Author Topic: 2024 FIRE Cohort  (Read 20784 times)

themagicman

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2024 FIRE Cohort
« on: July 30, 2015, 12:55:45 PM »
I couldn't find anything for 2024 FIRE cohort (Someone please redirect me if I am missing it!) so I wanted to make one!

As of now the spreadsheet is projecting us to reach it at the very end of the year.

Who else is projecting to FIRE sometime in 2024? Less than 10 more years to go!

themagicman

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Re: 2024 FIRE Cohort
« Reply #1 on: July 30, 2015, 01:00:29 PM »
« Last Edit: July 30, 2015, 01:09:54 PM by themagicman »

asauer

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Re: 2024 FIRE Cohort
« Reply #2 on: July 30, 2015, 01:23:54 PM »
2024 is when we're aiming for retirement!

PharmaStache

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Re: 2024 FIRE Cohort
« Reply #3 on: July 30, 2015, 01:54:53 PM »
We're going full steam ahead until 2024 (when I will be 40)- at that time we will assess our financial position.  Goal is to be able to just work casually at that time.

Highbeam

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Re: 2024 FIRE Cohort
« Reply #4 on: July 30, 2015, 04:27:49 PM »
I'm a 2024 FIRE hopeful. I'll be 46. Of course, I may fall prey to OMY syndrome since the savings will really be accumulating fast at that point.

Phryne

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Re: 2024 FIRE Cohort
« Reply #5 on: November 01, 2015, 01:18:28 AM »
Me too! That will see me with 25 years at the same work place! Planning to be FI 3 years prior, so may not make that anniversary. I'll be 48

snowball

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Re: 2024 FIRE Cohort
« Reply #6 on: November 01, 2015, 05:45:08 PM »
Am definitely hoping for 2024, when I'm 43.  A year or two longer is more realistic, but maybe I'll be pleasantly surprised!  You never know, maybe I'll get another job between now and then in which I earn significantly more.  I'm pretty settled in and happy here, and I don't know that it's worth switching to a higher paying job in which I might be less happy just to shave a little time off my FIRE date.  But workplaces can change, and there is some indication that mine might, in the not too distant future;  I'm not committed to staying here come hell or high water, so...we'll see.

I am still trying to cut expenses further, on general principle, but there really isn't any more low hanging fruit, so at this point it's mostly just a matter of sticking with the plan and seeing where it takes me.

Zaga

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Re: 2024 FIRE Cohort
« Reply #7 on: November 01, 2015, 06:03:45 PM »
Put me in as a 2024 hopeful, that's the soonest my spreadsheet says we might be able to retire, assuming nothing changes.  *snort*  Yeah, like nothing will change in 9 years!  9 years ago I was unmarried, working for $9/hr, and living in an apartment by myself with no debt but my car and no savings.  Couldn't be more different from now, I wouldn't be surprised if the next 9 years had some major changes as well!

Boganvillia

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Re: 2024 FIRE Cohort
« Reply #8 on: November 05, 2015, 12:00:32 PM »
I'm in this cohort! Thanks for starting this thread.

We are gearing up from 20% to 50% SR in coming months to realise this goal. Even getting to 20% has been an 18 month process but with SO on board and brainstorming some radical tactics (eg, stint of overseas work) I am optimistic that the next 30% will be easier.

Easier because the frugal muscles are now awoken, and are in habitual use, and because we are aware that the goal won't be reached otherwise. The first 20% was arguably easier as it contained all the low-hanging fruit - cutting landline, optimizing grocery spend, switching insurances, etc - but for some reason it felt hard.
« Last Edit: November 05, 2015, 12:02:28 PM by Boganvillia »

WSUCoug1994

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Re: 2024 FIRE Cohort
« Reply #9 on: November 05, 2015, 09:21:56 PM »
I am absolutely in.  2024 is the most conservative target for me but because my income is reasonably volatile and difficult to predict (100% commission) it could come sooner but likely not later.  Honestly this date depresses me a bit - it feels like it is so far out when so many of our friends on this site are already FIRE. 

BeardedLady

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Re: 2024 FIRE Cohort
« Reply #10 on: November 05, 2015, 09:43:03 PM »
I'm in! Not sure if I want to completely RE or just cut to part time, but definitely FI with the option to retire by 2024. I will be 38 and DH will be 37.

