Author Topic: 2029 FIRE Cohort (Read 146888 times)

DeskJockey2028 · « **Reply #150 on:** January 09, 2019, 08:15:30 AM »

Welcome!

I'm looking for a net worth around $850k as well (as I'll be in my mid-50s and my wife a few years older than me). We'll be doing SS within half a decade of retirement for both of us.

tozier · « **Reply #151 on:** January 09, 2019, 04:48:04 PM »

This time last year, my calculations gave me a retirement date of 1/1/2029 at age 58. I did not include annual wage increases or SS.

I also did not realize I would meet someone and get engaged. She’s certainly better than the average consumer, but isn’t MMM frugal. Still, she fully supports my goal of FI. I also lived in denial about some major improvements my house needs (plumbing issues and new floors).

Lots of unknowns that could offset each other, or not, so the finish line is not so crystal clear as I thought it was last year.

No debt but mortgage, 401k maxed and will max the Roth starting this year, with a Cheshire grin for catch-up contributions in a year or two. I’ll still be able to drop a couple hundred a month towards my mortgage. I was down about 6k from where I projected I would be this year, but that’s mostly market losses I can ignore.

So, I’ll still keep 2029 as my year, even if it means working part time that year to keep afloat.

BuffaloStache · « **Reply #152 on:** January 10, 2019, 01:59:02 PM »

Quote from: freedomfightergal on January 08, 2019, 06:08:47 PM

... How are you all determining your target amount? ...

I have panic retirement savings anxiety!! Hoping this site will help me stay focused and on course.

I have several years of actual spending data (how much spent per year), and multiplied that by 25. I also have some other safety factors for margin (e.g. I may qualify for a small pension depending on how the next couple years go at my job), but that is the basis of how I came up with my number. I also plan to either wind-down to a part time job before RE'ing outright, or tacking on OMY (one-more-year) or so to add some additional margin. I plan to re-evaluate as I get closer to FI.

I also deal with retirement savings anxiety sometimes. Reading blogs and articles of those who have done it (and advocate actually enjoying life while on the path) help me out. People like MMM, Mr. Tako, FrugalWoods, etc. etc. etc.

HeadedWest2029 · « **Reply #153 on:** January 11, 2019, 09:15:28 AM »

Quote

How are you all determining your target amount?

My target amount is based on a 3.5% withdrawal rate (or 28.5 times spending) and 50 year retirement. I've tracked spending via Quicken since I was in college so I roughly take the average of the last 3-4 years for my annual spending figure. I believe a 75/25 asset allocation has a 100% success rate with a 3.41% WR over 50 years. I track progress (somewhat unhealthily) via a rudimentary spreadsheet using the 3.5% WR / 5% CAGR on investments / plus expected future contributions during accumulation years and exclude social security, future side hustle, and inheritance.

Less frequently I run the numbers through firecalc and cfiresim for the most accurate picture. Those calcs torment me somewhat because you can easily massage the numbers with 100% success or as low as 80% success depending on if you include projected soc security, future side hustle (my wife plans on continuing her business), etc. Using somewhat conservative assumptions with social security I can get near 100% success right now. Liberating yes, but also probably too top of mind when it comes to productivity and filling in some extra contingencies while I still somewhat enjoy work. Sometimes F You Money feels like a blessing and a curse

50ShadesOfStache · « **Reply #154 on:** January 16, 2019, 10:00:37 AM »

Hi, figured I'll add myself here. I'm looking to FIRE in 2029 before my 35th birthday if all goes according to plan. Might be a year earlier/later depending on how things go, 2029 is still a good ways out there after all. Looking forward to sharing this journey with the rest of you. I like how you all count down the days, that really makes it feel like I'm closer then just saying 10 years.

DeskJockey2028 · « **Reply #155 on:** January 16, 2019, 10:33:42 AM »

Welcome! While reading this forum, the time will go by a lot slower than you'd think.

While out there experiencing the world, it'll go by a whole Ferrari's worth faster. :)

Quote from: 50ShadesOfStache on January 16, 2019, 10:00:37 AM

Hi, figured I'll add myself here. I'm looking to FIRE in 2029 before my 35th birthday if all goes according to plan. Might be a year earlier/later depending on how things go, 2029 is still a good ways out there after all. Looking forward to sharing this journey with the rest of you. I like how you all count down the days, that really makes it feel like I'm closer then just saying 10 years.

talltexan · « **Reply #156 on:** February 07, 2019, 07:48:46 AM »

Joining this group.

