Author Topic: 2022 FIRE cohort  (Read 401898 times)

countdown

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2022 FIRE cohort
« on: April 02, 2015, 09:14:25 PM »
Anyone else on track to hit FI in 2022? I'm 7 yrs and 1m out from my date and it seems so far away! DH and I are continuing to look for fat to trim, but no matter how I rerun the scenarios, I can't safely RE before 2022. Anyone else in a similar boat?

How do you stay in the moment and enjoy life while also keeping focused on optimizing your savings rate? Lately, I've been baking more and hiking with the kids and scheduling the occasional morning or afternoon off work.

AllieVaulter

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Re: 2022 FIRE cohort
« Reply #1 on: April 03, 2015, 12:45:41 AM »
I think I'm in your cohort, more or less.  It's hard to say.  My husband is just about to get his PhD, so he'll go from making $12k a year to an actual job which will allow us to actually make a huge bump in savings.  But our actual FIRE date will depend on what job he actually lands. 

To be honest though, I just found the idea of early retirement, so 7 years sounds super close (compared to my original thinking of 30 years).  So I'm really excited we're ONLY 7 years from FI! 

I've been trying to brainstorm what skills I want to learn so that when we FIRE, we can be self employed if we need/want to be.  I've also been reevaluating what stuff I want to keep in my life.  I'm not a hoarder, but I'm not a minimalist either.  Knowing that selling stuff that I never use, but never got rid of will bring me closer to FI is just the kick I need to let go of a lot of stuff I thought I'd keep "just in case". 

NearlyThere

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Re: 2022 FIRE cohort
« Reply #2 on: April 03, 2015, 01:01:29 AM »
I'm two years into planning this week. Sitting at 47% of my overall target. It puts me me two more years approximately to FI. A year ahead of my schedule. I can't wait to the end goal is reached, but have made certain plans in the shorter term to experience life. Ultimately it'll extend my time to FI by about 2 weeks. I can live with that.

Taswegian

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Re: 2022 FIRE cohort
« Reply #3 on: April 03, 2015, 05:17:52 PM »
Am new to MMM, and Australian, so still struggling to redefine goals from 'get rich slow' to 'FIRE' (and 'translate' the financial hacks into what's possible here).  Currently sitting around 42% of FI target and 2032... That's going to change once we  figure out how to reduce spending!

Jazzpolice

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Re: 2022 FIRE cohort
« Reply #4 on: April 03, 2015, 09:42:24 PM »
I love numbers so my FI date is 2-22-22.  There's even free countdown to retirement apps out there if you want to see daily/weekly countdowns.  But seeing 1900+ days left is a little more depressing.  7 years seems far away but the last decade flew by in a blink of an eye…so I'm trying to remind myself to enjoy the journey (not always easy to do for some- like myself).  A random short day from work helps along with inexpensive local trips.

Davids

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Re: 2022 FIRE cohort
« Reply #5 on: April 04, 2015, 07:27:56 AM »
I have never really thought about a FI date goal. I am sure I will hit it within 10 years, maybe even by 2022 but I do not have a specific date in mind, I figure I'll just know when it happens.

Clean Shaven

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Re: 2022 FIRE cohort
« Reply #6 on: April 04, 2015, 07:47:52 AM »
I think we're in for 2022 also. In 2021, our youngest will be out of college. (We're covering college expenses, past that, they're on their own.) Assuming consistency in salaries, investments, savings, and no huge expensive losses between now and then, and I don't see any reason why our date would need to be any later.

Secretly Saving

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Re: 2022 FIRE cohort
« Reply #7 on: April 04, 2015, 07:51:49 AM »
We're going to be around this date.  Officially could probably FIRE in about 5, but I think we'll be SWAMIs for another 2-5 after that before making FIRE official.

