2030 FIRE Cohort

[Lucky Recardito]

I enjoy hearing how others are doing! Here's my 2018 year-end review.

We ended 2018 with a net worth of $480,467. Notes on that number:

• I count our home equity in that number, but only in terms of how much of our mortgage we have actually paid off. (In other words, I don't bump up our net worth based off of an expected sale price or Zestimate, since we plan to keep our home in retirement. But our FI number includes either paying off the mortgage, or having enough in a sinking fund to do so, so keeping tabs on our mortgage matters!)
• On 1/1/2018, we were at $422,554. That's an increase of $57,913 over 12 months.
• This puts us about 20% of the way toward our goal FIRE net worth ($2.3-$2.4M -- yes, I know that's a higher goal than many others here. We are definitely in the "fat FIRE" category).
• My projections have us hitting FI in early 2032, which is a year I like well enough because it lets us pull the plug prior to age 50 (again, I know this is later than others' goals, but we're happy with this target at the moment). But we'll see if we can't reel that in to 2030 to officially match this cohort! Lots of time to go...

In terms of spending/saving...

• Overall, 43% of this year's income was spent; 38% was saved; 19% went to taxes (Federal, State, and Medicare/SS).
• Setting aside the tax portion and looking only at the spending & savings numbers, we hit a savings rate of 46%. Our goal is 50%... the piece that threw off the plan was needing to replace our (only) car mid-year. Alas!
• Our biggest spending categories were mortgage interest (we own a multi-unit property in a HCOL area, so that's not going to change soon), home improvement (we bought our home 2 years ago, and are probably about halfway through our to-do list... probably another couple of years of spending at this level before we ratchet this way down), and the nefariously generic "personal spending" (already on the chopping block for a big haircut in 2019). But overall, our spending fell in our comfort zone (in terms of where the dollars went, and what value we got for them).
• To achieve that $58K increase in net worth (above), we pumped almost $86K into savings. Hahahahahah oof. Oh, well. We can thank the behavior of the markets in Q4 of 2018 for that. Everything looked so great until then!

Overall, the market drop-off at the end of the year has been a bummer (it's the first downturn since I've started tracking... and we had JUST crossed the half-million mark when the downturn started), but I'm mostly feeling chill about it. I'm learning that the mental game is a big part of the process! It's a bummer to drop money into the market all month only to end up with a lower balance when the dust settles... but so far I've been successful at quelling this feeling with the ol' "buying at a discount" mantra. We're not making any changes to our investment strategy for the year to come... full steam ahead, and we'll ride the waves!

2019 will bring some changes for us, as we have a baby due in April. That means some medical bills, increased expenses overall to support another human (though we'll of course try to keep those reasonable), the start of a hefty daycare expense late in 2019, and an income drop (as there will be some unpaid time away from work after the baby arrives). I expect us to have a dip in savings for the next couple of years (infant daycare in our area is ~$2k/mo... we'll be able to offset some of that with a decreased tax burden, but certainly not all of it), but we're excited for the year ahead!

[Mgmny]

I'm stealing Haypug's post:

Year End Update

X= Yearly Expenses
2017 - Stache at 1x   $50,000 - Ending Balance $217,000
2018 - Stache at 2x   $100,000 - Ending Balance $314,000 = 6.3x expenses
2019 - Stache at 2.5x   
2020 - Stache at 4x   
2021 - Stache at 6x    
2022 - Stache at 8x   
2023 - Stache at 10x   
2024 - Stache at 12x   
2025 - Stache at 14x   
2026 - Stache at 16x   
2027 - Stache at 18x   
2028 - Stache at 20x   
2029 - Stache at 22x   
2030 - Retire by end of year with 25x yearly expense rate

We gave birth to our son in November 2018, and we'll see if my wife keeps working, and if so for how long. We are through 2021 in terms of numbers which puts us in a good position for 2030 (3 years ahead), but if she quits working, those multipliers will catch up fast!

My stache includes all net worth (equities, cash, and home equity) because my FIRE number assumes a mortgage payment, so my home equity could be cashed out for this purpose.

[brandon1827]

Hi everyone, I'm new to the MMM worldview, but have been devouring all the materials I can get my hands on to get up-to-speed. I'm also late to the game in terms of age; as I'm 43 and my wife is 41. We've been spenders virtually our entire time together (20 years) and are just waking up to the world of FI. I've been motivated to pay off debt for a long time and that's how I ended up here. With student loans, car loans, a mortgage, and some credit card debt...my whole focus has been on "how can I pay off this debt to free up more disposable income?", but now I'm realizing that my focus has been in the wrong place...so now I'm laser focused on becoming FI as soon as possible so that I can retire and enjoy life. With some preliminary data review, I believe that we can FIRE in 2030. I'll be 54-55 then...so not exactly fire-ing as young as most of you considering how late to the game we are. By then, my son will be graduated from high school and may be in college. My wife currently teaches at the private school my son attends, so we get a huge break on tuition. In 2030, she will be 52-53, but she could actually retire when my son graduates...which would put her at 50...leaving me to work for another few years.

I feel extremely lucky as I have a $100K+ salary, a nice 401K next egg built up, and a full, company-funded pension to rely on when I turn 62. So at this point, I'm really looking to pay off debt and build up enough money to quit working at 55 and to be able to bridge the gap from then until I can take my full pension 7 years later. The pension pays 80% of my salary at the time of my retirement, per year, for life. So if I retire at 55 with the salary I currently make and I choose the annuity, I will get paid $80,000/year from 62 until I die. I also currently have around $200K in my 401K...which I could potentially take at 55 to live on (in addition to savings) until my pension kicks in. I can take the pension earlier...but my annual payout would be significantly less than if I wait until 62. I can also take a lump sum payout of the pension, or take a 1/2 lump sum and 1/2 annuity...so I have options.