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Jupiter

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Re: 2024 FIRE Cohort
« Reply #11 on: November 06, 2015, 05:47:11 AM »
Yep, 2024 is the exact year I will retire at 30. I don't know how much I'll have at that point but I'm retiring at 30 so I can work on what I want to work on when and if I want to work on it. It may or may not produce good money but at that point my passive income will be enough to comfortably live off.

I'm 21 now and my completely self made net worth is $160,113 (includes only money in the bank, forex accounts and property equity). My goal is to pay off my current 535K loan (loan was higher when I first bought my place) on my current 1 bedroom apartment (sydney prices...) by that time at the VERY LEAST! My hopeful goal is that I will have that paid off plus two additional properties (500K each) that I can collect and live off rent from. So after working and investing for 3.5 years I've saved 160K which averages to 45K saved per year. If things keep going how they are going that would put me at a net worth of 565K at 30... Not good enough! I need to speed this up... (can't wait to drop my 55 hour work weeks + take home work) when I'm 30 :)

kaposzta

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Re: 2024 FIRE Cohort
« Reply #12 on: November 06, 2015, 06:35:56 AM »
I'm in! I'm hoping for 2024, I'll be 40 years old. I also hope my wife can retire earlier, maybe in 2022.

FrogStash

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Re: 2024 FIRE Cohort
« Reply #13 on: November 09, 2015, 02:17:00 PM »
Wife and I are targeting leap day 2024, I'll be 46.  She says she's willing to keep working if it lets me FIRE a year or two earlier, but for now we will shoot for dual FIRE on leap day...or perhaps a month or so later to deliver the best anti-April Fools joke ever.

Travis

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Re: 2024 FIRE Cohort
« Reply #14 on: November 12, 2015, 01:49:31 AM »
I could be 2023 or as early as 2020, it all depends on when the Army tells me it's time to go.  Doing some quick math, if the Army lets me stay until 20 years as an O-5 I'll have a pension of around $52k.  If I don't get promoted and they make me leave at 17-18 years (and they're still allowing prorated pensions) my pension will be around $37k.  Right now I have a portfolio of around $500k.  Assuming I will have a comfortable FIRE at $60k/year (what I currently live on now), I would need a portfolio of $200k-$600k to make up the difference.  If we don't have a crash in the near future I'll have that in a couple years. My wife just started working this year too.  It's not much, but it shaves a few months off.  We'll be 40 or 43 in those scenarios.

StacheInAFlash

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Re: 2024 FIRE Cohort
« Reply #15 on: November 13, 2015, 10:42:21 AM »
I believe I'm in this cohort too, although I feel 2024 might be a bit aggressive! Obviously it is a long ways out, so anything could happen to postpone or expedite the FIRE date... right now, DW and I are just finishing up massive Student Loan paydown (50k in 20 months!), so January 2016 is when the serious wealth accumulation will begin with fully maxed out retirement accounts. Thankfully, we do currently have about $130K in investments and $70K in home equity, so we're not starting from zero come January! I figure that our annual retirement savings starting in 2016, with employee matches and mortgage principal paydown included, should be right around $80,000 so I'm excited to see the 'Stache grow!

mohawkbrah

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Re: 2024 FIRE Cohort
« Reply #16 on: November 13, 2015, 01:01:31 PM »
yarp

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Re: 2024 FIRE Cohort
« Reply #17 on: November 13, 2015, 01:47:44 PM »
Bless you all for your enthusiasm and commitment. I see a lot of hope in all this and salute you all. Maybe it's worth looking at some of the posts made by some of us oldsters/middle aged dudes about the whole thing? I am, in a way, about to FIRE at 45 in a few weeks.

It was ALWAYS my goal to get out of my day job as quickly as possible, but I admit that there was a lot of champagne, travel and -- though I wouldn't talk about it as I'm now married - mistakes with the wrong women along the way. It was really only when I got engaged six years ago that I began to seriously consider the possibility of actually FIREing: and only after my son was born four years ago that I began to "nail it", which is what led me to this site.