BuffaloStache · « **Reply #157 on:** February 07, 2019, 09:05:38 AM »

Welcome, talltexan! We have a ways to go, but it'll be better to track it together!

DeskJockey2028 · « **Reply #158 on:** February 07, 2019, 09:17:41 AM »

Welcome!

Quote from: talltexan on February 07, 2019, 07:48:46 AM

Joining this group.

talltexan · « **Reply #159 on:** February 11, 2019, 08:22:52 AM »

I'm dropping back to here from the 2027 group; I think you guys are a better fit for me :-)

DeskJockey2028 · « **Reply #160 on:** February 11, 2019, 08:48:34 AM »

Time-wise, personality-wise or both? :)

Quote from: talltexan on February 11, 2019, 08:22:52 AM

I'm dropping back to here from the 2027 group; I think you guys are a better fit for me :-)

talltexan · « **Reply #161 on:** February 11, 2019, 11:48:41 AM »

Time.

People were very kind to me in 2027, but they couldn't control the stock market so well.

marymurphy · « **Reply #162 on:** February 13, 2019, 02:14:40 PM »

I'm hoping for 2029 as well. I just came across the FIRE community a few months ago, but I've been saving and investing for a long time so it's more about making tweaks than totally changing my lifestyle.

DeskJockey2028 · « **Reply #163 on:** February 14, 2019, 07:35:30 AM »

Welcome!

Quote from: marymurphy on February 13, 2019, 02:14:40 PM

I'm hoping for 2029 as well. I just came across the FIRE community a few months ago, but I've been saving and investing for a long time so it's more about making tweaks than totally changing my lifestyle.

bbates728 · « **Reply #164 on:** February 15, 2019, 02:03:08 PM »

Quote from: Off the Wheel on January 19, 2018, 11:22:16 PM

DeskJockey2032 1/2029 probably earlier
FI4good 1/2029 probably earlier
HighIncomeParent ?/2029
SeaKayEI 7/2029
msmargarita 1/2029
SharkStomper 11/4/2029
PerpetualWanderlust 1/2029
gluskap 9/28/2029 probably earlier
cartman1973 23/10/2029
PDXTabs 11/2029
OffTheWheel 6/2029
bbates728 12/2029

I will add myself to the roll call. I will be 36 by then and hopefully have around $1M for a 40-50k withdrawal each year. I am factoring in a 4% annual raise as an accountant which I am not sure is accurate. There is actually a whole lot that I don't feel comfortable with regarding my calculations. Do any of you all have a favorite calculator to share?

caracarn · « **Reply #165 on:** February 18, 2019, 07:07:54 AM »

Been following DeskJockey's journal for a bit and was unaware he had started this thread until he linked to it this week.

I've been lightly targeting something around this time frame, and in 2029 (depending on when), I'll be 58-59, so is likely the time that might be possible given all our other costs with kids. I'm also seriously looking (as in if I get a job offer I will do it) taking a significant step back on the earnings front as a trade off for less stress and more happiness on the job front. I've had my decade plus in senior management and found, like many, that it is far from fun or rewarding. Getting back a little sanity, being less agitated overall and other benefits I hope to attain more than make up for the loss of income. My wife and I took a look at budgets last week and I played around with calculating retirement and I think it will add a year to my previous goal. Given that I could likely not control if I even stayed in a high level job over that time frame it just seems like the right thing to do. I was concerned it might derail me from FIRE completely, but it is amazing how much momentum existing investments start to have once you have several hundred thousand invested. I am about at the point when a solid year in investments makes about 50% of what I could at a decent job, and that will only improve over time.

So anyway, I am planting myself here as a more realistic target given my changes. Still 10 years out, but still a decade early over the common idea for retirement.

DeskJockey2028 · « **Reply #166 on:** February 18, 2019, 07:32:46 PM »

Hey Caracan!

Glad to see you in our little group! I'm hoping for 2028, but 2029 may be more realistic. Time will tell!

rincon119 · « **Reply #167 on:** February 26, 2019, 02:22:03 PM »

Hey Everyone!

Long time reader/lurker, first time posting.

My wife and I are starting our FIRE journey strong, we are planing for a 11/2029 FIRE date.
I will be 37, she will be 38. Very excited to post and keep each other motivated.

