Author Topic: 2020 FIRE Cohort  (Read 105632 times)

DreamFIRE

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Re: 2020 FIRE Cohort
« Reply #450 on: May 15, 2018, 09:07:09 PM »

I'm looking to June 2019 for now, but if the economy starts to go to shit and my investments drop over the next year, I might have to join the 2020 cohorts.  I'm slowly moving to a more conservative AA, but I can only take so much of a hit before I will OMY, which is sometimes tempting even if the stash is doing well.  I'm still planning for 2019 for as long as I can - at least FIRE doesn't seem so far off that way.

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #451 on: May 16, 2018, 01:06:06 AM »

I'm looking to June 2019 for now, but if the economy starts to go to shit and my investments drop over the next year, I might have to join the 2020 cohorts.  I'm slowly moving to a more conservative AA, but I can only take so much of a hit before I will OMY, which is sometimes tempting even if the stash is doing well.  I'm still planning for 2019 for as long as I can - at least FIRE doesn't seem so far off that way.

How about doing OMY part time working?

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #452 on: May 16, 2018, 01:13:06 AM »
A recession late 2018 and 2019 with recovery in 2020 would be perfect for me. I'd like to be hiking the Appalachian Trail next year but will wait a year if the economy goes south to take advantage of lower costs funds and stocks.

What if we have another 5-10 year period with negative/neutral returns? Will you keep putting off life after work?

Hiking the AT is really really cheap. Just saying.

I am thinking that maybe with a recession we should do more part time consulting. We also plan to do a lot of cheap stuff after FIRE.

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #453 on: May 16, 2018, 06:56:12 AM »
A recession late 2018 and 2019 with recovery in 2020 would be perfect for me. I'd like to be hiking the Appalachian Trail next year but will wait a year if the economy goes south to take advantage of lower costs funds and stocks.

What if we have another 5-10 year period with negative/neutral returns? Will you keep putting off life after work?

Hiking the AT is really really cheap. Just saying.



I am thinking that maybe with a recession we should do more part time consulting. We also plan to do a lot of cheap stuff after FIRE.

DH and I are also hoping for a 2018/20119 recession.  We could really use a sale on stocks as this is our biggest contribution year. 

I am still wobbling on my exit.  OMY really kinda freaks me out, but as the high income earner with potential bonuses depending on departure dates, I'll need to be strategic in my exit. 

Some good news for me (bad for others...).  My company is becoming another company so when this officially happens the pensions will not longer be a thing, so they can be cashed out.  If I can have the company hold it until DH retires, then our income will be down and taxes wont eat as much.  Then this will act as our cash buffer for reducing our early sequence of return risks.  It should be about 1.5x our minimum yearly spend, so not a bad windfall. 

We are also expecting layoffs in September.  My site should not be in the cross hairs, BUT since i am the newest in the group, I could be the first one out regardless of site.  Then OMY becaome TLY (two less years). 

In other news, we have our eye on some land we really like. I may waste most of my work day spreadsheeting to arrive at the "land = X months of extra work" calculation so we can determine if its worth it.

I've been quiet both here and in my journal because we put an offer in on that land, it was accepted after minimal haggling, and we are in a 45 day holding pattern until closing. We close next Thursday. Suffice it to say, my spreadsheeting has been kind of thwarted because it's been such an odd 2 months worth of income and expenses. We're buying the land with cash so I reduced our 401K front-loading to minimize the amount of investments we'd have to pull to fund it. After the dust settles and we have a few months of normal paychecks and expenses, I'll be able to recast our FIRE date. No OMY here hopefully. We're still targeting 2020, it may just be fall versus spring now, because now all of a sudden we're talking about getting a tractor and drawing up plans for our pole barn and crap haha. This land is part of the end-game though, so we're pretty stoked.

Glad you got the land without much haggle!