My point is this: I was always careful, maybe too careful, especially with my pension and mortgage (I often wish I'd saved more cash and had less in 401k equivalents) but I made room for lots of youthful stupidity, mistakes and wrong turns - largely because I was young and dumb. Please give yourselves room to grow and learn alongside your noble ambitions. Not having, or having, a day job isn't the be-all and end-all. I know guys who love their jobs and never want to retire; I know people who are financially free, and are as miserable as sin.

I also know I've had many experiences through my day job, including diving fully clothed and fully drunk into a night-club's swimming pool in Tunisia; illegal gambling dens in Kiev; dinner in the Tian-Shen mountains; listening to the muzzeins in Riyadh; playing guitar with little kids in Soweto; cocktails in Costa Rica and golf at Half Moon Bay on a Tuesday morning - all of which I would never had had if I'd walked away to do what I want to do earlier in life.

The aim of being FIREd is wonderful. Just make sure you enjoy the journey too. Ten years is a lot of life to spend waiting.

OK: old man's unwanted advice ends here.

DMoney

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Re: 2024 FIRE Cohort
« Reply #18 on: November 14, 2015, 06:27:07 PM »
I could be 2023 or as early as 2020, it all depends on when the Army tells me it's time to go.  Doing some quick math, if the Army lets me stay until 20 years as an O-5 I'll have a pension of around $52k.  If I don't get promoted and they make me leave at 17-18 years (and they're still allowing prorated pensions) my pension will be around $37k.  Right now I have a portfolio of around $500k.  Assuming I will have a comfortable FIRE at $60k/year (what I currently live on now), I would need a portfolio of $200k-$600k to make up the difference.  If we don't have a crash in the near future I'll have that in a couple years. My wife just started working this year too.  It's not much, but it shaves a few months off.  We'll be 40 or 43 in those scenarios.

Prorated pension for US military?  I've never heard of this.  Is this a standard option?  I thought it was all just cliff vesting at 20 years.

Igelfreundin

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Re: 2024 FIRE Cohort
« Reply #19 on: November 14, 2015, 07:40:42 PM »
i'm aiming for 2024, but the numbers are still uncertain. I just bought my first house, which should let me bring down my living expenses with the addition of a roommate. But until I see the tax implications, exactly how much rent I can charge, how much my utilities go up with a roommate, etc., i'm not quite sure of my FIRE date.

Travis

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Re: 2024 FIRE Cohort
« Reply #20 on: November 15, 2015, 03:21:05 AM »
I could be 2023 or as early as 2020, it all depends on when the Army tells me it's time to go.  Doing some quick math, if the Army lets me stay until 20 years as an O-5 I'll have a pension of around $52k.  If I don't get promoted and they make me leave at 17-18 years (and they're still allowing prorated pensions) my pension will be around $37k.  Right now I have a portfolio of around $500k.  Assuming I will have a comfortable FIRE at $60k/year (what I currently live on now), I would need a portfolio of $200k-$600k to make up the difference.  If we don't have a crash in the near future I'll have that in a couple years. My wife just started working this year too.  It's not much, but it shaves a few months off.  We'll be 40 or 43 in those scenarios.

Prorated pension for US military?  I've never heard of this.  Is this a standard option?  I thought it was all just cliff vesting at 20 years.

It's called TERA. Temporary Early Retirement Authority.  It's only used during draw downs, but with the upcoming changes to the retirement system they might keep it going.  Congress gave us the authority to start using it a few years ago.  It only applies to troops who have at least 15 years of service when the axe falls. 

Boganvillia

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Re: 2024 FIRE Cohort
« Reply #21 on: November 15, 2015, 10:31:20 PM »
So... what are all your Savings Rates?

themagicman

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Re: 2024 FIRE Cohort
« Reply #22 on: November 16, 2015, 04:47:18 AM »
So... what are all your Savings Rates?

80% making 100 saving 80

Travis

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Re: 2024 FIRE Cohort
« Reply #23 on: November 16, 2015, 05:31:24 AM »
55% give or take.