Our short-term focus will be on paying off debt and looking to save to fund our son's potential college expenses. We are starting a debt payoff plan this month that I'm extremely excited about...that I hope will have us debt-free with the exception of our mortgage and monthly living expenses by 2021 or sooner. It's an aggressive goal, but with our combined salaries, we should be able to handle it without too much teeth grinding unless something major and unforeseen occurs. After that it will be aggressively saving and potentially investing. After that...my hope is that things are going so well that I can actually FIRE before 2030.

I'm excited to finally be awake and to be a part of this group. I'm excited to possibly FIRE several years before I thought it would be possible. I'm also excited to follow your journeys here as we all work toward our goals.

[dreadmoose]

Hi everyone.

Hi brandon1827 and welcome to the fold. You'll find a lot of people in your situation around here as well so hopefully the forum can help you achieve your goals.

[aceyou]

Hi everyone, I'm new to the MMM worldview, but have been devouring all the materials I can get my hands on to get up-to-speed. I'm also late to the game in terms of age; as I'm 43 and my wife is 41. We've been spenders virtually our entire time together (20 years) and are just waking up to the world of FI. I've been motivated to pay off debt for a long time and that's how I ended up here. With student loans, car loans, a mortgage, and some credit card debt...my whole focus has been on "how can I pay off this debt to free up more disposable income?", but now I'm realizing that my focus has been in the wrong place...so now I'm laser focused on becoming FI as soon as possible so that I can retire and enjoy life. With some preliminary data review, I believe that we can FIRE in 2030. I'll be 54-55 then...so not exactly fire-ing as young as most of you considering how late to the game we are. By then, my son will be graduated from high school and may be in college. My wife currently teaches at the private school my son attends, so we get a huge break on tuition. In 2030, she will be 52-53, but she could actually retire when my son graduates...which would put her at 50...leaving me to work for another few years.

I feel extremely lucky as I have a $100K+ salary, a nice 401K next egg built up, and a full, company-funded pension to rely on when I turn 62. So at this point, I'm really looking to pay off debt and build up enough money to quit working at 55 and to be able to bridge the gap from then until I can take my full pension 7 years later. The pension pays 80% of my salary at the time of my retirement, per year, for life. So if I retire at 55 with the salary I currently make and I choose the annuity, I will get paid $80,000/year from 62 until I die. I also currently have around $200K in my 401K...which I could potentially take at 55 to live on (in addition to savings) until my pension kicks in. I can take the pension earlier...but my annual payout would be significantly less than if I wait until 62. I can also take a lump sum payout of the pension, or take a 1/2 lump sum and 1/2 annuity...so I have options.

Our short-term focus will be on paying off debt and looking to save to fund our son's potential college expenses. We are starting a debt payoff plan this month that I'm extremely excited about...that I hope will have us debt-free with the exception of our mortgage and monthly living expenses by 2021 or sooner. It's an aggressive goal, but with our combined salaries, we should be able to handle it without too much teeth grinding unless something major and unforeseen occurs. After that it will be aggressively saving and potentially investing. After that...my hope is that things are going so well that I can actually FIRE before 2030.

I'm excited to finally be awake and to be a part of this group. I'm excited to possibly FIRE several years before I thought it would be possible. I'm also excited to follow your journeys here as we all work toward our goals.

Welcome!!!!!

[Steeze]

Welcome Brandon!

 Sounds like you are well on your way. The pension situation is great, wish I could convince my employer that was a good idea! Hah! Congrats on killing the debt. I paid back 100k in student loans over a 3 yr period by allocating 50% of my income to debt repayment. That discipline gave me the tools to really start saving quickly. I am just 1 year since hitting 0 net worth and 9 months since being debt free and, with my wife working now, have been able to maintain a 60%+ savings rate. Even inspired my parents to get out of debt. After being in debt for their entire marriage they are down to just the mortgage and have an emergency fund for the first time ever. In 18 months they killed two car payments, 2 furniture loans, and 7 credit cards using the avalanche method. They hadn’t tracked their income or spending or made a budget in over 20 years because it always caused a fight. If they can do it anyone can.

Best of luck on your journey!

[brandon1827]

Thanks dreadmoose, aceyou, & Steeze for the warm welcomes, much appreciated!

I am finding tons of useful information on the site so far and I love reading about everyone's stories/goals, and progress toward those goals.

Sounds like you're killing it Steeze! Where you are is where I hope to be in a couple of years. I've got $70k in student loans and my wife has $35k, we've been making payments for years on them, but unsurprisingly, the principal balances are not coming down very fast at all. I'm in awe that you have been able to allocate 50% of your income toward debt repayment...that's amazing! It's also amazing that you've been able to inspire others to better their own financial situation.

I'm extremely lucky to have the pension. I realize that nationwide pensions are quickly becoming a thing of the past. I work in the electric utility industry and we currently have a group of 160+ municipals and coops that work together to keep the pension plan solvent. Honestly, that pension is the one thing that has kept me in my current job when I could've most likely gotten a higher paying job elsewhere. My wife has also seriously talked about selling everything and pulling up stakes to move to Ireland. If not for that pension, I'd most likely be writing this from Galway, lol.

Great job on your debt payoff, it's awesome. Hopefully I can use you and others here as a model for my own journey to FI

[Evildunk99]

Joining the group!  I think some folks are on schedule to reach FIRE faster than 2030 based on the couple dozen posts I've read.  Anywho... both DH & I are 32 with no kids, and will be approximately 45 when we hope to hit our goal. 

Current annual expenses = $30k, FIRE goal:  $750k (25x expenses).
Current net worth = $190k
Current savings rate = 30% of my $68k income, will add in DH's income when student loans are cleared in ~3 years.

Accelerators: DH's grad school completion in 2019 (Nurse Practitioner), student loan payoff, rental property cash flow from current home, job changes/promotions.