I recently updated in the 2019 FIRE cohort, as I am between two camps.
We are currently pretty well on schedule to reach or FIRE in 2020 stash at the end of 2018. If we manage, 2019 only needs to provide enough income to cover for itself, so minimum 25% of our normal nett income.



That's not a bad place to be!

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DreamFIRE

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Re: 2020 FIRE Cohort
« Reply #454 on: May 16, 2018, 12:04:16 PM »

I'm looking to June 2019 for now, but if the economy starts to go to shit and my investments drop over the next year, I might have to join the 2020 cohorts.  I'm slowly moving to a more conservative AA, but I can only take so much of a hit before I will OMY, which is sometimes tempting even if the stash is doing well.  I'm still planning for 2019 for as long as I can - at least FIRE doesn't seem so far off that way.

How about doing OMY part time working?

Yeah, I've posted about that in the 2019 thread in the past, IIRC.  The thing is, I don't know if that will be an option where I work now, and I would take a big wage cut to work somewhere else vs. the senior position I am in at my current company.  It's a big enough organization that positions are budgeted for, and I am the only one in my position, and it's a full time job.  They might be willing to keep me on in a very limited role until a new person is hired and for training the new employee, but beyond that, who knows, and I don't know how many hours of work I would get - they might try to phase me out as soon as possible.  I don't dare suggest the interest in it now, or they might do some emergency budgeting to bring in someone else to work with me well in advance of me wanting to FIRE/partime, and I certainly don't want to deal with that for an extended period of time while I'm still working full time.  So I won't really know if that's an option until I'm prepared to say I'm retiring from full time work.

DreamFIRE

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Re: 2020 FIRE Cohort
« Reply #455 on: May 16, 2018, 04:00:12 PM »
A recession late 2018 and 2019 with recovery in 2020 would be perfect for me. I'd like to be hiking the Appalachian Trail next year but will wait a year if the economy goes south to take advantage of lower costs funds and stocks.

What if we have another 5-10 year period with negative/neutral returns? Will you keep putting off life after work?

Hiking the AT is really really cheap. Just saying.

I am thinking that maybe with a recession we should do more part time consulting. We also plan to do a lot of cheap stuff after FIRE.

DH and I are also hoping for a 2018/20119 recession.  We could really use a sale on stocks as this is our biggest contribution year. 

Whether I would personally benefit from a recession or not, I would never wish on one to come.  I'm thinking about the greater good, but it can take a long time for stocks to recover.  We have had lost decades of no real gains in the past, and they leave even more people hurting as they lose jobs, drops in business, not finding jobs, etc.  A recession is sure to come, they always do, but I hope it's still years away.

BFGirl

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Re: 2020 FIRE Cohort
« Reply #456 on: May 17, 2018, 08:29:01 AM »
958 calendar days to go.  A lot is changing for me in those days, so I'm not positive about my FIRE date.  It could be earlier if the new boss I have in Jan 2019 is an asshole or it could be later if things take a turn for the positive and I begin to enjoy my job again.  Also, it looks like my BF will be moving in next year and I just don't know how that will effect things.  Health insurance is also a concern.  But I'm sticking with 12/31/2020 for now.

BlueMR2

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Re: 2020 FIRE Cohort
« Reply #457 on: May 17, 2018, 05:37:28 PM »
Currently looking at May 2020.  We'll see though.  Will adjust based on how work is going.  If I'm having fun I'll stick around longer...

Rcc

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Re: 2020 FIRE Cohort
« Reply #458 on: May 20, 2018, 07:06:31 PM »
I知 hoping to land my lawn dart in May 2020 as well. Macro factors that I share with others, mean my FI and RE may be split:

1. State of healthcare here in the US
2. My DSs progress on finishing college
3. Sequencing whether DW or I RE first
4. Do I take last year or OMY to eliminate mortgage then (not now)

Good news, FI should land in 2020, making these factors easier to solve.

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #459 on: May 23, 2018, 03:23:17 PM »
Apparently May 2020 is the time to retire!

