Author Topic: 2023 FIRE cohort  (Read 9849 times)

Exhale

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Re: 2023 FIRE cohort
« Reply #50 on: December 31, 2017, 08:27:26 PM »
I'm in for 2023. I'll be FI and 55 by end of 2022. I've yet to figure out the best month in 2023 to leave FT work. After that, I might work seasonally for same employer (health insurance). But I have to be in a warm sunny place Oct-April. Ideally, I'll do this with a foster dog along for the fun as I hike, kayak/SUP, and volunteer.

Spiffsome

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Re: 2023 FIRE cohort
« Reply #51 on: January 01, 2018, 03:16:20 AM »
2017 was an absolute bastard of a year. Long story short: my job is now a rolling trash fire, I took 6 months unpaid leave, we bought an investment duplex only for both sets of tenants to stop paying rent, trash the place and have to be evicted. The good news was that due to a low-consumption lifestyle, we could pay the investment mortgage and the regular bills on DH's salary alone. Unfortunately, since my salary was the savings one, our savings rate is almost 0%.

Current asset base: 300k house, 75k equity in duplex, 120k superannuation - about 495k all up. Here's to a better 2018.

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #52 on: January 02, 2018, 07:39:20 PM »
Well another year in the bank & another year closer.  Time for everyone to check in and brag about how well they did.   Like everyone my investments went crazy last year...

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Investments
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I started the year with my investments at US$670k.  This year I am including 2 new "accounts" - An outstanding loan to my GF (currently @ $5k), and a new HSA account (currently @ $4k).  To those I add the totals of my 457 account, Roth IRA, brokerage account & DRIPs.  As of the end of the year for everything I came up with a few hundred over $841k.  I added about $53,000 for the year so the growth for the year was $118k, more than my current salary by a nice margin.  The rate of return may have been in the 17% range, another banner year.

Don't know what to make of my dividends.  My 457 plan account shows "dividends" of over $31,000.  That's a rate of over 5.5%, which can't be right.  I'm thinking that may be calling stock splits or spinoffs as dividends.  I don't know, but in any case, given that amount my total dividends came in at $40.5k.

And my pension is another year funded/vested.  I am now vested for $29k/year, but if I left I would have to wait 10 years for it to start.  If I stay I will get it in 5 years and it should be worth $40k/year at that point.  5MY syndrome I guess.

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Everything Else
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No major expenses in 2017. The GF & I went on a two week vacation to DisneyWorld - spent 7 days in the parks, stayed at nice time shares, had a great time, and we paid total about $1,600 for the two of us (and each came back to a nice paycheck).  I have zero debt with a paid off house & car.  Haven't spent anything on home repairs, but they'll come sooner or later.  And the car is a year closer to needing to be replaced but still chugging along.

My GF is down to ONE(!) year to go to retire & get an immediate pension.  She is now much less stressed at work at her new position, which is great.  Even with cutting back on her TSP contributions this year (and despite taking out a TSP loan for her son's college costs) she has more than ever as her TSP is hitting new highs and may hit $1Mil later this year, so she is doing fine even if she doesn't think so from time to time.  And she does wonder how much she would have if she didn't take out the loan.

I completed a year of doing two-a-day workouts at work, lunchtime and after work (probably averaged 3.5 times / week over the year).  Weight loss is minimal at this point, mostly just adding muscle.  I've been concentrating on getting rid of more excess junk at home, but not getting too far with it.  Though... last year my ebay sales were over $1,500 so not too shabby.  In fact I came back from New Years weekend with my GF and found I had 7 sales to pack up.  Now that's a plus, but I need to keep it up.

At work I have been put on a new project, what I call the project from hell.  It seems management tried to do everything they could to make this as hard as possible to work on.  I mean.... they like me and they're nice to me, don't give me grief about my going to the gym at lunch, so its good, right?  But still, many days I wonder who I ticked off to be put on a project this much of a poorly designed mess.  Sigh.

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Random Thoughts
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In two years I have gone from $540k to $841k.  That's over a 50% increase.   When you're used to living on $22k/year (and without a mortgage that isn't hard for me), and can live large on $36k how I am I going to keep myself motivated without a target amount?  This is a big concern for me.

How am I going to feel if the market goes down and I end the year where I started (that is, my contributions only cover up the down draft)?  I did fine during the last downturn, though really I was too occupied with other concerns then (and my investments were only 5 digits large).  Now if it goes down, its going to be my main thought daily I am afraid to say.

I can now say I am just a little over 5 years to retirement (5 yrs, 3 mo.).  At least that's a positive.