Decelerators:  Future child expenses, home repairs, housing market unlikely to continue it's pace, inflation

[haypug16]

X= Yearly Expenses
2017 - Stache at 1.17x  - Ending Balance $29,448.59
2018 - Stache at 1.41x  - Ending Balance $35,167.30
2019 - Stache goal 2.5x  - Current balance $38,809.90 = 1.5x

Need another $25K by the end of the year to hit my goal. This is doable as I plan to contribute about $18k more into my 401k plus $5,500 into a Roth and then the rest will be up to the market.

[Slow&Steady]

I have not joined any of these cohorts because I feel like the future is so undetermined but I do think we will be at FI (if not RE) status right around 2030.  We do not currently have plans to FIRE until the kids are done with high school and potentially almost done with college. Since the youngest will turn 1 in March, that is actually 2036-2038.  Another road block in our FIRE plans is that DH has MS, so the health care/insurance concern is a more than an average size hurdle for us.  I am sure we will continually re-evaluate the FI but not RE plan above as the years go by.  For instance, if DH health no longer allows him to work it will take longer to reach these goals, or if we can figure out a way to lower expenses (mostly if healthcare becomes universal) the est. FIRE income can be decreased by 1/3, or maybe we can downsize and become debt free sooner, or ...

The est. FIRE income is based on the kids no longer being on the payroll, debt (including mortgage) being gone, and a very healthy chunk of money for healthcare (although you never really know if it will be enough).

X= Est. FIRE income
Jan 1 2018: 1.6x
Jan 1 2019: 1.8x
Jan 1 2020: 2.3x
Jan 1 2021: 3.1x
Jan 1 2022: 4x
Jan 1 2023: 5.4x
Jan 1 2024: 6.9x
Jan 1 2025: 8.9x
Jan 1 2026: 10.6x
Jan 1 2027: 12.8x
Jan 1 2028: 15.5x
Jan 1 2029: 18.4x
Jan 1 2030: 21.4x (DH/I will turn 48/47, youngest kid will turn 12)
Jan 1 2031: 24.8x

[AfricanMustache]

Hallo cohort.

We've been on the FIRE journey for about 1 year now and have picked most of the "low-hanging fruit" as far as
reducing expenses go and have managed to get our savings rate up to around the 30% mark.

I have been itching to get more mustachian and push the SR up to 50%. We bought our dream home a while back (before getting into the FIRE mindset) and the mortgage is capping our potential, but I am determined to be mustachian in every other aspect of our lives. We paid off both our cars in the last year and killed all debt other than the mortgage.

Recently I got inspired by the Frugalwoods Uber Frugal Month challenge and decided to try our own version of it, to see how low we can get our expenses and to get into a more mustachian mindset and way of living. So starting 1 March we will be brutal with expenses. I'm talking eating like when we were students, as little driving as humanly possible, no clothes buying, no entertainment, no sports, no eating out, etc.

My wife had always been more spendy than me but have also made huge progress in her mindset. When I suggested the frugal month to her she was so motivated that she said why not make it 2 months! Yikes. So we are embarking on a 2-month journey of living on as little as possible to see what we are capable of.

Has anyone else done something similar? Any tips will be appreciated! We are really hoping this will change our mindset on the value of every dollar and to get us out of the luxury living mindset we have gotten ourselves into over the years.

[brandon1827]

Hello and welcome!

Seems like you've got things headed in the right direction, so kudos!

I follow the Frugalwoods also, so I'm interested to hear how your 2-month experiment turns out. I would love to be able to do something similar, but my wife is the spendy one in our household and while she's on board with debt payoff and early retirement, she is not at all interested in going bare bones frugal. She wants to get to debt freedom like I do, but her time horizon is a bit different than mine, and she's not willing to sacrifice most of the things that I am. She does okay in several areas and could very easily be spending way more than she does, so I'm working on being thankful for that and for her willingness to entertain my ideas on cutting back and saving for the future. It's a little harder for her to buy-in because she has a couple of nice inheritances coming her way in the form of land and cash...so there is not a ton of incentive for her to "deprive" herself now when those windfalls will be coming eventually. She's also fully aware of how much we'll be getting from my pension and 401K, so there just isn't enough urgency in her mind to be truly worried about how we'll live once we retire.

Good luck to you and please keep us posted on your frugal challenge progress!

[AfricanMustache]

Thanks for the support Brandon. I'll keep everyone posted. It's going to be a challenge for sure.

It is difficult for my wife to adapt to frugality as well. We have two incomes and no kids so we haven't had to watch expenses too much, but I know we will have to increase our SR to get to FIRE (in 2030).

This will be an interesting experiment to see how much we value certain expense categories. I am reading Your Money or Your Life at the moment and really get the concept of not wasting "life energy".

[haypug16]

X= Yearly Expenses
2017 - Stache at 1.17x  - Ending Balance $29,448.59
2018 - Stache at 1.41x  - Ending Balance $35,167.30
2019 - Stache goal 2.5x  - Current balance $41,977.58 (1.68x expenses)

This year is going very well so far. My Retirement accounts have increased by $6,627.15 in 2 months. $2,700 from my contributions and $3,927.15 from the market. So I can't take all the credit but I am making my contributions and on track to max out 401K this year (first time ever) and I'll put some money aside for my Roth IRA as well. My year end goal of $62,500 is looking very much achievable. :)

[Slow&Steady]

I have not joined any of these cohorts because I feel like the future is so undetermined but I do think we will be at FI (if not RE) status right around 2030.  We do not currently have plans to FIRE until the kids are done with high school and potentially almost done with college. Since the youngest will turn 1 in March, that is actually 2036-2038.  Another road block in our FIRE plans is that DH has MS, so the health care/insurance concern is a more than an average size hurdle for us.  I am sure we will continually re-evaluate the FI but not RE plan above as the years go by.  For instance, if DH health no longer allows him to work it will take longer to reach these goals, or if we can figure out a way to lower expenses (mostly if healthcare becomes universal) the est. FIRE income can be decreased by 1/3, or maybe we can downsize and become debt free sooner, or ...