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #460 on: May 25, 2018, 03:42:39 AM »
Apparently May 2020 is the time to retire!

Not for me. It is either beginning of 2020 or somewhere in 2019.

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #461 on: May 25, 2018, 05:13:06 AM »
2019 would be even better than 2020, if you are ready :).

DeanHedlund

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Re: 2020 FIRE Cohort
« Reply #462 on: May 26, 2018, 08:08:41 AM »
Apparently May 2020 is the time to retire!

Why May though?

2Birds1Stone

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Re: 2020 FIRE Cohort
« Reply #463 on: May 26, 2018, 09:46:34 AM »
@DeanHedlund,

Many can make enough earned income to max out tax advantaged space, take advantage of a really low tax bracket, and in the Northern Hemisphere, enjoy a nice summer off =)

Rcc

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Re: 2020 FIRE Cohort
« Reply #464 on: May 26, 2018, 01:31:37 PM »
May for me lines up with my birthday that year 😆

Unique User

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Re: 2020 FIRE Cohort
« Reply #465 on: May 26, 2018, 03:35:22 PM »
@DeanHedlund,

Many can make enough earned income to max out tax advantaged space, take advantage of a really low tax bracket, and in the Northern Hemisphere, enjoy a nice summer off =)

Yep.  May 2020  for us for the above reasons. Also because we値l put our house on the market for the summer selling season and get ready to be nomads. Not sure if we値l truly be FIRE壇 as we plan to do some part time consulting.

DeanHedlund

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Re: 2020 FIRE Cohort
« Reply #466 on: May 28, 2018, 08:45:59 AM »
@DeanHedlund,

Many can make enough earned income to max out tax advantaged space, take advantage of a really low tax bracket, and in the Northern Hemisphere, enjoy a nice summer off =)

Yep.  May 2020  for us for the above reasons. Also because we値l put our house on the market for the summer selling season and get ready to be nomads. Not sure if we値l truly be FIRE壇 as we plan to do some part time consulting.

I see. Thanks. Many of us are shooting for April because (1) annual bonus and shares paid in March, (2) 401K eligible matches are quarterly so 1 day of working in April will qualify for Q2 match.

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #467 on: May 28, 2018, 11:42:49 AM »
@DeanHedlund,

Many can make enough earned income to max out tax advantaged space, take advantage of a really low tax bracket, and in the Northern Hemisphere, enjoy a nice summer off =)

Yep.  May 2020  for us for the above reasons. Also because we値l put our house on the market for the summer selling season and get ready to be nomads. Not sure if we値l truly be FIRE壇 as we plan to do some part time consulting.

I recently I heard a Norwegian financial podcast where they talked about selling houses. Most villas are put on the market i May when the snow is gone. The expert thought that this gives a lot of competition. He thought it might be smart to put your house on the market a month earlier to avoid the large wave of villas on sale. He thought buyers have some phantasy to imagine what a garden could look like.

We are planning in the near future to take some good quality pictures of our garden when it looks nice and summerly with the flowers blooming. We can use the pictures if we want to sell earlier.

DreamFIRE

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Re: 2020 FIRE Cohort
« Reply #468 on: May 28, 2018, 12:14:15 PM »
@DeanHedlund,

Many can make enough earned income to max out tax advantaged space, take advantage of a really low tax bracket, and in the Northern Hemisphere, enjoy a nice summer off =)

Yep.  May 2020  for us for the above reasons. Also because we値l put our house on the market for the summer selling season and get ready to be nomads. Not sure if we値l truly be FIRE壇 as we plan to do some part time consulting.

I see. Thanks. Many of us are shooting for April because (1) annual bonus and shares paid in March, (2) 401K eligible matches are quarterly so 1 day of working in April will qualify for Q2 match.