Gray Matter

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Re: 2022 FIRE cohort
« Reply #8 on: April 04, 2015, 08:48:17 AM »
Count me in!  We're on track (sort of--we've been overspending lately) to retire sometime between 6-8 years, so 7 sounds good.  We're about 56% of the way there in terms of investable assets.

retireatbirth

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Re: 2022 FIRE cohort
« Reply #9 on: April 04, 2015, 07:02:30 PM »
I'm hoping for 2022 as well. My spreadsheet says I can do it, but I'm only 12% there as far as assets so anything could happen.

marty998

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Re: 2022 FIRE cohort
« Reply #10 on: April 04, 2015, 07:09:27 PM »
I was thinking maybe 2021 for me, but who knows, a lot can happen in 6-7 years

aspiringnomad

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Re: 2022 FIRE cohort
« Reply #11 on: April 04, 2015, 09:41:12 PM »
[snip]
« Last Edit: August 24, 2015, 08:30:17 PM by dcmustachio »

RWD

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Re: 2022 FIRE cohort
« Reply #12 on: April 04, 2015, 11:45:32 PM »
My conservative spreadsheet predicts FI in 2022 as well. There are a lot of assumptions with that though...

Elle 8

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Re: 2022 FIRE cohort
« Reply #13 on: April 05, 2015, 06:02:26 AM »
My best case scenario is 2020 and my worst case scenario is 2025 so it may end up being 2022.  Not really early for me, but earlier than I ever thought possible before I found MMM!  I know that's a big range but I haven't really nailed down my expenses.  It seems there's always something coming up to derail my savings plans. 

Exhale

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Re: 2022 FIRE cohort
« Reply #14 on: April 05, 2015, 12:13:53 PM »
Anyone else on track to hit FI in 2022? I'm 7 yrs and 1m out from my date and it seems so far away! How do you stay in the moment and enjoy life while also keeping focused on optimizing your savings rate?

Great question and one I've been working through for the last couple of months. What I've learned from this forum (be sure to check out the post-FIRE posts and Jon Snow's and NinetyFour's journals) is that there's more to preparation for a happy and satisfying FIRE than "just" the financials. Learning that has allowed me to start doing now what will allow me to jump into FIRE with both feet.

That means that, with my budget/investing/savings on track, I'm now turning my attention to:

1) Fitness & health = main focus for 2015
- Jon Snow inspired me on this one. He spent the first six months of his FIRE losing 55lbs and getting fit
- I thought why not get fit & healthy pre-FIRE? (Note: This isn't always possible for those with awful jobs. I'm lucky that I have the bandwidth to do this now.) => I've lost 30 pounds and found out that I need to switch to a Vegan diet (but need to do this in a way that accommodates the nutritional needs of a budding athlete).
- What has been fun is that I see this part of my FIRE plan - it's part of what I call my "freedom project." Along with my financial work/benchmarks, I now also track getting good vegan nutrition a budget, how to maximize fitness, etc.

2) Figuring out where I want to live post-FIRE
- This is fun because I build my vacations around figuring this out
- I'm seeking a sunny gay-friendly place with access to decent medical care and lots of opportunities to hike
- Shortlist: SoCal, AZ and CO (I'm taking suggestions!)
- I might also end up in Bellingham (WA) or on the Oregon coast (with winter trips to sunnier places)

3) Skills I wish to have in place when I reach FIRE
- Drawing = starting in 2015
- Finally attaining Spanish fluency = no yet started
- Get back to reading in French (used to be fluent in French, now very rusty) = not yet started

There's one area that I wish I could build up pre-FIRE, but have had to accept that it probably isn't going to happen. Namely a strong social network outside of work. I'm an introvert with a high people-contact job. The last thing I have energy for is to do even more socializing. My compromise is to invest to the couple of friends I already have as well as my two beloved siblings.

I'd love to hear what your and others' non-financial FIRE preparation includes.
« Last Edit: April 05, 2015, 12:16:56 PM by Exhale »

countdown

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Re: 2022 FIRE cohort
« Reply #15 on: April 06, 2015, 10:10:32 PM »
Nice to know that there are others out there working toward the goal! I have my spreadsheets and calculations, and the classic post-it on my work monitor, but such a distant goal feels a little unreal sometimes. I calc'd my FIRE date for the first time a little over 2 years ago and am still gung-ho, but worry that I'll succumb to frugal fatigue at some point along the journey and fall victim to consumeritis or (much more likely) chuck it all up to take a year or two off with my kids.

