Author Topic: 2030 FIRE Cohort  (Read 50544 times)

Guava

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Re: 2030 FIRE Cohort
« Reply #300 on: April 27, 2018, 04:23:35 PM »
Well I am a borderline high risk pregnancy (will probably be high risk by my next appointment) which means I am  probably going to have to pay to do some more things around the house. I am only supposed to lift 5-10 lbs tops and no exercise or anything fun and productive. The good news is that I get to see lots of pictures of my little peanut and insurance has to cover the ultrasounds. My work is also very supportive and upper management offered to do all of my lifting since I work with physical parts that are heavy.

Even better, assuming I end up on bed rest at some point which is increasingly likely, I will get 100% of my pay for 10 weeks then 2/3 for the remainder. This has really helped my anxiety about spending so much money because I know I will still have a good income coming in.

After a bit of doubt, feeling good about 2030. Life throws things at you sometimes and you have to figure out how to see the bright side. I have a long time to make up for building a garage and paying someone to do drywall while I can't and for the extra medical bills. And the good thing is that even if I miss 2030 and land at 2035 I am still going to retire young an early. Re-reading this thread has helped me see all of this so thanks guys.

Lucky Recardito

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Re: 2030 FIRE Cohort
« Reply #301 on: April 28, 2018, 01:36:10 PM »
Well I am a borderline high risk pregnancy (will probably be high risk by my next appointment) which means I am  probably going to have to pay to do some more things around the house. I am only supposed to lift 5-10 lbs tops and no exercise or anything fun and productive.

This is 100% reasonable, 100% temporary, and just a blip on the radar. All the positive spins in your post are the right spins; don't feel bad about hiring in help right now, even for a second! (And here's hoping your health stays as good as it can during this time!)

rebel_quietude

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Re: 2030 FIRE Cohort
« Reply #302 on: April 29, 2018, 03:00:13 AM »

After a bit of doubt, feeling good about 2030. Life throws things at you sometimes and you have to figure out how to see the bright side. I have a long time to make up for building a garage and paying someone to do drywall while I can't and for the extra medical bills. And the good thing is that even if I miss 2030 and land at 2035 I am still going to retire young an early. Re-reading this thread has helped me see all of this so thanks guys.

Delayed retirement because of med expenses: A few thousand.
A beloved child to give you grandbabies to spoil with affection when you're 80: Priceless.

Excited for you, Guava. Good luck and good health!

HappierAtHome

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Re: 2030 FIRE Cohort
« Reply #303 on: April 29, 2018, 04:19:51 AM »
Congratulations @Guava on your pregnancy. This is what money is for! I had hyperemesis during pregnancy (on "couch rest" pretty much the whole pregnancy) and it was great not to have to worry about money at all during that time.

LWTG

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Re: 2030 FIRE Cohort
« Reply #304 on: April 30, 2018, 06:03:12 AM »
Looking to join in on this long journey.

I am 31, married, two young kids.

Wife works at home part time for family business, I work for state of CA. We are looking at me quitting my job in 10 years, so 2028-2030 is our target. As many of you, I’m sure the next few years will help firm up that date.

10 years would put me at 41 with a 13, 11 yo boys.

We’re in kind of a unique situation and not trying to screw it up. We were gifted several paid for rental properties when we got married. We have since purchased two more and enjoy it. We will be looking at going into rentals “full time” when I quit my job at 41. We will probably look at doing 1-2 house flips a year as well since I can do most of the work and hope to impart some good work ethics on our children.

Our goals:

Max out backdoor ROTH IRAS EACH YEAR

Pay off house by 2020 (I know many are against this, I understand why. For us 5 years to clear that debt is worth it). Probably worth mid $400k right now.

2020 start traveling as a family 4-6 weeks a year, looking to do maybe a month long stay some place each year.

Starting 2020 after house is paid off, we will put the extra large lump sums 50% into 401k or 457 (Roth or traditional not sure yet) and the other 50% into a fund for real estate purchases once I quit my job.

Look into starting our own non profit for giving and charity.

Once house is paid off that money will fill up car replacement funds, maybe raise our personal emergency fund, then be used for travel expenses.

Welcome Livethedream!!

I bolded your line about the house flips, I would LOVE to do something like that for part time work and to teach my kids about working as well. Could also help them put together some college money. I'm a professional remodeler and know how to do most of the work myself. My hang up has been trying to figure out how to get the money together, seems like cash is the best/easiest way but saving cash seems contradictory to the 30% tax savings and growth potential of saving into 403/457 accounts.

How were you thinking of funding the flips?