SharkStomper · « **Reply #168 on:** February 26, 2019, 11:28:04 PM »

Welcome guys! And #TeamNovember just gained a member to boot. 11/29 here, as well.

caracarn · « **Reply #169 on:** February 27, 2019, 02:24:44 PM »

Welcome.

Made a BIG decision over the last few weeks to step away from upper management roles and took a new job (with attached pay cut), with the goal of a much better and happier mindset. Running some scenarios I think I can still stay on pace for the 2029 FIRE date even with what amounts to a 33% drop in income. We'll see how that pans out.....

bbates728 · « **Reply #170 on:** February 28, 2019, 09:09:12 AM »

Welcome!

@caracarn That is truly a big decision! Please let us know how it works out as time goes on. I have mostly decided that I would rather be an individual contributor over any sort of manager. Ultimately, I like being able to disconnect at the end of the day rather than worry about "optics". I am slightly worried that it will significantly limit my income potential even though I know that I only need 10 years at my current rate.

Decisions are hard especially when the decision isn't explicit.

DeskJockey2028 · « **Reply #171 on:** February 28, 2019, 09:31:17 AM »

Hello to some fresh, new faces! Glad to have you all along for this journey.

@caracarn - the goal is a better life, not a faster road to living a life you may not want as much. Sounds like you're doing the right thing for you.

caracarn · « **Reply #172 on:** February 28, 2019, 09:37:45 AM »

Quote from: bbates728 on February 28, 2019, 09:09:12 AM

@caracarn That is truly a big decision! Please let us know how it works out as time goes on. I have mostly decided that I would rather be an individual contributor over any sort of manager. Ultimately, I like being able to disconnect at the end of the day rather than worry about "optics". I am slightly worried that it will significantly limit my income potential even though I know that I only need 10 years at my current rate.

Decisions are hard especially when the decision isn't explicit.

Yes, I'm still at the stage where I feel like I am still trying to convince myself this will not blow up in my face. At 25, you've got time to re-evaluate. At 48, this could turn into me having to work until normal retirement age if it does not pan out like I have figured.

I spent months thinking and working through this last time I changed jobs three years ago, and got sucked in my the money. That factored into my evaluation this time (along with getting turned down for a job that would have been paying me about $180K due to my distorting the "optics" in the interview. I did get ahead of myself in the final interview acting in ways more appropriate to having the job than interviewing for it, and my friends and DW have helped me see those optics much clearer, but it was just another wake up call that the feelings and beliefs of others are much more a part of the process in higher level roles than in individual contributor spots) as how I have gone from really optimistic to hugely pessimistic about this organization reinforced what I hate about upper management. There is no opportunity to be successful here any longer and that is what forced my hand, and the continued failure to make progress when others have been pulled in to "save" things just validates that. Those who were voluntold to jump in and now are lamenting the fact that their opportunity for tenure at the organization has now also dropped to 0% in two months points to the dysfunction in the organization. The lower ranks are less at risk as they are not visible enough to be targeted. The whole culture of our organization changed with new leadership. At a lower pay rate I also have more options and after several years at that level I can get past the "overqualified" junk I was up against when people saw my titles and past pay. I think this will give me a chance to solidify the fact that, yes, future employer, I really do want to do this for a living and I'm not just taking your job until I find one that pays me a lot more. I just struggle with the fact that the vast majority of people think you are lying when you want to have a better life versus chasing higher and higher pay. I guess we could psychoanalyze that forever in another thread.

At this point I'm just sitting around waiting for the last day. I'm not surprised that they are not asking a lot of questions because they have yet another group of outside consultants in who they feel are the new thing that will solve the issue, though they were supposed to present a plan today and have told my manager that is not going to happen. I found it interesting that the consultant who is tasked with getting a new plan together said this is by far the most difficult plan he's ever had to deal with in twenty years. I bit of validation for me, for what it is worth, that I was not giving them a song and dance when I have been saying this implementation is hard. Done venting now. I will keep everyone posted (check out my journal as I will likely do most of it there, link in my signature).