The est. FIRE income is based on the kids no longer being on the payroll, debt (including mortgage) being gone, and a very healthy chunk of money for healthcare (although you never really know if it will be enough).

X= Est. FIRE income
Jan 1 2018: 1.6x
Jan 1 2019: 1.8x
Jan 1 2020: 2.3x (2/28/19 = 2x!!)
Jan 1 2021: 3.1x
Jan 1 2022: 4x
Jan 1 2023: 5.4x
Jan 1 2024: 6.9x
Jan 1 2025: 8.9x
Jan 1 2026: 10.6x
Jan 1 2027: 12.8x
Jan 1 2028: 15.5x
Jan 1 2029: 18.4x
Jan 1 2030: 21.4x (DH/I will turn 48/47, youngest kid will turn 12)
Jan 1 2031: 24.8x

[aceyou]

February Net Worth Update:

Highlights:

• stache went over 300k for first time
• net worth not including pension went over half million for first time
• total net worth is very close to 700k

Roth IRA     $111,858
Trad IRA     $188,680
Stache Total    $300,538
Pensions    $193,294
Life Insurance    $15,472
House Equity    $150,375
Cars    $7,700
Cash    $26,843
   
Net Worth    $694,222
   
% of NW   
Stache   43.3
Pension   27.8
House Equity   21.7
Cash   3.9
Life Insurance   2.2
Car Value   1.1
Total   100
   
Increase     $19,810

[Eric222]

Hi!  Sign me up!  I'm at least in the 2030 FI cohort. :)  For now, I do enjoy working....

The house I'm buying this month will be paid off by then, my kids will be in college (which will have money already set aside for), and I can accumulate 25x expenses in 10 years. :)  2030 puts me at being 50 years old. 

My NW just passed zero and is currently at ~$80k.  After the home purchase, my NW excluding home equity will be about $0. 

Goal NW by 2030 is $2 million excluding kids' college funds and home equity. 

Game on!

[Mgmny]

February Net Worth Update:

Highlights:

• stache went over 300k for first time
• net worth not including pension went over half million for first time
• total net worth is very close to 700k

Roth IRA     $111,858
Trad IRA     $188,680
Stache Total    $300,538
Pensions    $193,294
Life Insurance    $15,472
House Equity    $150,375
Cars    $7,700
Cash    $26,843
   
Net Worth    $694,222
   
% of NW   
Stache   43.3
Pension   27.8
House Equity   21.7
Cash   3.9
Life Insurance   2.2
Car Value   1.1
Total   100
   
Increase     $19,810

Nice!! What is your FI number??

[aceyou]

Probably around 1.5 million, but regardless, my wife and I plan to go till 48. 

We'll probably ht 1.5 million around age 44-45, but if we go to 48 we each get lucrative pensions...might as well go for it unless our jobs start really sucking.  June 2031 is actually my FIRE date, but FI will likely be around 2027.

[Mgmny]

Probably around 1.5 million, but regardless, my wife and I plan to go till 48. 

We'll probably ht 1.5 million around age 44-45, but if we go to 48 we each get lucrative pensions...might as well go for it unless our jobs start really sucking.  June 2031 is actually my FIRE date, but FI will likely be around 2027.

Nice! At 35 now, you are probably pretty close to/already at your coast number for FI at 48. Looks like 300k at 7% for the next 13 years is $743k. If the rest of your assets stayed the same you'd have a NW of $1.1. That means in the next 13 years you'd just (ok it is a little more than i thought) need to build $400,000 equity in your home, life insurance, and pension. Perhaps that's possible - i don 't know what your home looks like, and I don't have a great grasp on how life insurance or pensions gain equity, but either way, you are sitting great!!!

Even if your life insurance, home, and pension don't gain a penny more more in equity over the next 13 years, it looks like you are basically one person maxing their 401k for the next 13 years to hit your NW goal of 1.5 at 7%!! That's awesome!

Congrats!!!

[terrifictim]

Hi All,

Joining this cohort as motivation. My case study (https://forum.mrmoneymustache.com/case-studies/case-study-29-and-a-recent-mmm-enthusiast-can-i-be-fire-by-40/) has more details so I'll just summarize below:

• I'm 30, DW is 28, No kids currently but planning on 1-2in next couple of years
• I'm an engineer, she's a teacher
• Assets are primary residence, rental property, and investments
• Liabilities are two mortgages + car loan

I like the X * Expenses Ratio approach. We are currently in the Don't Payoff Mortgage Club - but our expenses for FIRE will be without mortgage. Also made a reasonable assumption about cost of kids - we'll see how that turns out :)

X= Est. FIRE Stache (Comes from Personal Capital Projections)
Jan 1 2018: 3x
Jan 1 2019: 4x
Jan 1 2020: 5.7x
Jan 1 2021: 7.5x
Jan 1 2022: 10x
Jan 1 2023: 11.6x
Jan 1 2024: 13.3x
Jan 1 2025: 15x
Jan 1 2026: 16.6x
Jan 1 2027: 18.3x
Jan 1 2028: 20x
Jan 1 2029: 22x
Jan 1 2030: 23.7x
Jan 1 2031: 25.5x ( I will be 43, DW 41)

[mizzourah2006]

Probably around 1.5 million, but regardless, my wife and I plan to go till 48. 

We'll probably ht 1.5 million around age 44-45, but if we go to 48 we each get lucrative pensions...might as well go for it unless our jobs start really sucking.  June 2031 is actually my FIRE date, but FI will likely be around 2027.