Zaga

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Re: 2024 FIRE Cohort
« Reply #24 on: November 16, 2015, 09:22:20 AM »
Last several years averaged 40%, next year looking like above 50%, potentially as high as 55%.

fattest_foot

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Re: 2024 FIRE Cohort
« Reply #25 on: November 16, 2015, 09:29:56 AM »
I'm projecting 2024 for my wife and I. It's definitely dependent on how the returns fall out over the next several years. That said, my projection is to be RE on January 1, 2024, so I'm pretty confident we'll hit our target by December.

GreenSheep

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Re: 2024 FIRE Cohort
« Reply #26 on: November 16, 2015, 10:23:09 AM »
I'm aiming for the very end of 2024, and I'll be 45 that year.

As far as savings rates go, I'm not sure whether you're talking about percentage of total (pre-tax, etc.) income or percentage of take-home pay. In my case, it would be either 37.5% or 75%.

Boganvillia

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Re: 2024 FIRE Cohort
« Reply #27 on: November 17, 2015, 04:51:32 PM »
^ Re Savings Rate: I calculate my own on the after-tax figures.

rubybeth

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Re: 2024 FIRE Cohort
« Reply #28 on: November 18, 2015, 11:16:15 AM »
This is the closest cohort option for me. Too many unknowns at this point to say for sure whether it will be 2024 or a couple years later, but posting to follow along to gain ideas and perspectives.

Abe

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Re: 2024 FIRE Cohort
« Reply #29 on: December 19, 2015, 02:53:55 PM »
Hope to be fiscally independent by 2024, should have around $2m saved by then. Right now our savings rate is around 50% (make 160 after-tax and save ~80), will go up to 70% once my training is done (and our income doubles). I'll probably retire 10 years after that if bored. 

My job (surgeon) is probably not as exciting as Mr Artizan's, but reasonably fun. Would you all stay with your jobs if you have the option for more vacation (paid or unpaid)? 

marty998

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Re: 2024 FIRE Cohort
« Reply #30 on: December 19, 2015, 03:46:54 PM »
This is the closest cohort option for me. Too many unknowns at this point to say for sure whether it will be 2024 or a couple years later, but posting to follow along to gain ideas and perspectives.


Can't recall which cohort thread I posted in...agree too many unknowns. I'll be fluid and keep switching between 2021 through to 2024   :)


Will need to figure out a way to monetise house equity. That's my challenge... possible for Sydney? I don't know, but it would be great if I could make it work.

LmoArk

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Re: 2024 FIRE Cohort
« Reply #31 on: December 20, 2015, 05:40:28 AM »
Joining!  DH will be 45 and I will be 41.  The original goal was FI at age 40 for DH but an out of the blue layoff and relocation for a new job this past year has everything up in the air.  We're still trying to sort all of the changes out and working with a much smaller salary. 

It was especially sad because I had just gotten through to DH that RE at 40 was attainable for him after two years of convincing.  So 45 is kind of it for me.  I'd feel awful if we don't make it by then.

connor

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Re: 2024 FIRE Cohort
« Reply #32 on: December 20, 2015, 06:14:38 AM »
Currently in my first year of university but hoping I can FIRE between 2024 and 2026.

dreams_and_discoveries

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Re: 2024 FIRE Cohort
« Reply #33 on: December 22, 2015, 02:09:06 AM »
Hi all -

I'm aspiring to FIRE as well in 2024/2025 - definitely before I'm 45 in Feb 2026. This does depend on a few things - I work contract, so need to keep continually in contract, and take minimal holidays.

This is the first year I've managed to get my savings rate really up - to a smidgen over 60% in 2015. Goals for 2016 are too edge this up a bit - I'm going to forgo an expensive holiday, and travel more in the UK, and watch my spending on items I don't value too much, like eating out.




freezerburn

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Re: 2024 FIRE Cohort
« Reply #34 on: December 22, 2015, 09:18:36 AM »
This is the closest cohort option for me. Too many unknowns at this point to say for sure whether it will be 2024 or a couple years later, but posting to follow along to gain ideas and perspectives.

Ditto for me. Right now my plan is to shift from full time work to part time or freelance in 2022 and let the stash grow further while I downshift for a couple years. There are all sorts of variables between now and then, salary and potential moves included, but I'm aiming for 2024 for full FIRE. Current savings rate is about 45-50%, which I plan to increase another 10-15% in the next couple of months after I pay off the last of my credit card debt.