For me, bonus is paid in February, and I get a fresh new 4 weeks of vacation at the end of Feb, which means I'll get a pay-out for that.  But the first week of June will allow me to get a medical exam out of the way while still on the company insurance plan and be off for the summer.  If I can move the exam up a month, I will so that I can FIRE in early May instead, but I've found them sticklers in the past with the designated waiting periods between exams, whether medical, dental, or vision.  I'm still hoping for 2019 at this point.

Unique User

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Re: 2020 FIRE Cohort
« Reply #469 on: May 28, 2018, 01:57:48 PM »
@DeanHedlund,

Many can make enough earned income to max out tax advantaged space, take advantage of a really low tax bracket, and in the Northern Hemisphere, enjoy a nice summer off =)

Yep.  May 2020  for us for the above reasons. Also because we値l put our house on the market for the summer selling season and get ready to be nomads. Not sure if we値l truly be FIRE壇 as we plan to do some part time consulting.

I recently I heard a Norwegian financial podcast where they talked about selling houses. Most villas are put on the market i May when the snow is gone. The expert thought that this gives a lot of competition. He thought it might be smart to put your house on the market a month earlier to avoid the large wave of villas on sale. He thought buyers have some phantasy to imagine what a garden could look like.

We are planning in the near future to take some good quality pictures of our garden when it looks nice and summerly with the flowers blooming. We can use the pictures if we want to sell earlier.

That is a good idea to take pictures during a different season.  We池e planning to put it on the market in June. Ideal will be to sell in late July or august to try to coincide with our daughter returning to college. The market is hot here and houses sell quickly. But of course nothing ever works out as planned. I think our word for the year in 202 will be flexibility.

MrMoogle

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Re: 2020 FIRE Cohort
« Reply #470 on: May 30, 2018, 01:39:12 PM »
2020 is my date.  I'll turn 35.  I'll jump from 60% to 100% vesting.  I'll have ~5 years of spending to know my actual annual expenses.  Right now it's estimated, since I've been living overseas.  Also, it gives time for ACA to settle out, so I can estimate that more accurately. 

I hit 25x my estimated expenses this year, so I would jump on an offer to switch to part time.  I want more than 25x for a 60 year retirement, and if I have a family one day, it will no longer be 25x.
I recently hit 33x (3%) of the last number I calculated, but some of that money is not vested yet.  Also, I'm less sure on my expenses, due to health reasons.  I may end up moving to part time soon...

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #471 on: May 30, 2018, 03:41:28 PM »
Apparently May 2020 is the time to retire!

Why May though?

Sure tax and other financial reasons, but mostly because we are shooting for the day before DH turns 41.  So he is actually retiring on a Wednesday. 
« Last Edit: May 31, 2018, 05:56:17 AM by Loren Ver »

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #472 on: May 31, 2018, 12:50:55 AM »
I would appreciate it if you would contribute to my thread here, since it is a major part of our FIRE moment:

https://forum.mrmoneymustache.com/real-estate-and-landlording/when-is-a-smart-time-for-us-to-sell-our-house/

(I will also post it in the 2019 thread.)

FIREby2021

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Re: 2020 FIRE Cohort
« Reply #473 on: June 01, 2018, 02:15:29 PM »
May 2018 highlights:

- Howdy folks!  After some slower progress during 1Q-18, things have picked up.  Monthly savings goals met & portfolio performance has improved.

- We are still directing some after-tax capital and paying down our (future LCOL) home's mortgage principle (4.125%); we do not plan to carry a mortgage into FIRE.  We view the current high-CAPE environment as a reasonable opportunity to pay down the principle vs. solely making equity investments.  We are staying selective with after-tax equity investments from our prior HCOL home sale; doing our best to balance the two.

- It has been such a busy 1H of the year, that we are looking forward to a slower summer.  We have almost finished our "Whole30" diet reset, which has given us better perspective on how we eat and how different foods make us feel.  Lost a bit of (needed) weight and have been really active, and I hope to keep this up as we get into the hotter months.

- Countdown target is now @ 22 months (Apr-2020) ... this could get too real, very soon ... have a great month everyone!