I'm pretty much perfectly aligned with you. Wife and I will likely go until I'm atleast 48, possibly 50 because we'll be tied down with kids in HS. I'm 35 (wife is 33), we are also shooting for 1.5 for our FI #. According to Madfientists's laboratory with a 4% CAGR we should hit that by 2025 (42 & 40), but I'll believe it when I see it.

Obviously a lot could change, but I currently really like my job, work remotely, so I get to see the kids off to daycare each day and I'm home when they get home, etc.

Cool to see another person on basically the exact same path though.

[aceyou]

Probably around 1.5 million, but regardless, my wife and I plan to go till 48. 

We'll probably ht 1.5 million around age 44-45, but if we go to 48 we each get lucrative pensions...might as well go for it unless our jobs start really sucking.  June 2031 is actually my FIRE date, but FI will likely be around 2027.

Nice! At 35 now, you are probably pretty close to/already at your coast number for FI at 48. Looks like 300k at 7% for the next 13 years is $743k. If the rest of your assets stayed the same you'd have a NW of $1.1. That means in the next 13 years you'd just (ok it is a little more than i thought) need to build $400,000 equity in your home, life insurance, and pension. Perhaps that's possible - i don 't know what your home looks like, and I don't have a great grasp on how life insurance or pensions gain equity, but either way, you are sitting great!!!

Even if your life insurance, home, and pension don't gain a penny more more in equity over the next 13 years, it looks like you are basically one person maxing their 401k for the next 13 years to hit your NW goal of 1.5 at 7%!! That's awesome!

Congrats!!!

Pretty much.  However, both my wife and I have different reasons to still invest aggressively in the meantime. 

For my wife, she's far more cautious.  The 4% rule wouldn't make her sleep well enough, so she'd just be happier with a bigger stach.

For me, I look at how fast the world is changing.  I mean, I'm 35.  In fifty years it'll be 2019+50 = 2069 and statistically my wife and I are quite likely to still be alive.  But the world is going to look COMPLETELY DIFFERENT.  I'm completely confident the 4% rule will get us though life as we know it, but an extra few million decades from now might buy some truly mind-blowing stuff:)   Stuff that could very well change your entire standard of living, and transform both the quality AND quantity of life.  Or maybe not, who the hell knows.  But if that stuff does exist, I don't know how much it will cost, and I figure more money is better than less.  I'm not into fancy cars or houses, but if there's a way I can pay to drastically improve my health in ways we can't even imagine, then yeah, I'm going to want it. 

So most likely, for our own different reasons, we'll probably just keep at it with a 50-60% savings rate.  We're already really happy living off less, so why not just keep at it. 

[aceyou]

Probably around 1.5 million, but regardless, my wife and I plan to go till 48. 

We'll probably ht 1.5 million around age 44-45, but if we go to 48 we each get lucrative pensions...might as well go for it unless our jobs start really sucking.  June 2031 is actually my FIRE date, but FI will likely be around 2027.

I'm pretty much perfectly aligned with you. Wife and I will likely go until I'm atleast 48, possibly 50 because we'll be tied down with kids in HS. I'm 35 (wife is 33), we are also shooting for 1.5 for our FI #. According to Madfientists's laboratory with a 4% CAGR we should hit that by 2025 (42 & 40), but I'll believe it when I see it.

Obviously a lot could change, but I currently really like my job, work remotely, so I get to see the kids off to daycare each day and I'm home when they get home, etc.

Cool to see another person on basically the exact same path though.

Yeah, that resonates.  Same thing with me being with the kids.  As a teacher, our schedules align PERFECTLY.  For most of the next 15 years, If I'm working, they are in school, and when they're out of school, so is dad:)  Love it. 

[Steeze]

Just realized I now have more invested than I spent on college. Now the most expensive thing I ever bought is my portfolio. Feels good. At least until the new house closes. Will be a while until I beat that one. Small victories.

[BeautifulDay]

I forgot to post my January numbers. Oops.
But, I was slightly ahead of my estimated number even with the down market. Woohoo.
I really want to move my retirement number to 2030, or better still, earlier than that.

As of January 1st  — estimates in black and actual numbers in blue
2017 - 1.26x
2018 - 2.17x
2019 - 2.86x -2.94x
2020 - 3.77x
2021 - 4.85x
2022 - 6.01x
2023 - 7.25x
2024 - 8.57x
2025 - 10.00x
2026 - 11.52x
2027 - 13.18x
2028 - 14.95x
2029 - 16.84x
2030 - 18.87x
2031 - 21.05x
2032 - 23.38x
2033 - 25.87x

[BruceWayne]

2030 is my current best guess.  I'm in.

[letsdoit]

currently at appx 11x spending , not including equity

[haypug16]

Q1 2019 update
X= Yearly Expenses
2017 - Stache at 1.17x  - Ending Balance $29,448.59
2018 - Stache at 1.41x  - Ending Balance $35,167.30
2019 - Stache goal 2.5x  - Current balance $44,014.27 (1.76x expenses)

I got about $18K left to save this year.

2,637 working days left

[Mgmny]

Q1 2019 update
X= Yearly Expenses
2017 - Stache at 1.17x  - Ending Balance $29,448.59
2018 - Stache at 1.41x  - Ending Balance $35,167.30
2019 - Stache goal 2.5x  - Current balance $44,014.27 (1.76x expenses)

I got about $18K left to save this year.

2,637 working days left

Now THAT'S some frugality for living in Boston!!

[haypug16]

Now THAT'S some frugality for living in Boston!!

Thanks, I'm very fortunate that Mr Pug bought a house right after the crash so our mortgage is extremely low. If we were paying rent or "typical" mortgage amounts for the area I would have to add about $10K to my annual expense number.

[x02947]

Well, I feel kind of silly.  I’ve been using the basic annual interest formula (present value*1.06) in my spreadsheet as opposed to the proper PERT formula.  It doesn’t really make a difference until my stash is several years post FIRE, it’s just mostly an embarrassment to me. 