I'll be 46 in 2024. Sometimes that seems like a really long time away.

rubybeth

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Re: 2024 FIRE Cohort
« Reply #35 on: December 22, 2015, 09:26:20 AM »
This is the closest cohort option for me. Too many unknowns at this point to say for sure whether it will be 2024 or a couple years later, but posting to follow along to gain ideas and perspectives.

Ditto for me. Right now my plan is to shift from full time work to part time or freelance in 2022 and let the stash grow further while I downshift for a couple years. There are all sorts of variables between now and then, salary and potential moves included, but I'm aiming for 2024 for full FIRE. Current savings rate is about 45-50%, which I plan to increase another 10-15% in the next couple of months after I pay off the last of my credit card debt.

I'll be 46 in 2024. Sometimes that seems like a really long time away.

I'll be 43 in 2024, which also seems really far away. Savings rate is around 45% for this year but we're paying tuition for my husband's grad school (just made the final tuition payment this month) and he quit his job to do his internship/fellowship stuff. So many unknowns with his career at this point to really plan for a set FIRE date. I'd like to try cutting back at work (get the stash to a comfortable spot and then try to negotiate my hours to be reduced, or quit and get rehired as a sub later? I have options if I have a big stash to back me up). DH may also want to work much longer than me, since I started working in my field much earlier in life than he'll be working in his (for comparison, I have over 15 years experience in my field, while he has 6). We also still aren't sure if we'll purchase a house at some point.

dreams_and_discoveries

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Re: 2024 FIRE Cohort
« Reply #36 on: December 23, 2015, 11:03:14 AM »
I agree 2024 seems so far away at this stage, and so much could change in our lives; I'm hoping I've got a good few earning years to keep the money coming in and hopefully then stache will also be accumulating all by itself.

I like the idea of planning for a downshift as well, before full FIRE.

CorpRaider

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Re: 2024 FIRE Cohort
« Reply #37 on: December 23, 2015, 01:10:30 PM »
This is my target timeframe as well.  Posting to follow and hopefully get some reinforcement along the way to stay on target.

spruce

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Re: 2024 FIRE Cohort
« Reply #38 on: December 24, 2015, 08:09:53 AM »
Count me in!

Hoping to FI around 2024ish, when I'm 37 and husband is 40, as that's the sweet spot when my student loans are paid off/forgiven, I'll be vested in our retirement system, and we'll hopefully have enough in savings to do whatever we want.

FI likely won't mean I stop working entirely, as I love my job, but I would like to work less hours per week and be able to do more volunteering and travel. Husband wants to start farming, and I'd love to eventually quit my office job and do that instead.

This year our average savings rate was 43%, and that was in a year where we paid off our solar panels (~a year after install), paid for our own wedding, and husband went back to school with limited part-time work. We also started a pretty lucrative side-business and are refinancing our house to a shorter term and lower rate, so I hope we really pick up steam in this next year.

begood

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Re: 2024 FIRE Cohort
« Reply #39 on: December 26, 2015, 07:52:28 AM »
2024 is the year our only child would graduate from college if she goes straight from high school and finishes in four years (assumptions, not guarantees, I know!). I would be 60 and my husband 59 at that point. He is a "live to work" kind of guy, but I'm hoping he might consider a less stressful job at that point, even if he still worked full time. We might move to follow our daughter, for example, and maybe he could get just a job at Costco or somewhere.

So not very RE, but hopefully FI, and at that point we should know the hit to our stash from all that edumacating our daughter will have done. :)

MVal

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Re: 2024 FIRE Cohort
« Reply #40 on: January 13, 2016, 09:19:06 AM »
Put me in as a 2024 hopeful, that's the soonest my spreadsheet says we might be able to retire, assuming nothing changes.  *snort*  Yeah, like nothing will change in 9 years!  9 years ago I was unmarried, working for $9/hr, and living in an apartment by myself with no debt but my car and no savings.  Couldn't be more different from now, I wouldn't be surprised if the next 9 years had some major changes as well!