OK, lets hear from the rest of the 2023 Cohort.

garyjames8

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Re: 2023 FIRE cohort
« Reply #53 on: January 03, 2018, 01:59:15 AM »
Hi all,

Here is my end of year report for 2017.

1. Made the final payment on my mortgage on December 29th.  I am now mortgage-free.  My mortgage broker advised me today via email that the mortgage paperwork should be completed in approximately 14 days.

2. Spent 2017 living as frugally as possible.  I havenít worked out my Savings Rate for 2017. I will post this in the next few weeks after doing the numbers.

3. In 2017 I found out about the concept of ďOnce a Month CookingĒ (Jody Allen) as a way to save time and money in regards to food expenses.  I have so far experimented with cooking 4 portions of one meal, eating 1 portion, and freezing the other 3.  It is such a simple idea, I canít believe I never thought of it myself. Looking to do this more often and to attack my monthly food bill in 2018.

4. At the end of 2017 I stumbled upon the idea of flipping businesses for profit. This is something I plan to experiment with in 2018, and if it proves to be lucrative, I will do this as an extra stream of income.

5. A financial goal for 2018 is to put an offer in on a terraced house in the North of England.

All the best for 2018 for everyone in the 2023 FIRE cohort!

Kind Regards,

Gary


« Last Edit: January 04, 2018, 05:52:29 AM by garyjames8 »
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Target RE date: December 31, 2023.
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Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #54 on: January 08, 2018, 01:40:58 PM »
Our investable assets are currently 41.5% of our target amount.

As of 1-Jan-18 our investable assets are exactly 50.0% of our target amount.

The second half should go quicker due to the nature of compounding.

Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #55 on: January 08, 2018, 01:43:16 PM »

1. Made the final payment on my mortgage on December 29th.  I am now mortgage-free.  My mortgage broker advised me today via email that the mortgage paperwork should be completed in approximately 14 days.



That's gotta feel really, really good.

Arbitrage

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Re: 2023 FIRE cohort
« Reply #56 on: January 09, 2018, 01:10:23 PM »
I'll jump in here.  Gives me a goal.  39 now, will be 45 at the end of 2023.  Right now, I'm shooting for > $1.5M liquid with a paid-off house.  I'm not sure if it's doable if we stay where we are in coastal SoCal, but if we move someplace reasonably priced, it probably is. 

PVkcin

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Re: 2023 FIRE cohort
« Reply #57 on: January 10, 2018, 08:24:56 PM »
We are shooting for hitting our FIRE number by 2023. I will be 39, wife would be 38. We have 2 young kids so we shifted to both working part time last year. We know we could have got to full FIRE sooner if we worked more, but once we hit close to 45-50% of the way to our target FIRE number, we downshifted to spend more time with our kids. I'm posting here to keep us on track and keep up with the goal. We have just under 40k left on our mortgage to pay off.

Wanttobehome

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Re: 2023 FIRE cohort
« Reply #58 on: January 11, 2018, 02:09:45 PM »
Year one- 2017 planned to pay off mortgage, travel, try going car free, maintain health, go sim only.
Mortgage paid off, been on holiday, planned the next. Did not go car free but car share with my youngest daughter. Received a new unlocked phone for Christmas so will be similar free once contract ends.

Year two - 2018  save, travel, maintain health
Savings set up on auto pay, continue pension contributions, losing weight and eating healthier. Cruise planned for this year, nearly paid off. Now mortgage paid I can ramp up my savings. Started getting some of the larger jobs done on the house new boiler fitted in 2017 need to pace myself with work on the house.

Year three- 2019 save, travel,maintain health

Year four- 2020 save travel,maintain health

Year five - 2021 save, travel, get all outstanding jobs on house completed,maintain health

Year six -2022  live as if retired make sure I can do it, ensure all training up to date, in case want to go part time,maintain health

2023  - retire

Still on track

grantmeaname

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Re: 2023 FIRE cohort
« Reply #59 on: January 12, 2018, 02:50:06 PM »
I’ll join the class of 2023! It’ll take some outrageous optimism and a 2022 bull market to get me there, or else you guys may have to boot me out into the class of 2024.

I’m 25 and hoping to be done by 30. I’m aiming for the bog-standard MMM-level FI of about $750k of assets/$30k annual spending. My current NW is about $50k and I’m hoping to double that in 2018 and again in 2019. Then if I can keep up the pace of at least $100k in new assets a year for the four years after, plus market returns, I’ll have a decent chance of getting to FI at 31.