BuffaloStache · « **Reply #173 on:** March 01, 2019, 08:56:20 AM »

Quote from: caracarn on February 28, 2019, 09:37:45 AM

Quote from: bbates728 on February 28, 2019, 09:09:12 AM
@caracarn That is truly a big decision! Please let us know how it works out as time goes on. I have mostly decided that I would rather be an individual contributor over any sort of manager. Ultimately, I like being able to disconnect at the end of the day rather than worry about "optics". I am slightly worried that it will significantly limit my income potential even though I know that I only need 10 years at my current rate.

Decisions are hard especially when the decision isn't explicit.
Yes, I'm still at the stage where I feel like I am still trying to convince myself this will not blow up in my face. At 25, you've got time to re-evaluate. At 48, this could turn into me having to work until normal retirement age if it does not pan out like I have figured....

I'm not quite old enough to not have time to recover, but older than many here on the forum with lifetimes ahead of them to alter/revert course. I also find myself struggling with the Individual Contributor -vs- Management career path. Up until ~a year ago I was on track for management. Things took a turn for the worse at my old company, so I left and joined a new one. The new company has way more opportunity (and higher salary caps) in the Individual Contributor realm than the old one did, and so it's really making me reconsider my path. I've also toyed around with the idea of having the company pay for me to go get a PhD, so then down the road I can become a professor at a lower tiered school that lets their staff have the summers off. That is also a profession you can easily pick up (albeit with poor pay as an adjunct) when times are tough. But the lost earning potential when compared to going into management may not be worth it.

Decisions are hard...

Philociraptor · « **Reply #174 on:** March 01, 2019, 09:00:55 AM »

Haven't read all the posts upthread yet, but joining in since I haven't seen this thread before. Our FI target is 2029, the year in which we'll both turn 40. RE optional. Still pretty far out, who knows where we'll be in our careers and if we'll actually want to quit. Calculations show us hitting $1.5mm net worth right around that time. Cheers!

DeskJockey2028 · « **Reply #175 on:** March 01, 2019, 09:04:45 AM »

Welcome!

Quote from: Philociraptor on March 01, 2019, 09:00:55 AM

Haven't read all the posts upthread yet, but joining in since I haven't seen this thread before. Our FI target is 2029, the year in which we'll both turn 40. RE optional. Still pretty far out, who knows where we'll be in our careers and if we'll actually want to quit. Calculations show us hitting $1.5mm net worth right around that time. Cheers!

talltexan · « **Reply #176 on:** March 04, 2019, 12:26:01 PM »

Quote from: BuffaloStache on March 01, 2019, 08:56:20 AM

Quote from: caracarn on February 28, 2019, 09:37:45 AM
Quote from: bbates728 on February 28, 2019, 09:09:12 AM
@caracarn That is truly a big decision! Please let us know how it works out as time goes on. I have mostly decided that I would rather be an individual contributor over any sort of manager. Ultimately, I like being able to disconnect at the end of the day rather than worry about "optics". I am slightly worried that it will significantly limit my income potential even though I know that I only need 10 years at my current rate.

Decisions are hard especially when the decision isn't explicit.
Yes, I'm still at the stage where I feel like I am still trying to convince myself this will not blow up in my face. At 25, you've got time to re-evaluate. At 48, this could turn into me having to work until normal retirement age if it does not pan out like I have figured....

I'm not quite old enough to not have time to recover, but older than many here on the forum with lifetimes ahead of them to alter/revert course. I also find myself struggling with the Individual Contributor -vs- Management career path. Up until ~a year ago I was on track for management. Things took a turn for the worse at my old company, so I left and joined a new one. The new company has way more opportunity (and higher salary caps) in the Individual Contributor realm than the old one did, and so it's really making me reconsider my path. I've also toyed around with the idea of having the company pay for me to go get a PhD, so then down the road I can become a professor at a lower tiered school that lets their staff have the summers off. That is also a profession you can easily pick up (albeit with poor pay as an adjunct) when times are tough. But the lost earning potential when compared to going into management may not be worth it.

Decisions are hard...

It sounds like you have some misconceptions about the Professorial lifestyle. It is not "semi-retirement" compared to working in the private sector. It is absolutely brutal w.r.t. work-life balance. Adjunct pay is set by a market in which you're competing against people who are used to living on austere wages.

mizzourah2006 · « **Reply #177 on:** March 05, 2019, 01:23:44 PM »

Quote from: talltexan on March 04, 2019, 12:26:01 PM

Quote from: BuffaloStache on March 01, 2019, 08:56:20 AM
Quote from: caracarn on February 28, 2019, 09:37:45 AM
Quote from: bbates728 on February 28, 2019, 09:09:12 AM
@caracarn That is truly a big decision! Please let us know how it works out as time goes on. I have mostly decided that I would rather be an individual contributor over any sort of manager. Ultimately, I like being able to disconnect at the end of the day rather than worry about "optics". I am slightly worried that it will significantly limit my income potential even though I know that I only need 10 years at my current rate.