In other news, I’ve taken 3 weeks off work out of the past 4… it’s been amazing.  Got some good time in with the little ones, got the house cleaned up, and tackled a few things on the laundry list of home maintenance tasks that I never seem to have time for.  Back to the grindstone now, though. 

Been doing a lot of thinking lately and sometime in the next year or so I will probably try to drop part time for a couple years while the kids are still young.  It will obviously affect FIRE date, but I would be willing to make that trade off (I actually enjoy my job).  Health insurance premiums would rise on a sliding scale, so I can’t quite go as low as I initially thought, but with a little bit more prudence I could do 25 hrs/week and still save ~10%.  Even if I only did, say, 32 hrs/week that would be nice.  They would still accrue as years to my pension as a ratio.  Literally no one in this organization does part time, however, so it would be a bit of a battle.   

[haypug16]

x02947, I have been thinking about going part-time in the next 5 years or so. Maybe to 4 days a week. If I can continue to keep expenses at the same level and get a few good raises then I'm hoping it doesn't change my FIRE date.

[FireHiker]

Checking in here for the first time in awhile. It looks like I may be jumping to the 2025 Cohort! We have made the decision to downsize our giant house to a more modest townhome. We're in escrow on the purchase and preparing to list our current house. Our updated calculations show that it means we could retire in-place by the end of 2025, shaving 5 years off of our current retire and downsize plan. A handful of things will have to fall our way, but it looks reasonably likely at this point. I won't make the jump to the 2025 group until we've closed on both houses, but I'm excited!!!

[A Fella from Stella]

In 2030 I'll be 48 and will exercise early retirement from the government. Can't draw my pension until I'm 60, but plan to teach still. Plus, my kids will be 18 and over, and we'll have $0 debt.

[Road2Freedom]

Setting this as our goal, but may be a stretch as Personal Capital says we have a 52% chance of our portfolio supporting our goals.  Also likely in for a rough patch at end of year due to wife's position being moved overseas.  She'll receive a severance and there's still a chance she may be kept on.  Until then, we'll keep on keepin' on.

Age: 42 (me) & 45 (DW)

Net worth: $482,632 (includes $30,342 that is in a 529 and other investments for our son who is 16)
Rollover IRAs: $120,969 (me) and $44,329 (DW)
Mutual Funds: $40,343
Roth IRA: $42,826 (me)
401Ks: $31,506 (me) and $118,387 (DW)
Cash: $54,224 (checking/savings - fluctuates quite a bit as one can expect)
529 & other college funds for our son who is 16:  $30,342

We have no debt and currently rent (long story short is we plan on moving after our son finishes HS in 2019).

NW - 521,381.

Figure I would do a quick update.  Won't break out the numbers, but can say that I maxed out my Roth IRA earlier this week and also bumped up our 401Ks to 20% (DW) and 25% (me) since finding the FI community back in May.

DW has also been extended to March and there's a possibility she may be kept on as the move overseas hasn't gone well.   Negative is they were acquired by a new company and health insurance is not as good and also more expensive.  May have to adjust 401K contributions in order to put money into a HSA.  Must say we were fortunate to have incredible insurance for so many years.

NW - $558,000.  Market's hot start to the year has really helped out.  Personal Capital shows an increase of slightly over $19,000 since Jan 1. 

Still figuring out how much of an impact having high deductible health insurance will have this year.

First, the bad...
So getting a big taste of having a HDHP and crazy to see what they bill you.  Ended up breaking a finger on my left hand (surgery) and fracturing my right wrist a couple weeks ago.  Talk about fun times.  At least the right hand is in a brace and should heal on its own.  Looks like I've hit my $4K deductible (plan started Jul 1) and will likely hit the individual out of pocket ($6850) soon.  Paid the hospital almost $3200 and just found out today that they overcharged me by almost $900 so get to chase that refund down next week.

And the good:
Wife ended up losing her job in May, got a decent severance (7 months), and started a new job earlier this month.  She has to commute now, so she's getting used to that, but she is actually making more money.  I set her 401K to 30% (max they allow) to try and stuff as much away as possible.  Plan is to also move closer to where we work after our son graduates next year.  Homes and taxes are definitely higher, but hope that will offset the time and money gained by having a shorter commute.

I'm in a 100% commission (recoverable draw) role and hit a pretty nice run this spring/summer that will end up being my best year to date.  That run, and the money that's finally starting to come in, will put me close to maxing my 401K at the end of the month.  Have never done that before and will try to add money to maximize paying for the medical bills.  I wish they would allow you to pick an amount so you could hit the number on the nose, but they only allow full percentages.

Finding the FIRE community last year has been great.  Helped me focus even more on saving for retirement and identifying cost saving opportunities.  Such a wealth of information on there.

Happy New Year to everyone on here!

Haven't updated this in a while and figured I'll at least try to do it annually.  I don't have an accurate snapshot on Personal Capital since I deleted an old 401K in mid-Jan.  Had my best year, from an income perspective, but also had to pay for some medical expenses and other dumb costly items.  Rough end of the year with the market resulted in investment accounts dropping $57,844 in the last 90 days.

Ended up switching investment accounts to 100% equities since we have a large cash balance.  Haven't decided if we're buying a home this year or will continue renting.  Definitely pro's/con's with our son graduating HS this spring.  He's going to a local college and will live at home for at least the first year.  I explained to him what we have put aside for college, so he understands living at home the first year will help stretch the money.  He'll also receive the Hope or Zell Miller scholarship in GA so that will help cover most of the tuition.

Net worth: $581,483 (includes $32,479 that is in a 529 and other investments for our son)
Rollover IRAs: $122,555 (me) and $44,930 (DW)
Taxable account (Fidelity S&P index): $43,240
Roth IRA: $47,409 (me)
401Ks: $57,684 (me), $136,501 (DW - old 401K - haven't done anything with it), and $5,242 (DW new 401K - started new job in mid-Aug)
Cash: $87,199 checking/savings - fluctuates quite a bit as one can expect)
HSA:  $3,921 (me) and $1,320 (DW)

We have no debt and currently rent.