Me too, Zaga. If everything goes at the current rate, I'll hopefully hit FIRE in 2024 as well. 9 years ago I was just about to meet my current SO, just out of college with $16K in debt and working part time. Now I've got almost 6 years with the same job, no debt, a NW of $50K and I stand to add as much to my 401K this year as I have in the whole, previous 6 years I've worked here.

mozar

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Re: 2024 FIRE Cohort
« Reply #41 on: January 13, 2016, 08:33:04 PM »
Oh hey, that's me too. I've been looking at this thread title for months and it didn't click. I have a 5 year contract and its up in the air what happens next in 2020. Hopefully I will be put on another contract but I have been let go at the end of contracts before. If I can retain/get similar employment it will just be 3-4 more years after that. I'll be 41 then. Hoping to save ~50% this year after some major home renovations.

neo von retorch

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Re: 2024 FIRE Cohort
« Reply #42 on: March 16, 2016, 11:36:16 AM »
Plan for 2024 - I'll be 45 in June of that year. My wife will be 40. We are about to buy a house. I own a rental home which I will probably sell later this year. Too many changes to have a solid grasp on savings rate right now. Hoping that about a year after the home purchase, I'll have a solid year of "reasonably steady" information. I've been tracking my financial information for a long time, so I have a pretty good handle on expenses, but in general I try to stay conservative with my estimates, and hope that things come out better than expected.

iknowiyam

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Re: 2024 FIRE Cohort
« Reply #43 on: April 05, 2016, 07:31:55 AM »
So... what are all your Savings Rates?
Right now it's ~40% going to FI.  Once the mortgage is gone in the next five months or so, we'll be ratcheting that up.  Co-incidentally, we're also ~40% of the way to our target number.

I mentioned this morning after I recalculated that it has felt like we have been just under 40% for months.  As of this morning, we're 38% of the way there...
25% right now, hoping to improve. 2024 is our target FI date, but RE will be a year or two later.

asauer

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Re: 2024 FIRE Cohort
« Reply #44 on: April 06, 2016, 11:43:22 AM »
So... what are all your Savings Rates?

It's about 60% but all that's going to pay off the mortgage right now.  Afterwards, most of that will be going to savings though we are going to give ourselves a small "raise".  Still saving about 17% on top of that in 401k.  Living at minimum right now.

pdxbator

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Re: 2024 FIRE Cohort
« Reply #45 on: April 06, 2016, 11:54:01 AM »
I'm aiming for 2023. I'll be FIFTY!

Miss Piggy

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Re: 2024 FIRE Cohort
« Reply #46 on: April 06, 2016, 12:03:29 PM »
We are shooting for 2024. I'll be 55 and my husband will be 53. Current net worth is about $1,100,000 (US). I'd love to be able to put away $100,000/year until 2024, so perhaps by then, we'll have $2 million.

The part that scares the crap out of me is health insurance and healthcare. Scares. Me. To. Death.

pdxbator

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Re: 2024 FIRE Cohort
« Reply #47 on: April 06, 2016, 02:17:52 PM »
We are shooting for 2024. I'll be 55 and my husband will be 53. Current net worth is about $1,100,000 (US). I'd love to be able to put away $100,000/year until 2024, so perhaps by then, we'll have $2 million.

The part that scares the crap out of me is health insurance and healthcare. Scares. Me. To. Death.

Me too! Ugh....I guess I'll face it when I'm ready to retire but this is the hang up. Obviously we have to pay for some sort of insurance. I only hope the ACA continues until I'm ready to retire, or else I probably won't do it. Even with a high net worth you can easily eat through a lot of it just with health insurance costs, let alone out of pocket costs.

ModernIncantations

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Re: 2024 FIRE Cohort
« Reply #48 on: May 07, 2016, 02:53:12 PM »
I will leisurely stroll into FI around 2024 after a few years of semi-retirement. It's a smooth transition to freedom from work. I could join an earlier class, but that would be way too much work. 2024 is our year, baby!

Blissful Biker

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Re: 2024 FIRE Cohort
« Reply #49 on: May 13, 2016, 01:31:27 PM »
Count me in for FIRE in 2024!  I'll be 51.

We paid off our mortgage a few months ago and it feels great to be totally debt free.  The plan allows me to continue working just 3 or 4 days a week to enjoy my kids and riding my bike in the sunshine.   I am balancing enjoying today and enjoying the future.

Net worth of $1.2MM CDN, plus $100K saved for the kids education.