I just finished my fam's spending breakdown for 2014 and see that we spent ~$850 for clothes & shoes for me and my 2 kiddie. I'm wondering if I could do something like spend no more than $850 on work clothes & shoes for the rest of my 7-years pre-fire. After all, continuing to add to a professional wardrobe is the ultimate in spending against my values!

Anyone else have any challenge games to try to optimize/keep it interesting? I like the fitness and language goals, too, Exhale. I'm working out 4-5x/week, doing vegan baking (coconut oil rocks!), and reading a lot, but could do with a brush-up on my spanish.

dude

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Re: 2022 FIRE cohort
« Reply #16 on: April 07, 2015, 11:37:38 AM »
Plan is Jan 2020, unless something really drastic happens in which case it would be May 2022 (when I reach Fed LEO mandatory retirement age).

nereo

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Re: 2022 FIRE cohort
« Reply #17 on: April 07, 2015, 11:47:30 AM »
Yup - 2022 is in the range of when we hope to be FI.  Not sure if we'll RE then - depends on our contracts.

Chuck

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Re: 2022 FIRE cohort
« Reply #18 on: April 07, 2015, 11:48:57 AM »
I'm 7 years out, give or take several months.

Exhale said it in much more detail than I have patience to do, but to repeat: Small goals that are obtainable within 6-12 months.

asauer

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Re: 2022 FIRE cohort
« Reply #19 on: April 07, 2015, 01:33:04 PM »
Yes, we're on track for FI in 2022 give or take a year or so.  To be honest, staying on track is a challenge.  Our favorite hobby (travel) can derail us FAST.  To keep on track we have to plan some kind of small travel adventure every quarter.  Even if it's camping for a long weekend, it keeps the travel bug happy. 

Calvawt

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Re: 2022 FIRE cohort
« Reply #20 on: April 07, 2015, 01:46:53 PM »
I am also in the 2021-2022 cohort.  If my wife goes back to work, then it would move up sooner, but I left that out of my model.


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nereo

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Re: 2022 FIRE cohort
« Reply #21 on: April 07, 2015, 02:16:40 PM »
Yes, we're on track for FI in 2022 give or take a year or so.  To be honest, staying on track is a challenge.  Our favorite hobby (travel) can derail us FAST.  To keep on track we have to plan some kind of small travel adventure every quarter.  Even if it's camping for a long weekend, it keeps the travel bug happy.
travel is by far our biggest 'non-essential' expense and we've figured out how to go away a few times a year and not spend a lot of money.  One thing we did which helped enormously was to sit down with a map and list out every place we'd like to visit within a 1, 3 and 6 hour drive from our home, and we categorized them all into places that we'd like to spend a day, a weekend or a week at.
Now we have more places we'd like to go than we can possibly visit over the next 5 years without any repeats. It's a nice realization that we don't need to ever spend a lot on travel just to see some amazing places.*

*fair disclosure - heading to Scotland in a week, but work's paying for the flights so our biggest expense is already covered.

Unique User

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Re: 2022 FIRE cohort
« Reply #22 on: April 07, 2015, 03:50:47 PM »
I just felt like crying reading the 2018 thread, so glad I saw this one!  Mine is 2020-2021, my daughter will be starting sophomore year in the fall of 2020, so the end of the 2020 is what I'm shooting for.  May change to early 2021 if we still are in jobs that have end of year bonuses like we are now.  It used to be 2022, but I kept backing up as I revised and re-revised our numbers. 

Rmt

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FIRE in 2022 club ??
« Reply #23 on: April 15, 2015, 11:40:09 PM »
Hi!

Anyone happen to be planning for FIRE in 2022 ?

Like to form a group to keep each other in check.

Our plan is to save $60K in pre and post tax investments each year for the next 7 years.
I like to plan conservatively.. our current net worth is needed to support our parents while we plan our savings for the next 7 years can provide for ourselves.

We are new to this site but have been naturally frugal and savers.


velocistar237

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Re: FIRE in 2022 club ??
« Reply #24 on: April 16, 2015, 06:59:42 AM »
« Last Edit: April 17, 2015, 10:19:35 AM by arebelspy »

sisto

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Re: FIRE in 2022 club ??
« Reply #25 on: April 16, 2015, 11:40:14 AM »
I'll join in, but I'm technically shooting for mid 2021.