Official 2-year MMM post - $718,043.  Doesn't seem like it's been that long and glad I decided to search "Early retirement" one weekend.  I've learned a lot on here and via other podcasts / blogs I read.

[Guava]

Hey everyone! It has been a long time since I have been around - had my little dude (early of course) and time has just flown by! We have made some big changes that will definitely delay our FIRE but are great positives for our family right now. My DH quit his job to become a full time SAHD! It's the best thing ever and of course our saving habits enabled us to do this!

We spent a ton of money last year on our out building and are still spending some on it this year too as we get the interior insulated and finished. We ended up buying a newer vehicle since the carseat never would fit in my car. Here is a quick mid 2019 update!

Cash: $37k
Retirement: $247k
Home equity: $76k
Other real estate equity: $46k

With a small car and equity loan our net worth is sitting around $391k.

I haven't updated this in awhile so with a target stash of $1,350,000 (a healthy buffer built in for kids and whatnot) and investments and cash only: I am at 5.5x!

2017 - Stache at 1x
2018 - Stache at 2x
2019 - Stache at 3x
2020 - Stache at 4.5x
2021 - Stache at 6x
2022 - Stache at 8x
2023 - Stache at 10x
2024 - Stache at 12x
2025 - Stache at 14x
2026 - Stache at 16x
2027 - Stache at 18x
2028 - Stache at 20x
2029 - Stache at 22x
2030 - Stache at 25x

I am pretty excited to still feel ahead of the game even though so much has changed. Although I am sure the growth is slowing as we add more mouths to feed and have less income - I wouldn't change a thing :)

[Mgmny]

I'm stealing Haypug's post:

Year End Update

X= Yearly Expenses
2017 - Stache at 1x   $50,000 - Ending Balance $217,000
2018 - Stache at 2x   $100,000 - Ending Balance $314,000 = 6.3x expenses
2019 - Stache at 2.5x   $150,000
2020 - Stache at 4x   $200,000
2021 - Stache at 6x  $300,000    
2022 - Stache at 8x   $400,000
2023 - Stache at 10x   $500,000
2024 - Stache at 12x   $600,000
2025 - Stache at 14x   $700,000
2026 - Stache at 16x   $800,000
2027 - Stache at 18x   $900,000
2028 - Stache at 20x   $1,000,000
2029 - Stache at 22x   $1,100,000
2030 - Retire by end of year with 25x yearly expense rate $1,250,000

We gave birth to our son in November 2018, and we'll see if my wife keeps working, and if so for how long. We are through 2021 in terms of numbers which puts us in a good position for 2030 (3 years ahead), but if she quits working, those multipliers will catch up fast!

My stache includes all net worth (equities, cash, and home equity) because my FIRE number assumes a mortgage payment, so my home equity could be cashed out for this purpose.

Just sold our house and got a bit more than we thought we would for it, so updating my numbers as a "Mid Year" mark because we crossed off another year (trending past 2022).

Rough numbers:
Retirement / Investment: $200,000
Real Estate: $170,000k
Cash/Savings/Emergency: $35,000

Mid-Year End Update

X= Yearly Expenses
2017 - Stache at 1x   $50,000 - Ending Balance $217,000
2018 - Stache at 2x   $100,000 - Ending Balance $314,000 = 6.3x expenses
2019 - Stache at 2.5x   $150,000
2020 - Stache at 4x   $200,000
2021 - Stache at 6x  $300,000
2022 - Stache at 8x   $400,000
2023 - Stache at 10x   $500,000
2024 - Stache at 12x   $600,000
2025 - Stache at 14x   $700,000
2026 - Stache at 16x   $800,000
2027 - Stache at 18x   $900,000
2028 - Stache at 20x   $1,000,000
2029 - Stache at 22x   $1,100,000
2030 - Retire by end of year with 25x yearly expense rate $1,250,000

[coffeefueled]

I think we're in for 2028-2030. We're aiming for 1.2m. I think I'd be comfortable with a thinner FIRE budget, but we would need to move from our HCOL area when we retire to go mortgage free. We're getting a late start on the plan (36 & 40), just got married, and want to start a family in the next year so there's a lot of unknowns to how our saving will change over the next 10 years.

We're at little over 8X right now. We're planning to save my entire income between now and having kids to test out whether we can afford for me to be a SAHM.
My current calculation is that putting our savings on coast by only maxing out his 401k/IRA we should still be able to hit the 2030 goal. I'm hoping we'll be able to save a lot more than that even on one income, but he's brand new to the FIRE idea and still pretty excited that 10 years is possible.

Did anyone else change to one income? Did it change your ER plans a lot?

[Guava]

@coffeefueled we changed to one income at the start of 2019. It is definitely slowing down FIRE because we lost a chunk of income but when we add more kids to the mix it will be cheaper than daycare.

[Mgmny]

We're likely dropping to 1 income around this time or maybe a little later in 2020... My wife wants to be a SAHM, and it will just make more sense for her to pursue that once we have 2 little ones.

[A Fella from Stella]

I think we're in for 2028-2030. We're aiming for 1.2m. I think I'd be comfortable with a thinner FIRE budget, but we would need to move from our HCOL area when we retire to go mortgage free. We're getting a late start on the plan (36 & 40), just got married, and want to start a family in the next year so there's a lot of unknowns to how our saving will change over the next 10 years.

We're at little over 8X right now. We're planning to save my entire income between now and having kids to test out whether we can afford for me to be a SAHM.
My current calculation is that putting our savings on coast by only maxing out his 401k/IRA we should still be able to hit the 2030 goal. I'm hoping we'll be able to save a lot more than that even on one income, but he's brand new to the FIRE idea and still pretty excited that 10 years is possible.