“Man plans, and god laughs.” I’m pumped to look back on this thread over the next couple of years and see how far off things actually turn out!

friedmmj

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Re: 2023 FIRE cohort
« Reply #60 on: January 12, 2018, 04:46:39 PM »
Iíll join the class of 2023! Itíll take some outrageous optimism and a 2022 bull market to get me there, or else you guys may have to boot me out into the class of 2024.

Iím 25 and hoping to be done by 30. Iím aiming for the bog-standard MMM-level FI of about $750k of assets/$30k annual spending. My current NW is about $50k and Iím hoping to double that in 2018 and again in 2019. Then if I can keep up the pace of at least $100k in new assets a year for the four years after, plus market returns, Iíll have a decent chance of getting to FI at 31.

ďMan plans, and god laughs.Ē Iím pumped to look back on this thread over the next couple of years and see how far off things actually turn out!

Just curious if you are single and if so do you plan to stay that way?  It sort of blows my mind (as a 51 year old with 3 kids) to call it a career at 30, but I wish you the best!

friedmmj

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Re: 2023 FIRE cohort
« Reply #61 on: January 12, 2018, 05:08:21 PM »
Looking to pull the cord June-2023 at age 56.  Wife does not work.

 Three kids will be thru college by then (hopefully).  Current NW (including home equity) just hit $1M this month with about $650k of that in tax deferred 401k, ira and roth retirement accounts and the rest in employer stock options and 529 plans for the kids. 

Saving about $50k per year.  Hope to end with $1.6M including 250k in home equity.  Plan to sell the house shortly after retirement and rent in various locations for first 5-10 years of retirement.

Have been focusing on not accumulating stuff and de-cluttering our house in preparation.

Year end update.  Still plugging away at work.  My remaining work days countdown is down as of today to 1231 this week.

Net worth hit $1.25M with $800K of that in retirement funds, mostly 401k and IRAs and cash value of pension.  My company's stock went up 80% this year.  Damn I wish I hadn't chased in as many stock options over the past 5 years! Still, can't complain.  I've been toying with the idea of moving my retirement up a year, but I sort of doubt it will work out that way.  There's going to be a correction somewhere in this 5.5 years.  Can't be too optimistic, but ya never know.

Just paid the last tuition bill ($26k) for the oldest of my 3 kids; she graduates in May.  One down, two to go!  The next one starts this Fall and then the youngest a year later.  So, the plan is to have a college graduation / retirement party in 2023!

Had a few nice vacations in 2017.  Took the family to Alaska in late August.  Tip:  if you are going to Alaska, go in June.  It rained and was cold the whole time, but it was still beautiful. 

My biggest challenge right now is getting back into the exercise routine.  I lapsed over the holidays, then got a cold, then got really lazy.  Need a kick in the ass!

grantmeaname

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Re: 2023 FIRE cohort
« Reply #62 on: January 13, 2018, 12:58:26 AM »
Just curious if you are single and if so do you plan to stay that way?  It sort of blows my mind (as a 51 year old with 3 kids) to call it a career at 30, but I wish you the best!

Nope! Happily married and hoping to stay that way. The goal is to retire and then have kids like Pete did.

I’m lucky enough that I found MMM at college so it’s been the framework my whole working life.

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #63 on: January 13, 2018, 09:34:48 PM »
My GF is down to ONE(!) year to go to retire & get an immediate pension.  She is now much less stressed at work at her new position, which is great.  Even with cutting back on her TSP contributions this year (and despite taking out a TSP loan for her son's college costs) she has more than ever as her TSP is hitting new highs and may hit $1Mil later this year, so she is doing fine even if she doesn't think so from time to time.  And she does wonder how much she would have if she didn't take out the loan.
Well that didn't take long.  As of Friday my GF's TSP crossed into 2 comma territory.  Who knows if it will stay there, but it was damn impressive to see it for at least one time.  She's still fretting about an upcoming drop, so we're going to have to work on her fund allocations.

OurTown

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Re: 2023 FIRE cohort
« Reply #64 on: January 18, 2018, 10:28:16 AM »
I think we are still on track for 2023, maybe OMY into 2024. 

What I think I will need is $1m invested and a paid-for house.  That would break down approximately as follows:  Stock index funds, $600k, bond funds, $400k, home equity, $250k.

In round numbers here is where I am today:  Stock index funds, appx. $250k, Bond funds, appx. $200k, home equity, appx. $100k, cash, appx. $25k.  IOW, we are a little under halfway there.   


RedHotLama

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Re: 2023 FIRE cohort
« Reply #65 on: January 18, 2018, 12:56:41 PM »
Joining in. Looking to target my 40th Bday that year.

Looking to double our NW to $3M by with our remaining $200k mortgage paid off by then.