Rmt

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Re: FIRE in 2022 club ??
« Reply #26 on: April 17, 2015, 09:48:53 AM »
I'll join in, but I'm technically shooting for mid 2021.

great!
care to share some numbers? are we doing enough with $60K / yr?

TheAnonOne

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Re: 2022 FIRE cohort
« Reply #27 on: April 17, 2015, 12:11:07 PM »
At this range, I do question the accuracy of anyone posting here. 1-3 years is probably semi-accurate but 6-10 years out? What if the market is flat for a decade? It happens. Or down? Or way up?

I might be a decade out, but I hope I am only 6-7 years out. I may let my SO retire a year or two before me and extend my career for a year. I guess it's hard to tell what my future self may choose.

Chuck

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Re: 2022 FIRE cohort
« Reply #28 on: April 17, 2015, 12:32:03 PM »
At this range, I do question the accuracy of anyone posting here. 1-3 years is probably semi-accurate but 6-10 years out? What if the market is flat for a decade? It happens. Or down? Or way up?

I might be a decade out, but I hope I am only 6-7 years out. I may let my SO retire a year or two before me and extend my career for a year. I guess it's hard to tell what my future self may choose.

There could be a 1-2 times a century stagnation in market returns, true. But there most likely will not be. So calculating a 8-9% annual return on investment into the calculation isn't foolhardy. Who knows, we could go on a late 90's tear starting this year. That would shorten my path substantially.

marty998

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Re: 2022 FIRE cohort
« Reply #29 on: April 17, 2015, 05:48:50 PM »
At this range, I do question the accuracy of anyone posting here. 1-3 years is probably semi-accurate but 6-10 years out? What if the market is flat for a decade? It happens. Or down? Or way up?

I might be a decade out, but I hope I am only 6-7 years out. I may let my SO retire a year or two before me and extend my career for a year. I guess it's hard to tell what my future self may choose.

I'm assuming almost nil market growth for my timeline.

Any growth would be quite a bonus.

2Birds1Stone

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Re: 2022 FIRE cohort
« Reply #30 on: April 17, 2015, 07:55:48 PM »
2022 is when my projection spreadsheet shows I will have very barebones FI covered. Another 5 years to RE from there. I will be 35 and 40 years old respectively.

Looking forward to to the journey!

Eurotexan

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Re: 2022 FIRE cohort
« Reply #31 on: April 18, 2015, 07:52:02 PM »
I am also shooting for 2022 for FI, it's when my daughter will graduate from high school. I am not sure if I will FIRE completely as it all depends on college costs but I would like to be in the position where I could support myself without a paycheck. I enjoy my work but there's nothing like having that financial independence!

facelikefizz

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Re: 2022 FIRE cohort
« Reply #32 on: April 19, 2015, 03:32:20 AM »
We're also aiming to retire in 7 years. We'd like to take an extended holiday in 2022 to celebrate our 25th wedding anniversary and this will only be possible if we have stopped working (given the constraints of annual leave). We will possibly reach FI the year before but our youngest doesn't leave school until 2022 so we'll probably keep going until then.

morning owl

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Re: 2022 FIRE cohort
« Reply #33 on: April 19, 2015, 05:57:43 AM »
Our FIRE date is so hard to predict. We are about halfway there in terms of liquid savings. It could take anywhere from 3 to 10 years, depending on job circumstances and income. I've been thinking 2020 because it's a nice, symmetrical number. But it might more realistically be 2022 :)

Clean Shaven

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Re: 2022 FIRE cohort
« Reply #34 on: April 19, 2015, 08:51:57 AM »
2022 is my current projection for a very comfortable retirement, assuming 7% annual market returns coupled with investment amounts similar to what we've been doing for the last several years. If the market produces higher returns and/or we save more, then we could be done in 2020.  Who knows.

imustachemystash

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Re: 2022 FIRE cohort
« Reply #35 on: April 19, 2015, 12:46:34 PM »
I'm aiming for 2022 also.  It was going to be 2024, but over the course of the past few years we have cut down our spending and our investments have done pretty well.  It's nice knowing there are others out there like us!