EOY 2015: 56.2%
EOY 2016: 70.6%
EOY 2017: 78.6%

JAN 2018:  78.8%
FEB 2018:  77.3%
MAR 2018: 77.6%
APR 2018:  80.3%
MAY 2018:  81.9%

FIREby2021

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #474 on: June 05, 2018, 01:41:29 AM »
Pasted from my post in the 2019 FIRE cohort thread:
I just discovered an error in my Excel sheet. I had a formula calculating how much I would have left in 2019. Somehow I had taken our salaries before taxes, minus all the taxes = savings. I just totally forgot to register the yearly expenses. I corrected the formula and it added 50.000 USD more to our FIRE amount. Therefore I think we cannot quit early 2019 and probably need to work through most of 2019.
DH and I have been discussing asking to work 80% after the summer. I think we will still consider this. We are both tired of working 100%, so this would be good for our sanity anyway. But it will probably move FIRE to 2020.

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #475 on: June 05, 2018, 05:02:16 AM »
Linda,
I'm glad you found the error now and not later.  Sorry you have to push your date back though, that is not so fun.

LV

TheContinentalOp

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Re: 2020 FIRE Cohort
« Reply #476 on: June 05, 2018, 07:19:31 AM »
I hit my "If the office is destroyed by a meteorite, I won't look for another job" number.

Under 400 work days to go, still anticipating March 20, 2020 as the end.

Meowmalade

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Re: 2020 FIRE Cohort
« Reply #477 on: June 14, 2018, 11:52:11 AM »
Apparently May 2020 is the time to retire!

Count us in for May 8th, 2020  :)

I picked this date for the following reasons:
1)  I'm eligible for a 1-month sabbatical in Jan 2020
2)  Annual bonus is in  Feb
3)  RSU grants are in late April and early May
4)  We hope to hit our target number AND pay for expensive renovations (which include extensive foundation work) in the next two years
I have a new journal.


letsdoit

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Re: 2020 FIRE Cohort
« Reply #478 on: June 18, 2018, 01:19:48 PM »
is anyone FIRE with less than 1 million?

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #479 on: June 18, 2018, 01:29:59 PM »
is anyone FIRE with less than 1 million?

Yes, less than 1 mil USD, counting the loose money to be invested. But that is beside owning a downpaid house that will cost max half of our current house. In total house value + investment money is approx 1 mil USD. We will both be receiving a pension from the age of 67. And probably receive 2 inheritages at an unpredictable time in the future.

Edit: sorry, I thought that you had asked: who is planning to FIRE? For me, only planning so far.

Canadian Ben

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Re: 2020 FIRE Cohort
« Reply #480 on: June 18, 2018, 01:33:58 PM »
500k CAD stash for me. + Maybe 50k in house equity.

Rcc

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Re: 2020 FIRE Cohort
« Reply #481 on: June 22, 2018, 04:03:42 PM »
is anyone FIRE with less than 1 million?

Yes, here. I知 considering FIRE on taxable account only ( 500-600kish then ), or taxable plus 72t my 401k (800-900k ish then).

Final answer will be in 2020 most likely.

SwordGuy

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Re: 2020 FIRE Cohort
« Reply #482 on: June 22, 2018, 10:56:33 PM »
The 2018 thread is cranking out FIRED folks left and right.

Y'all are closer than you think to 2020!   

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #483 on: June 23, 2018, 04:41:18 AM »
So much going on!

is anyone FIRE with less than 1 million?

This describes us.  Even if we include our house we will be less than 1 million when we pull the rip cord. 

I hit my "If the office is destroyed by a meteorite, I won't look for another job" number.


Woot woot!  Congrats!!

So DH gave himself a three day weekend while I was on a business trip.  When I got back he asked if we could retire in 2019 instead of 2020.  Waiting another year just seemed like way too much time to be sitting in an office.  We did lots of math and made a May 2019 plan.  We have a plan A for May 2019, a plan B which is also May 2019, and Plan C is to move the date back to May 2020.

