,000
Personal Items $30,000 (Cars, Tools, Machinery, Bikes etc.)
Cash on Hand $75,000
Retirement Plans $258,000
Rental 1 -$91,480 30 yr fixed 5% P:$135 I $381 ~26 yrs remain
Rental 2 -$70,700 30 yr fixed 4.375% P$109 I $257 ~ 25 yrs remain
Timberland -$36,000 10 yr fixed 4.3% 7 years remain
We have a $50,000 line of credit on our home with zero balance. I'm about 25% through building a small cabin on the timberland, which has been a lifelong ambition. It will likely become a home base for us post FE. Our primary residence has a market rental value of about $1000 per mo, after expenses it would net around $600 additional monthly income. I think our gross hobbyjob income would be around $50,000 post travel.
So what do you think, can we do this in a year, should we work longer? How much longer?