I think I want to be back in this cohort. Plan is to fire somewehere September/Octoberish 2019.
DH and I went through my FIRE spreadsheet again today, which was a long time since last time. DH discovered a flaw in my calculation of taxation of income. We corrected it and luckily it didn't change the FIRE amount, as our income will be almost zero all the time.
We have had 2 real estate brokers visiting our house who gave us an estimate for a sales price of our clown house. One gave an estimate of 8,7 mil Norwegian crowns. The other one guessed a price between 8,7 and 9,2 mil crowns. In my old calculations I used a conservative estimate of 7 mil crowns nett leftover after sale. Now we changed this amount to 8 mil nett leftover after sale. We think about selling it in spring 2019 for 8,5 mil list price. And we hope to sell for more eventually. We need to sell during the summer halfyear because of the steep roads with snow in the winter.
After selling this house, we reserve half of it, 4 mil crowns, in cash for a future house purchase. The rest will be invested. Most in stock, but some in cash on a high interest bank account in case market downtime during FIRE. Or in bonds, I'll have to figure that out.
We still need to earn half our normal salary in 2019 and a very low amount in 2020. This last thing can be done be starting some side gig. DH is thinking on doing his current job as a private consultant occasionaly. I currently do a sidegig that generates a certain amount of taxfree money.
We are aiming for 7 mil Norwegian crowns as FIRE amount. If the house sells for the brutto price of 8,5 mil crowns, then we will reach this amount in just a few months. If the market takes a dive, we will have to continue working.
From 2040 we will both receive our pensions.
Our backup plan is that we intend to keep our cabin, but we can also sell it for approx 1,5 year spending level.
We can also in the future sell our future house, cash in those 4 mil crowns and live 8 years of that while we rent a place, depending on the height of the rent.
And we expect to receive 2,5 to 3 mil crowns in inheritage some day, that are not included in our calculations.
And we can choose to work part time some way or another.