Decisions are hard especially when the decision isn't explicit.
Yes, I'm still at the stage where I feel like I am still trying to convince myself this will not blow up in my face. At 25, you've got time to re-evaluate. At 48, this could turn into me having to work until normal retirement age if it does not pan out like I have figured....

I'm not quite old enough to not have time to recover, but older than many here on the forum with lifetimes ahead of them to alter/revert course. I also find myself struggling with the Individual Contributor -vs- Management career path. Up until ~a year ago I was on track for management. Things took a turn for the worse at my old company, so I left and joined a new one. The new company has way more opportunity (and higher salary caps) in the Individual Contributor realm than the old one did, and so it's really making me reconsider my path. I've also toyed around with the idea of having the company pay for me to go get a PhD, so then down the road I can become a professor at a lower tiered school that lets their staff have the summers off. That is also a profession you can easily pick up (albeit with poor pay as an adjunct) when times are tough. But the lost earning potential when compared to going into management may not be worth it.

Decisions are hard...

It sounds like you have some misconceptions about the Professorial lifestyle. It is not "semi-retirement" compared to working in the private sector. It is absolutely brutal w.r.t. work-life balance. Adjunct pay is set by a market in which you're competing against people who are used to living on austere wages.

You could pretty easily adjunct for $2- $3k/course. Teach once a week for 3 hours. The first time through a course expect to spend an additional 3 hours/week on prepping, but if you can teach the same class again you can cut that down to about an hour or so. Teach 2-3 courses for 2 semesters and you could pick up $10-$15k for working 10-20ish hours a week. Then take off the 3rd semester. Definitely not glamorous, or high paying, but It's not exactly hard either, especially if you get the same courses each year.

I adjuncted several courses while in grad school that weren't even all that relevant to my degree, so I had to prep like an adjunct removed from the research and literature for a few years would need to do. I typically spent 3ish hours prepping for the lectures, building quizzes, tests, etc.

But I would agree with you that a tenure track professor role is definitely not semi-retirement compared to professional work, even at a teaching oriented university.

talltexan · « **Reply #178 on:** March 05, 2019, 01:57:36 PM »

From your username, it looks like you spent at least some of that time at MU, where my FiL attended...most of the rest of that family is KU people, so there's definitely a family rivalry thing going on!

DeskJockey2028 · « **Reply #179 on:** March 07, 2019, 10:25:12 AM »

Hey '29ers, have you given any thought (whether you go in 29, earlier, or later) to what your first week post-work would be like?

Are you thinking it'll be a low-key, relaxed, putter around kind of week? Or are you having a huge party or taking off for parts unknown to celebrate?

I know it's way early to be planning anything truly concrete, but it's not nearly to early to dream about it!

SharkStomper · « **Reply #180 on:** March 07, 2019, 11:16:38 AM »

Knowing us we'll have a retirement party and spend the rest of the week recovering.

bbates728 · « **Reply #181 on:** March 07, 2019, 11:30:01 AM »

I expect we will have some sort of get together the night that we retire but then block off time to just enjoy ourselves afterwards. Probably read, play video games that I haven't gotten around to and take walks. The week after will probably be finally getting laundry 100% done and some other light chores.

DeskJockey2028 · « **Reply #182 on:** March 07, 2019, 11:32:13 AM »

I figure we'll take about a week off to do absolutely nothing/anything we want. Have a party with family and a few friends and then relax for the next three weeks. Then we want to hit a 75+ day road trip of the US and Canada. Barring other things (parental health, our health, family issues, etc.) getting in the way.

Once we get back from that we'll settle down into a routine.

mizzourah2006 · « **Reply #183 on:** March 07, 2019, 05:00:54 PM »

Quote from: talltexan on March 05, 2019, 01:57:36 PM

From your username, it looks like you spent at least some of that time at MU, where my FiL attended...most of the rest of that family is KU people, so there's definitely a family rivalry thing going on!