Since he plans to retire on his 40th Birthday now, his last day will be on a Tuesday.
I think I need to switch Cohorts....


SOOOO EXCITING!!!!

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #484 on: June 23, 2018, 04:52:36 AM »

So DH gave himself a three day weekend while I was on a business trip.  When I got back he asked if we could retire in 2019 instead of 2020.  Waiting another year just seemed like way too much time to be sitting in an office.  We did lots of math and made a May 2019 plan.  We have a plan A for May 2019, a plan B which is also May 2019, and Plan C is to move the date back to May 2020.

Since he plans to retire on his 40th Birthday now, his last day will be on a Tuesday.
I think I need to switch Cohorts....


SOOOO EXCITING!!!!

Indeed exciting. Forty is a really young age to retire. You might have a good chance for side hussles coming your way as well.
As you know, I am also between the 2020 and 2019 cohort. It really depends on how much we manage to save if it is late 2019 or early 2020. And how much we get for selling the house. But we probably don't do that before retiring, because of the stress that causes.
« Last Edit: June 24, 2018, 01:22:04 AM by Linda_Norway »

Loren Ver

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Re: 2020 FIRE Cohort
« Reply #485 on: June 23, 2018, 06:12:38 PM »



Indeed exciting. Forty is a really young age to retire. You might have a good chance for side hussles coming your way as well.
As you know, I an also between the 2020 and 2019 cohort. It really depends on how much we manage to save if it is late 2019 or early 2020. And how much we get for selling the house. But we probably don't do that before retiring, because of the stress that causes.

That sounds like a good plan.  Selling a house will probably be less of a headache if you do it post retirement.  Good luck with your savings!

letsdoit

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Re: 2020 FIRE Cohort
« Reply #486 on: June 25, 2018, 11:55:47 AM »
is anyone FIRE with less than 1 million?

Yes, here. I知 considering FIRE on taxable account only ( 500-600kish then ), or taxable plus 72t my 401k (800-900k ish then).

Final answer will be in 2020 most likely.

that's at least 1.3 mill, or am I missing something ?

Freedomin5

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Re: 2020 FIRE Cohort
« Reply #487 on: June 25, 2018, 04:04:56 PM »
is anyone FIRE with less than 1 million?

Yes, here. I知 considering FIRE on taxable account only ( 500-600kish then ), or taxable plus 72t my 401k (800-900k ish then).

Final answer will be in 2020 most likely.

that's at least 1.3 mill, or am I missing something ?

OP said taxable plus 401k is 800-900. So OP has ~300k in 401k. And they are planning to FIRE on 800-900k.

Rcc

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Re: 2020 FIRE Cohort
« Reply #488 on: June 26, 2018, 07:51:13 AM »
is anyone FIRE with less than 1 million?

Yes, here. I知 considering FIRE on taxable account only ( 500-600kish then ), or taxable plus 72t my 401k (800-900k ish then).

Final answer will be in 2020 most likely.

that's at least 1.3 mill, or am I missing something ?

OP said taxable plus 401k is 800-900. So OP has ~300k in 401k. And they are planning to FIRE on 800-900k.

Yep, thats right. Thanks!

FIREby2021

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Re: 2020 FIRE Cohort
« Reply #489 on: June 30, 2018, 11:11:47 AM »
June 2018 highlights:

- Halfway point of 2018!  The 2Q certainly treated us better than the 1Q from a NW progress perspective.  Monthly savings goals met & portfolio performance has improved.

- It is getting really hot & humid down here in SE TX ... this is the first summer since we secured our future LCOL home (not in SE TX), and I am already missing their weather.  More motivation to stick with the plan!  While we continue to rent down here, we are aggressively paying down our future LCOL home mortgage (4.125%); we do not plan to carry a mortgage into FIRE.