Love the 4-6 week travel idea as well! My wife is a teacher and I'll be self employed (working with Father now, but set to take over when he retires) so we hope to do similar with the flexible time in the Summers. Looking to take our first 4 week family trip next Summer 2019 actually to celebrate our 15th wedding anniversary :)

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I want to come in here to share a net worth win. I try to calculate our net worth twice a year, once in October and once in April. I missed last October but I had encouraging news from 4/2017 to 4/2018... our net worth increased $57,800 (from $109,100 to $166,900). By all calculations, I think we're on track for a comfy retirement by 2030. Waiting somewhat impatiently for our two boys to get out of $$$ daycare so we can really start seeing the needle move :)

Nice job on the NW growth!! We did the full/part time SAHP route so didn't have too much daycare costs but instead had a big income reduction. My youngest finally started kindergarten this past Fall and getting back to work has really helped get things moving. You'll get there soon and then wonder how they are getting so big!

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Welcome Lucky recaridto as well!

Nice to see some chatter from those of us on the slow and steady track :)

May 22, 2013 was when I finished reading the MMM archives (up to that point) and calculated my NW for the first time. May do a 5 year summary later this month.

Keep on keeping on 2030ers  !!
Consumer debt free by 40 - $44,900 and 29 months to go!

MrOnyx

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Re: 2030 FIRE Cohort
« Reply #305 on: April 30, 2018, 06:33:43 AM »
I jokingly said to my dad a little while ago that 35 would be my age target and, as it happens, that would make 2030 my FIRE cohort year.

However, I made that comment a little bit before realising that a lot of MMM's optimism comes from the very large American salaries that we just don't have in the UK quite as readily. At least not in myself personally. I just graduated uni with some non-urgent British student debt. I've got a few years ahead of me where I can probably save close to 90-100% of my sub-£20k job and throw it into a Vanguard LifeStrategy fund (or something similar on the UK Vanguard service) before I'll have to look at moving out, at which point my expenses will climb quite a bit (hopefully my salary will too, by that point!) I say it a lot; I'm glad to have had that light switch flicked on so early, but I'm a bit daunted now by the lower incomes here. I think I can still do it. I'm determined.

I'm leaving this post here such that maybe I can come back some day and say, "Hey, I actually will/did make it into the 2030 cohort!"

It may be a bit of an optimistic goal, especially with this revelation in mind, but I have crossed fingers, and a head topped up with frugality as a core mindset going forward. Let's do it!

Anatidae V

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Re: 2030 FIRE Cohort
« Reply #306 on: April 30, 2018, 06:45:27 AM »
MrOnyx, even if you don't hit 35/2030, you're still going to do so much better than average! That can be hard to remember floating around the forum.

We passed 1/4 of a million in net worth! I like how it sounds of I compare our net worth to 1 million instead of just "$250k". Of course, we've bought a house ($630k) so a lot of our with is tied up now, but it's pretty damn exciting regardless!

I've really enjoyed reading everyone's successes and life updates :)

MrOnyx

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Re: 2030 FIRE Cohort
« Reply #307 on: May 01, 2018, 07:13:10 AM »
Congrats, @Anatidae V! And thanks for the positivity.

It's probably best to enjoy the journey and for now, not worry too much about the details of the destination. There are those that like to calculate everything in advance to a perfect science - considering every possible bump in the road and factoring that in to their master equation. While I respect that not everyone is the same as me, I think it's important not to get too hung up on that sort of thing if doing so takes you out of the here and now.

This isn't directed at anyone in particular, and it's not as though I read a specific post in this thread that caused me to write all of this. I just carried on from the positive vibe, started typing and it all kinda came out!

Enjoy the ride, guys! Dream of the future, but don't analyse it any more than you have to/are comfortable doing. :)

LWTG

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Re: 2030 FIRE Cohort
« Reply #308 on: May 01, 2018, 08:21:30 PM »
We passed 1/4 of a million in net worth! I like how it sounds of I compare our net worth to 1 million instead of just "$250k". Of course, we've bought a house ($630k) so a lot of our with is tied up now, but it's pretty damn exciting regardless!

WooHoo, congrats!!!

QTR mill does have a nice ring to it :)  It's kind of like after you hit $100K that seems like the next exciting milestone, not that you don't have to go through $150 and $200 to get there but it sort of seems like $250 is the next big one.
Consumer debt free by 40 - $44,900 and 29 months to go!

haypug16

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Re: 2030 FIRE Cohort
« Reply #309 on: May 15, 2018, 09:25:35 AM »
Up to 1.28x expenses as of today. I increased my 401K to 8% this month and will increase again next month probably to 10% and see how that goes. Goal for the end of the year is to hit 2x expenses. I've got a ways to go but I think I can do it.