Unique User

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Re: 2022 FIRE cohort
« Reply #36 on: April 19, 2015, 01:00:34 PM »
At this range, I do question the accuracy of anyone posting here. 1-3 years is probably semi-accurate but 6-10 years out? What if the market is flat for a decade? It happens. Or down? Or way up?

I might be a decade out, but I hope I am only 6-7 years out. I may let my SO retire a year or two before me and extend my career for a year. I guess it's hard to tell what my future self may choose.

Our plan is based on 5% market returns and $70k-$75k in savings this year and the next three (through 2018).  No net savings after that as college will need to be paid for.   I consider that to be pretty darn conservative, or at least conservative enough that I should be able to make it.  I probably won't change anything if the market is way up, the cost of college makes me very nervous. 

damize

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Re: 2022 FIRE cohort
« Reply #37 on: April 20, 2015, 10:24:41 AM »
I'm in for 2022.  Debt freedom first, then a quick transition to FIRE because of pension.  Great thing about large debt payments: they really enforce your efforts to live simply.

nereo

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Re: 2022 FIRE cohort
« Reply #38 on: April 20, 2015, 11:04:34 AM »
At this range, I do question the accuracy of anyone posting here. 1-3 years is probably semi-accurate but 6-10 years out? What if the market is flat for a decade? It happens. Or down? Or way up?
I look at long-term planning like I look at steering a boat to a distant port (which I also do); you plot out your basic path and then make periodic corrections as you go along.  No one can be sure what conditions will come up about, but I can look at the historical conditions and go from there. A few storms, a nasty current or an unplanned detour will delay our arrival, whereas calm winds and a following sea might get us there a bit early.

I'll be FI in ~8 years if we have 7% market returns and we don't alter how much we save each month.  The former may or may not happen, and we are hoping the latter is too conservative (i.e. we will contribute more in the future than we are presently).

sisto

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Re: FIRE in 2022 club ??
« Reply #39 on: April 20, 2015, 11:21:28 AM »
I'll join in, but I'm technically shooting for mid 2021.

great!
care to share some numbers? are we doing enough with $60K / yr?
It depends on what you are doing with $60K/yr. Is that how much you are saving? What is before tax what is after tax. Also depends on your current assets and how you are planning to bridge plus how many years you need to bridge. Also how much do you need to live on each year. Those all play into it.

For me personally:
Married filing jointly
Planning to live off of ~$35-$40K/yr  (yes this is a bit high, but I live in California) (It's also with no electric bill as I have solar, only costs $16/mo in fees)
House will be paid off in 14 years (not counted as an asset since I plan to retire in it)
Max out pre tax 401K also started tIRA for my wife last year and maxed it
At retirement should have ~$600K in 401K assets
After tax accounts currently at ~$125K plan to be at ~$250K at retirement
Own a condo outright, but don't count because I let my mom live there for free. At some point it will be an asset I can sell for ~$100K
I personally plan to do 72t and bridge the difference with ROTH ladder


Edited the live off income, had entered it off by ~$10K too low originally typo
« Last Edit: April 20, 2015, 02:14:41 PM by sisto »

Rmt

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Re: 2022 FIRE cohort
« Reply #40 on: May 01, 2015, 12:35:30 PM »
Hi sisto,

about 40K will be pre-tax, 20K post-tax.
we've been doing our own investment strategy and  have avg double-digit growth. however, it takes a bit too much of our time.
lately, i've got some ideas and need to design some simulations of those ideas to prove them out.... we'll see.
sounds like we have much in common as far as budgeted costs and taking care of parents.

Onwards!

FIreDrill

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Re: 2022 FIRE cohort
« Reply #41 on: May 11, 2015, 12:55:37 PM »
2022 seems like it will be close to our FIRE date so I'll join in! 

We are currently at 113k in investments and about 146k NW with a savings rate of about 65%.  Our FIRE number will be about 1M so we have a ways to go but there's nothing like a good challenge!  I figure if both of us keep working and getting raises this should be an achievable goal in 7 years.