Did anyone else change to one income? Did it change your ER plans a lot?

You're doing a really terrific job. My wife and I have changed between who was home, but only recently became a dedicated career-oriented couple, and it's specifically because we want to FIRE in 10-12 years.

I personally hate working like I do, and am miserable. The worst part is that I have it pretty good, and have interviewed for some highly desirable positions that when I get them, I'll also hate.

[AfricanMustache]

I think we're in for 2028-2030. We're aiming for 1.2m. I think I'd be comfortable with a thinner FIRE budget, but we would need to move from our HCOL area when we retire to go mortgage free. We're getting a late start on the plan (36 & 40), just got married, and want to start a family in the next year so there's a lot of unknowns to how our saving will change over the next 10 years.

We're at little over 8X right now. We're planning to save my entire income between now and having kids to test out whether we can afford for me to be a SAHM.
My current calculation is that putting our savings on coast by only maxing out his 401k/IRA we should still be able to hit the 2030 goal. I'm hoping we'll be able to save a lot more than that even on one income, but he's brand new to the FIRE idea and still pretty excited that 10 years is possible.

Did anyone else change to one income? Did it change your ER plans a lot?

We changed to single-income about two months ago, in order for my wife to study full-time. I assumed it would delay our FIRE significantly but actually with the lifestyle changes we made we seem to be putting away much the same. Granted she was only making about 1/5th of our total income.

The change in our lives and happiness levels since have been truly huge though. Best decision we ever made. And doing it to SAHP would probably be 10 times more rewarding still.

[haypug16]

Q2 2019 update
X= Yearly Expenses
2017 - Stache at 1.17x  - Ending Balance $29,448.59
2018 - Stache at 1.41x  - Ending Balance $35,167.30
2019 - Stache goal 2.5x  - Current balance $48,738.01(1.95x expenses)

A little less than $14K left for the year. When I return to work this month I will be putting in $1,120 into my 401k twice a month along with about $100 from a company match. I also still hope to fulling fund a Roth IRA. So if the market doesn't go down I will exceed my goal by about $5K. That would be very nice. I am also OK with buying some stock on sale if the market does go down. With over 10 years left to FIRE I have lots of time to ride out the ups and downs.

[coffeefueled]

It's helpful to hear how others are aiming to FIRE on one income. I think it'll be a few months before we get a good picture of how our combined finances and trying one income work out. We're reasonably frugal but I suspect that we have a lot of room for more savings if we cut down on eating out and some of the other typical budget overspends that weren't a problem on two incomes.

[terrifictim]

It's helpful to hear how others are aiming to FIRE on one income. I think it'll be a few months before we get a good picture of how our combined finances and trying one income work out. We're reasonably frugal but I suspect that we have a lot of room for more savings if we cut down on eating out and some of the other typical budget overspends that weren't a problem on two incomes.

I'm in the same boat. DW was a full-time teacher and we made the decision to have her leave full-time in preparation for family planning (aiming for Kid 1 in 2020-2021). Optimistic that a combination of SAHM, part time sub work will allow us to stay in this cohort. Same as above - hopeful that the loss of the 2nd income will be balanced by better budget (grocery shopping vs. eating out, less target/amazon misc purchases, etc.)

[Must_ache]

I'm 47 and have a net worth of $780k excluding my $275k home which will be paid off in ten years.  At that point I will probably transition to half time with the hopes of retiring before 60. 
I would like to have $2M when I retire although I could settle for less depending on economic conditions.  I am more conservative than your typical mustachian, pessimistic about the stock market exuberance.

[x02947]

It's helpful to hear how others are aiming to FIRE on one income. I think it'll be a few months before we get a good picture of how our combined finances and trying one income work out. We're reasonably frugal but I suspect that we have a lot of room for more savings if we cut down on eating out and some of the other typical budget overspends that weren't a problem on two incomes.

I'm in the same boat. DW was a full-time teacher and we made the decision to have her leave full-time in preparation for family planning (aiming for Kid 1 in 2020-2021). Optimistic that a combination of SAHM, part time sub work will allow us to stay in this cohort. Same as above - hopeful that the loss of the 2nd income will be balanced by better budget (grocery shopping vs. eating out, less target/amazon misc purchases, etc.)

We've always been only a single income family.  Particularly if the stay at home spouse really embraces frugality, you can definitely budget really well.  DW can spend 2-3 days at a consignment sale scouting out the best quality clothes for the cheapest price, wait till the last day half-off sale, and quickly purchase whatever is left.  Same thing with grocery shopping- she knows which stores put which items on sale, and when.  She can "freezer manage"- aka make large meals, freeze portions of them, and actually keep track of what's in the freezer so stuff doesn't get lost and we still get a good food rotation.  She can time her trips to avoid crowds (mostly) and traffic.

We are going to home-school the kids, so will remain a single income for a the foreseeable future.

[dogboyslim]

Target date is my birthday in May 2030.  I will be 56.  Presently have 187 days of 365 funded (51%).  At retirement that will be 540 of 365 days (148%).  I will hit my expected full funding in October 2025.

I'm sticking around longer due to kids college expense and health care expense uncertainty.
3,877 days to go.  2,770 weekdays.  554 weeks. 10.6 years.

[Chrissy]

I'm joining!  Husband will be 55 and I'll be 52.  Warrior Princess will be 14 and Chunky Baby will be 12.  Our worth has tracked as follows:

2015:  $591k, got married
2016:  $691k, Warrior Princess arrived
2017:  $795k
2018:  $900k, Chunky Baby arrived

We're at $893k right now due to taking on renovation debt.

Invested:  $538k
529s:  $90k  Front-loading, almost finished!
Cash:  $31k

The remainder is a car and some home equity.  With the kids in daycare and the reno, our savings rate is at an all-time low:  42%.