Haha, yes my UG was at MU. I’d bet that is/was a pretty intense rivalry. Hopefully they bring back some of the games in the future.

BuffaloStache · « **Reply #184 on:** March 08, 2019, 06:51:44 AM »

Quote from: mizzourah2006 on March 05, 2019, 01:23:44 PM

Quote from: talltexan on March 04, 2019, 12:26:01 PM
[/Clipped other quotes]

It sounds like you have some misconceptions about the Professorial lifestyle. It is not "semi-retirement" compared to working in the private sector. It is absolutely brutal w.r.t. work-life balance. Adjunct pay is set by a market in which you're competing against people who are used to living on austere wages.

You could pretty easily adjunct for $2- $3k/course. Teach once a week for 3 hours. The first time through a course expect to spend an additional 3 hours/week on prepping, but if you can teach the same class again you can cut that down to about an hour or so. Teach 2-3 courses for 2 semesters and you could pick up $10-$15k for working 10-20ish hours a week. Then take off the 3rd semester. Definitely not glamorous, or high paying, but It's not exactly hard either, especially if you get the same courses each year.

I adjuncted several courses while in grad school that weren't even all that relevant to my degree, so I had to prep like an adjunct removed from the research and literature for a few years would need to do. I typically spent 3ish hours prepping for the lectures, building quizzes, tests, etc.

But I would agree with you that a tenure track professor role is definitely not semi-retirement compared to professional work, even at a teaching oriented university.

Exactly my thoughts, mizzourah2006. And I'm definitely not talking about teaching at a tier 1 and/or research university. My wife has adjunct-ed several classes over the years before our son was born, and it provided a nice boost to our savings. Granted it was a little tough, but she was able to do it along-side her full time job. The first semester was the hardest, but after that she repeated the same course and it significantly cut down on the workload. It was a job she could easily control/take-off a semester or two and come back whenever she wanted.

BuffaloStache · « **Reply #185 on:** March 08, 2019, 06:55:05 AM »

Quote from: DeskJockey2028 on March 07, 2019, 10:25:12 AM

Hey '29ers, have you given any thought (whether you go in 29, earlier, or later) to what your first week post-work would be like?
...

A coworker of mine is about to retire (starting at normal retirement age), and he went down to Mexico for a 3 month trip at an all-inclusive resort. I think I would get too bored at a resort, but I like the idea of taking off for a long/extended trip somewhere. So I could see my first week as: Having a retirement party, and then using the rest of the week to pack up for a long trip.

Completely random, but a lot of about-to-retire folks at my work have set April 1 as their retirement dates. I like that idea, or picking a random Friday the 13th or other odd date to retire.

talltexan · « **Reply #186 on:** March 08, 2019, 08:34:57 AM »

April 1 this year is a monday.

SotI · « **Reply #187 on:** March 08, 2019, 12:48:58 PM »

Hi,
might as well join his group, as 10 years seems realistic as of now.
Still got a loooonnnng way to go, though.
Still, I just hope for the best. 😇

DeskJockey2028 · « **Reply #188 on:** March 08, 2019, 12:50:49 PM »

Welcome!

10 years is a long time! But if you started this journey 5 years from now, you'd be waiting 15 years. :)

Quote from: SotI on March 08, 2019, 12:48:58 PM

Hi,
might as well join his group, as 10 years seems realistic as of now.
Still got a loooonnnng way to go, though.
Still, I just hope for the best. 😇

SotI · « **Reply #189 on:** March 10, 2019, 01:09:27 AM »

Quote from: DeskJockey2028 on March 08, 2019, 12:50:49 PM

Welcome!

10 years is a long time! But if you started this journey 5 years from now, you'd be waiting 15 years. :)

Quote from: SotI on March 08, 2019, 12:48:58 PM
Hi,
might as well join his group, as 10 years seems realistic as of now.
Still got a loooonnnng way to go, though.
Still, I just hope for the best. 😇

Indeed ☺
well, I got to start somewhere, so let's see how this year will go. At least, I am motivated. I just have to try to not get carried away.

tozier · « **Reply #190 on:** March 10, 2019, 09:22:46 AM »

My first week will be in bed asleep.

BuffaloStache · « **Reply #191 on:** March 10, 2019, 01:23:54 PM »

Quote from: tozier on March 10, 2019, 09:22:46 AM

My first week will be in bed asleep.