- Summer gardening is a challenge here, but we are somehow keeping the kale & chard greens + herbs going.  The fig tree that we inherited at our new rental house is KILLING IT - I bet I've harvested over 200 fresh figs so far, and they keep coming.  It's been fun to snack & cook with these, and we've given a bunch of them away to friends.  The citrus trees (meyer lemon & kumquat) are producing green fruit, so that promises to be a fun harvest in the fall.

- Despite the heat, I've been pretty consistent with my eating & exercise program this year.  I turn the big 40 later this summer, and hope to be back in a healthy, sustainable place.  I went through a back injury a couple years ago, and its been a long journey.  Very thankful

- Taking some steps to 'stretch' myself during July ... I am doing a public speaking/teaching event, and also pursuing a certification related to my potential future side-gig.  I'm not an experienced public speaker, however the prep has been intense & rewarding.  I'm nervous but also looking forward to both, as these are not things I'd normally do!

- Our ideal countdown target is now @ 21 months (Apr-2020) ... have a great July 4th week everyone!


EOY 2015: 56.2%
EOY 2016: 70.6%
EOY 2017: 78.6%

JAN 2018:  78.8%
FEB 2018:  77.3%
MAR 2018: 77.6%
APR 2018:  80.3%
MAY 2018:  81.9%
JUN 2018:  83.3%

FIREby2021
« Last Edit: June 30, 2018, 11:14:11 AM by FIREby2021 »

steveo

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Re: 2020 FIRE Cohort
« Reply #490 on: June 30, 2018, 06:28:40 PM »
Everyone sounds like they are doing great here so well done but I'm going to spoil the party.

I am going to push out my retirement date to 2022. It might happen earlier than that but I want to resign myself to working until 2022 and if it comes earlier that is better for me. The main reason being that our expenses appear to be moving upwards with 2 teenagers costing us more money. I don't want to have an estimate of expenses that are too low which in my opinion is that main reason why FIRE will fail.

Still wifey will retire in 2020.

FIREby2021

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Re: 2020 FIRE Cohort
« Reply #491 on: July 02, 2018, 11:50:58 AM »
This is the first year we are doing a deep-dive into tracking every one of our expenditures.  Recognizing we are at the ~2 year countdown, we want to be sure our annual expense assumption is valid.  At the end of 2018, we'll use our expense info (categorized) to project future expenses in our new LCOL location.  While we won't make COLA assumption changes, we will account for some "known" cost reductions vs. our current HCOL scenario:

For example, in the future location we will:
-> Not have a mortgage + interest payment
-> Reduce from 2 cars to 1 car (walkable, bike-friendly location + no commuting)
-> No housekeeper

Now that we have 6 months of data (1H-2018), we can already see we'll at least be "close" to our preferred annual expenses (this budget includes travel, healthcare, home maintenance savings fund, etc.), so that's been a nice confirmation.

The other thing we've seen is a confirmation of reaching our savings goals for the 1H-2018.  Current breakdown (after taxes) looks like this:

-> 67% SAVINGS (GOAL = 65%)
-> 23% SPENDING
-> 10% GIVING

I'm hopeful by EOY 2018 to see the GIVING number increased closer to 12%.

Anyway, some random thoughts as we are starting to accumulate some usable data @ mid-year on our expenses this year.

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #492 on: July 03, 2018, 02:39:54 AM »
Today I requested to work 80% in my current job from September. DH will apply for the same thing at his work. This means we will have a long weekend every week, if it is accepted. It will move our FIRE date a few months later, which I think will be worth it for making life better until that time.
My direct boss was initially positive, but there are others who decide. So, we'll see what they will answer. Recently a valuable colleague quit his job. I think they are cautious to keep me on board.