MrOnyx

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Re: 2030 FIRE Cohort
« Reply #310 on: May 15, 2018, 09:28:38 AM »
Up to 1.28x expenses as of today. I increased my 401K to 8% this month and will increase again next month probably to 10% and see how that goes. Goal for the end of the year is to hit 2x expenses. I've got a ways to go but I think I can do it.

That's great! You're done then, right? You're independent! Any extra is a safety margin, which I guess is what you're going for. That or luxury, but I'll let you answer that (or not)! :D

Anecdotally, the case studies I've read (on MMM) say that your expenses drop after you retire. If that's the case, you're doubly done, right? I'm hoping someone more experienced might chime in in case I'm missing something.

haypug16

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Re: 2030 FIRE Cohort
« Reply #311 on: May 15, 2018, 09:41:23 AM »
Up to 1.28x expenses as of today. I increased my 401K to 8% this month and will increase again next month probably to 10% and see how that goes. Goal for the end of the year is to hit 2x expenses. I've got a ways to go but I think I can do it.

That's great! You're done then, right? You're independent! Any extra is a safety margin, which I guess is what you're going for. That or luxury, but I'll let you answer that (or not)! :D

Anecdotally, the case studies I've read (on MMM) say that your expenses drop after you retire. If that's the case, you're doubly done, right? I'm hoping someone more experienced might chime in in case I'm missing something.

Nope not done I need 25x expenses to be done. I got a looooonnnng way to go.

MrOnyx

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Re: 2030 FIRE Cohort
« Reply #312 on: May 15, 2018, 09:51:39 AM »
Up to 1.28x expenses as of today. I increased my 401K to 8% this month and will increase again next month probably to 10% and see how that goes. Goal for the end of the year is to hit 2x expenses. I've got a ways to go but I think I can do it.

That's great! You're done then, right? You're independent! Any extra is a safety margin, which I guess is what you're going for. That or luxury, but I'll let you answer that (or not)! :D

Anecdotally, the case studies I've read (on MMM) say that your expenses drop after you retire. If that's the case, you're doubly done, right? I'm hoping someone more experienced might chime in in case I'm missing something.

Nope not done I need 25x expenses to be done. I got a looooonnnng way to go.


Right! I mistook what you meant. I thought you meant you had 1.28x expenses coming in as passive income from your investments. I'm with you now!

haypug16

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Re: 2030 FIRE Cohort
« Reply #313 on: May 15, 2018, 10:25:46 AM »
Up to 1.28x expenses as of today. I increased my 401K to 8% this month and will increase again next month probably to 10% and see how that goes. Goal for the end of the year is to hit 2x expenses. I've got a ways to go but I think I can do it.

That's great! You're done then, right? You're independent! Any extra is a safety margin, which I guess is what you're going for. That or luxury, but I'll let you answer that (or not)! :D

Anecdotally, the case studies I've read (on MMM) say that your expenses drop after you retire. If that's the case, you're doubly done, right? I'm hoping someone more experienced might chime in in case I'm missing something.

Nope not done I need 25x expenses to be done. I got a looooonnnng way to go.


Right! I mistook what you meant. I thought you meant you had 1.28x expenses coming in as passive income from your investments. I'm with you now!

I wish! If that were the case I would be jumping into the 2018 FIRE Cohort. :)

LWTG

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Re: 2030 FIRE Cohort
« Reply #314 on: May 15, 2018, 10:18:20 PM »
We passed 1/4 of a million in net worth! I like how it sounds of I compare our net worth to 1 million instead of just "$250k". Of course, we've bought a house ($630k) so a lot of our with is tied up now, but it's pretty damn exciting regardless!

WooHoo, congrats!!!

QTR mill does have a nice ring to it :)  It's kind of like after you hit $100K that seems like the next exciting milestone, not that you don't have to go through $150 and $200 to get there but it sort of seems like $250 is the next big one.

Chuckled and thought of this thread when I logged onto Mint this morning. Hit $125K almost exactly so I'm at an eighth of a million, lol :) Half way to the next big milestone.
Consumer debt free by 40 - $44,900 and 29 months to go!

Anatidae V

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Re: 2030 FIRE Cohort
« Reply #315 on: May 16, 2018, 06:27:20 AM »
We passed 1/4 of a million in net worth! I like how it sounds of I compare our net worth to 1 million instead of just "$250k". Of course, we've bought a house ($630k) so a lot of our with is tied up now, but it's pretty damn exciting regardless!

WooHoo, congrats!!!

QTR mill does have a nice ring to it :)  It's kind of like after you hit $100K that seems like the next exciting milestone, not that you don't have to go through $150 and $200 to get there but it sort of seems like $250 is the next big one.

Chuckled and thought of this thread when I logged onto Mint this morning. Hit $125K almost exactly so I'm at an eighth of a million, lol :) Half way to the next big milestone.
Woohoo and high five for an eighth of a million! ;)