Low expectations, I love it!

talltexan · « **Reply #192 on:** March 11, 2019, 07:14:52 AM »

My wife is considering a new job that will pay more, perhaps $700 more each month. Making sure we don't inflate our lifestyle will be a test. Trying to stay strong, guys!

DeskJockey2028 · « **Reply #193 on:** March 13, 2019, 06:49:49 AM »

March 13th, 2017 marks the first post in this cohort. We've officially been in existence as a nebulous online group for 2 years!

I say we all celebrate by not buying something fancy and useless.

Off the Wheel · « **Reply #194 on:** March 15, 2019, 08:47:25 PM »

How does everyone stay on top of long term planning when there are so many variables?

I'm pregnant with my first kid, so that is making me question my future earnings (and savings, and expenses) and then much of my long-term vision relies on selling the HCOL properties and buying something without a mortgage.

How do you account for these big life possibilities but still feel forward momentum?

Philociraptor · « **Reply #195 on:** March 18, 2019, 06:25:33 AM »

Quote from: Off the Wheel on March 15, 2019, 08:47:25 PM

How does everyone stay on top of long term planning when there are so many variables?

I'm pregnant with my first kid, so that is making me question my future earnings (and savings, and expenses) and then much of my long-term vision relies on selling the HCOL properties and buying something without a mortgage.

How do you account for these big life possibilities but still feel forward momentum?

In my case, I don't. Sure, I can run projections on when we will be FI using current spending and current savings, current spending and only tax-advantaged savings, projected retirement spending and current savings, projected retirement spending and only tax-advantage savings... but you're right, there are too many variables to expect that I can accurately predict what our finances will look like in 10 years. What I do is track everything month-to-month, that way I can clearly see the progress over time and stay motivated. Always keep that big goal in mind (e.g. FIRE by 40) and weigh every decision against it.

talltexan · « **Reply #196 on:** March 18, 2019, 07:46:59 AM »

Your projections likely involve extending some version of the present out ten years and seeing if that will get you to retirement.

The single biggest variable with kids is probably what you plan to spend on childcare (I spend more than my housing budget), and how both partners will plan their work (Mrs. TallTexan works 80% of a full schedule). You could take those projections now and see how far that gets you. It may even make sense to start saving $300/week into a special savings account called "MaryPoppins" with the understanding that this will pay for childcare.

Chranstronaut · « **Reply #197 on:** March 19, 2019, 12:13:05 PM »

I'm glad to find this thread. I've been feeling a little burnt out and some of your posts are really helpful on how to deal with the decade long time horizon.

My husband and I keep separate stashes. 2030 is our rough goal, but I'm fairly confident I will be ready in 2029. We have a small inexpensive house that will be paid off in 2026. I don't count this as part of my net worth as we won't be selling to support our plan.

My savings rate is currently just above 50%.

My basic journey, as multiple of yearly expenses:

2013: 1.8x (the year I found MMM and ERE and paid off my student loans)
2014: 3.5x
2015: 4.2x (bought a house and changed jobs)
2016: 5.75x
2017: 6.15x (quit my job to be a pretend astronaut)
2018: 6.75x
currently: 7.5x

My goal is 28.5x or about 3.5% withdrawal rate.

This is the year I will crack 200k of invested assets, and I feel like it has been a LOOOOONG time coming. I kissed this ceiling once before, but it wasn't stable. Taking a gap year in 2017 really soaked up some of my momentum, but was worth it in the long run. I've been reading Dr. Doom's blog and agree with his sentiments on gap years.

PJC74 · « **Reply #198 on:** March 19, 2019, 12:17:34 PM »

I'm throwing my hat in this cohort! I'll be 54 and my wife will be 50. We won't be spring chickens, but hopefully able bodied enough to knock off some bucket list items and stay active :)

More details to follow, but we plan to have the house paid off in 2027 and have 2 mil in investments by the time we retire.

DeskJockey2028 · « **Reply #199 on:** March 19, 2019, 12:21:45 PM »

Welcome new members!

I think the main goal of this group is to help each other out - whether that's through a bit of anonymous companionship, some time killing or answering questions we each have.

For me, I lean heavier on the time killing bit right now - as I think I've got a good chunk of my overall planning done. Just gotta wait and see where I end up and what bumps in the road start looming.

News:

Author Topic: 2029 FIRE Cohort (Read 146888 times)