If all goes as planned we could FIRE at the ages of 32 and 28.

fartface

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Re: 2022 FIRE cohort
« Reply #42 on: May 11, 2015, 05:14:44 PM »
2022 seems like it will be close to our FIRE date so I'll join in! 

We are currently at 113k in investments and about 146k NW with a savings rate of about 65%.  Our FIRE number will be about 1M so we have a ways to go but there's nothing like a good challenge!  I figure if both of us keep working and getting raises this should be an achievable goal in 7 years.

If all goes as planned we could FIRE at the ages of 32 and 28.

Wow -good for you! Definitely ambitious. At your current NW, you'd need to stache $7500/month to reach your goal of 1M by 2022 (assuming a 7% rate of return).


FIreDrill

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Re: 2022 FIRE cohort
« Reply #43 on: May 11, 2015, 06:48:38 PM »
Yeah it is a little ambitious but doable if we continue improving at the rate we have been. Were currently saving 4k a month automatically to 401k's/principal payoff and usually have 1-3k on top of that for ira and taxable investments.  We have been averaging a little more than 6k a month to savings so far this year.

aspiretoretire

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Re: 2022 FIRE cohort
« Reply #44 on: June 16, 2015, 06:46:03 PM »
Adding on. I originally thought 10 years so 2025 but that sounds WAY too long. 7 years sounds long considering I can't wait until Friday. sigh.

Eurotexan

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Re: 2022 FIRE cohort
« Reply #45 on: September 16, 2015, 07:46:24 PM »
Bumping this up to see how everyone is doing! Like everyone else my investments have taken a bit of a hit but I continue to contribute and am enjoying the sale! My FIRE has been pushed back from May to September 2022 so it's just given me more motivation to save, at least I can control my spending!

Hope everyone else is staying on track too!

RWD

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Re: 2022 FIRE cohort
« Reply #46 on: September 16, 2015, 08:22:31 PM »
Bumping this up to see how everyone is doing! Like everyone else my investments have taken a bit of a hit but I continue to contribute and am enjoying the sale! My FIRE has been pushed back from May to September 2022 so it's just given me more motivation to save, at least I can control my spending!

Hope everyone else is staying on track too!

I think I'll be a little behind my predictions at the end of the year but most of my assumptions were conservative, so 2022 still looks possible.

muckety_muck

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Re: 2022 FIRE cohort
« Reply #47 on: September 16, 2015, 08:34:56 PM »
Haven't read all the replies yet, but YES we are IN for 2022 FIRE. Could probably go before then, but for us Q1 of 2022 is a good life goal to shoot for. Kids will be in school and I'm pretty sure we will be emotionally ready to "slow down" in our 40s. I started a journal a few days ago if anybody wants to tag along for the journey. We're trying to hop back on the SAVE SAVE SAVE wagon after having 2 kids and taking a HUGE detour for a few years. :)  http://forum.mrmoneymustache.com/journals/getting-serious-about-un-mucking-our-future/

Urchina

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Re: 2022 FIRE cohort
« Reply #48 on: September 16, 2015, 09:54:45 PM »

2) Figuring out where I want to live post-FIRE
- This is fun because I build my vacations around figuring this out
- I'm seeking a sunny gay-friendly place with access to decent medical care and lots of opportunities to hike
- Shortlist: SoCal, AZ and CO (I'm taking suggestions!)
- I might also end up in Bellingham (WA) or on the Oregon coast

Minor thread hijack: Bend, OR. It's in the high desert of central Oregon with amazing hiking, great medical care, and 300 days of sun a year. At least as gay-friendly as most of AZ.

cheddarpie

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Re: 2022 FIRE cohort
« Reply #49 on: September 16, 2015, 10:50:00 PM »
I'm also looking about 7 years out. I haven't run the specific numbers carefully and it will depend on some anticipated/hoped for job transitions, but should be doable. I love 2-2-22 ... that wasn't my goal before but it is now!

Also I second the idea for Bend or Bellingham, or other parts of the Northwest like Olympia, or if you want more sunshine, Sequim.

 

Wow, a phone plan for fifteen bucks!