Hope you all don't mind analyzing my "plan." I think I am FI, but there's some unique aspects that make it less clear.
I am 43, married, stay at home wife, 2 small kids, working, earning about 500k in a senior corporate position.
1. net worth: I own real estate which passively produces 150k of income a year, its variability is i expect a worse but not catastrophic year as down to 120 from maybe higher expenses repairs or bad tenants etc). I made a gamble on bitcoin years ago and now have about a 3mm value. I also have another 700k of bonds and 700k of stocks in index funds. I have 1.8m in retirement accounts basically 80/20 stocks/bonds. So that's 120-150k of real estate income, and a 4.4mm taxable pool to access from until age 60, when i guess the retirement accounts open up.
2. budget: I live in a high but not highest cost urban environment. We pay 20k a kid in private school, 20k a kid in 529 contributions with goal to fully fund private university. high quality marketplace healthcare for family is like 30k a year, and maybe another 15k of out of pocket max expenses? our housing costs about 60k a year, so thats 185k a year basically out the door, sl lets say living expenses take is up to 240k a year, or 20k a month.
3. FI-ness: so lets say the 120k comes from real estate, and the other 120k comes from the 4.4mm taxable assets, that's about 120k right there, so technically, 4% rule applies, and the retirement accounts grow, but I estimated my taxes will be about 30-40k a year, so that needs to be grossed up to 240-280k a year of withdrawals / income needs.
I don't need you guys to tell me to sell bitcoin - i do not want to pay a seven figure tax bill on it just to rebalance into a stock fund. I have sold covered call options against 2/3 of that bitcoin exposure, that generates about a year's worth of living expenses, but caps bitcoin returns at about another 50% from here, so I am at least risk managing that situation.
I also have expected healthcare needs, like personal immune issues, and some ongoing healthcare my children need, that will definitely exceed any expected deductible. We also expect to probably need to (or intend to) help financially my in laws and my parents, as we both come from humble means and our respective sets pf parents unfortunately do not have nest eggs.
I am definitely experiencing "one more year" (or 3 more specifically) because in that time, I definitely can rebalance bitcoin on the margins, have 1-3 more years of expenses paid for such that i continue substantial saving and reinvesting, and can keep padding those tax deferred accounts, and my estimate, is that in 1 year, I'll secure that marginal buffer meaningfully, and after 3 years I will be able to meaningful impact either more rebalancing out of bitcoin, or simply contribute more to traditional non bitcoin investments.
What do y'all think? I imagine the FIRE perspective is "why are you even wasting our time, yes youre ready, and/or reconsider your expenses/budget" whereas when I look at traditional conservative boomer financial advisor perspectives, they would probably have me working for a few more years at least.