Edit: my request for 80% work is granted.
« Last Edit: July 04, 2018, 01:15:35 PM by Linda_Norway »

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #493 on: July 03, 2018, 03:11:28 AM »
This is the first year we are doing a deep-dive into tracking every one of our expenditures.  Recognizing we are at the ~2 year countdown, we want to be sure our annual expense assumption is valid.  At the end of 2018, we'll use our expense info (categorized) to project future expenses in our new LCOL location.  While we won't make COLA assumption changes, we will account for some "known" cost reductions vs. our current HCOL scenario:

For example, in the future location we will:
-> Not have a mortgage + interest payment
-> Reduce from 2 cars to 1 car (walkable, bike-friendly location + no commuting)
-> No housekeeper

Now that we have 6 months of data (1H-2018), we can already see we'll at least be "close" to our preferred annual expenses (this budget includes travel, healthcare, home maintenance savings fund, etc.), so that's been a nice confirmation.

The other thing we've seen is a confirmation of reaching our savings goals for the 1H-2018.  Current breakdown (after taxes) looks like this:

-> 67% SAVINGS (GOAL = 65%)
-> 23% SPENDING
-> 10% GIVING

I'm hopeful by EOY 2018 to see the GIVING number increased closer to 12%.

Anyway, some random thoughts as we are starting to accumulate some usable data @ mid-year on our expenses this year.

I have also been thinking at what we will save when FIRED and after we move into the country.
- Reduce 2 cars to 1 car. But our second car is an El Cheapo, so not much to save here.
- A bit of petrol, but that will be made up  by frequent trips in FIRE.
- No monthly train tickets, 130 USD a month.
- No lunches at work for DH
- Putting half the value of our house in funds or bonds, hopefully generating money instead of sitting in the house.
- Hopefully not paying for 2 private roads, 900 USD per year.
- More time for side-gigs that hopefully can generate some money.

But we will miss:
- Whole year, whole family travel insurance
- Occasional private printing
- DH's phone subscription with 5 GB data
- Drinking tea and eating fruit at work
- Health insurance that helps you faster than the almost free public healthcare system
- Living in a community without property taxes. There are not many such places left here in Norway.
- Good incomes

Our travel will probably change. I think we will make more longer trips and stay longer in the same place, instead of rushing home after a (long) weekend. But of course we will make more trips in total and do more hobby stuff that might require driving. I hope to find a place to live where lots of our daily stuff is at walking/cycling distance. And I hope that we on foreign trips can choose cheaper times to fly or have time to take a slow bus occasionally. Living in a less central location will probably make flying abroad more expensive.
« Last Edit: July 05, 2018, 06:39:24 AM by Linda_Norway »

Linda_Norway

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Re: 2020 FIRE Cohort
« Reply #494 on: July 12, 2018, 06:42:08 AM »
Our FIRE plan includes selling the house. I had made a very conservative estimate for the house, as I am not a typical optimist person.
This week I had an estate broker to see our house to give his estimate on a possible sales price. His lowest estimate was 18% above my conservative number. And his most optimistic estimate is 32% above my conservative number.

This means I have updated the value of our house in my excel sheet with 7% and I could probably set it higher. But it means that the consequences of us starting to work 80% from September will not be as negative for our finances as I had thought. I am now pretty sure we could FIRE at the beginning of 2020 or even slightly earlier if we would manage to sell the house in 2019 for a good price. So even though I thought I was definitively out of the 2019 cohort, I might still have a toe hanging in there. We'll see where it ends, but it won't last longer than 2020, if the house market doesn't completely crash, that is.

I am also getting more and more interested in selling the house without an estate broker. It will be a lot of work. But there is a lot to save and knowing ourselves, we would do a pretty thorough job collecting all the required information. But I am not sure whether our house is easy enough to sell to do it this way. We can't really afford to loose any potential buyers because they are sceptical.

FireLane

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Re: 2020 FIRE Cohort
« Reply #495 on: July 12, 2018, 09:02:48 PM »
Edit: my request for 80% work is granted.

Congrats, Linda! I just started 80% time too. It's been great so far, I should've done this a long time ago.