Author Topic: 2030 FIRE Cohort  (Read 200240 times)

BeautifulDay

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Re: 2030 FIRE Cohort
« Reply #400 on: October 14, 2018, 08:36:59 PM »
@aceyou thanks for the recipe. Would love to try some new Thai recipes and I love Panang.

Aggie1994

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Re: 2030 FIRE Cohort
« Reply #401 on: October 31, 2018, 04:23:18 PM »
Hi I am jumping into this group and currently have about $120k NW and hoping to ramp up my savings come next summer. I just paid off $100k in debt due to selling my condo and will rent for a while. I anticipate my expenses dropping by quite a bit due to my 19yo daughter just finishing school and has landed her first job as a vet assistant and I won't be funding her expenses after November like we agreed upon while she was in school and she will be paying rent.

I am 46 and have been at my company almost 15 years and will either ride it out for 12 more and just pile onto my 401k while also having a small 5% of my NW in peer to peer lending or switch to a passion career in 5-7 years which might slow my fire but I will make sure I have 1 year of expenses before I do saved.

Mgmny

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Re: 2030 FIRE Cohort
« Reply #402 on: November 01, 2018, 10:54:07 AM »
joining!

I could be anywhere between 2028 and 2033. Of course, if things drastically change, who knows!

NW is $305k-ish right now. I'm 28 years old, and my wife is 24 and we are having our first child in the next month or so.

Lean fire is 1.2MM and fat fire is 1.6MM and beyond.

Torios

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Re: 2030 FIRE Cohort
« Reply #403 on: November 14, 2018, 08:32:55 PM »
How is everyone doing? What are you doing to stay motivated?

For those of you who listen to ChooseFI, I'm trying my first annual Budget Party with my extremely frugal but somehow FIRE and spreadsheet indifferent spouse.

MrOnyx

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Re: 2030 FIRE Cohort
« Reply #404 on: November 15, 2018, 05:24:30 AM »
How is everyone doing? What are you doing to stay motivated?

For those of you who listen to ChooseFI, I'm trying my first annual Budget Party with my extremely frugal but somehow FIRE and spreadsheet indifferent spouse.

I mean that's the main thing, right? As long as they aren't spending the money, that won't hinder your FIRE goals!

Torios

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Re: 2030 FIRE Cohort
« Reply #405 on: November 18, 2018, 03:18:49 PM »
How is everyone doing? What are you doing to stay motivated?

For those of you who listen to ChooseFI, I'm trying my first annual Budget Party with my extremely frugal but somehow FIRE and spreadsheet indifferent spouse.

I mean that's the main thing, right? As long as they aren't spending the money, that won't hinder your FIRE goals!

For sure, having a spouse onboard helps so much ... I'm not surprised when almost every one of these bloggers/podcasters mention that having a frugal spouse is a necessary but not sufficient condition to FIRE. I'm the FIRE nerd, and she's the one that encouraging me to spend less. Super lucky.

DebtFreeinPhilly

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Re: 2030 FIRE Cohort
« Reply #406 on: November 19, 2018, 07:40:53 AM »
How is everyone doing? What are you doing to stay motivated?

We are focused on automatic savings at the moment. We discuss where we want our money to go (i.e. down payment on a house, 40th birthday trip in two years, etc.) and plan accordingly with the auto-savings. Every paycheck a certain amount of money gets direct deposited into the savings. When we hit our dollar amount goal, we move that to our spending account if we still want to spend it. With this method we have saved over $10,000 in cash, paid for $2,000 in car expenses with cash, and still contributed over $18,000 to our 401k/HSA/Roth IRA accounts.

Our 2019 Goal is to max out my 401k account ($19,000), add to the HSA account ($5,200), max spouse's Roth IRA ($5,500), increase spouse's 401k contribution ($8,500) and save an additional $12,000 in cash.

Steeze

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Re: 2030 FIRE Cohort
« Reply #407 on: November 20, 2018, 08:11:26 PM »
DW just got a new fancy job and a 30% raise along with it!! Meanwhile the in laws are helping us buy a place which will lower our housing costs by 30%. 2030 is looking pretty easy from here! Might even be able to afford to have a kid soon! Hah! Couldn't figure out where to get 2k/mo child care money and stay on track for 2030. Had decided kids weren't in the cards. Just when you think it's not possible, doors open, opportunity calls, and gifts are received. Feel like I won the lottery right now!

x02947

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Re: 2030 FIRE Cohort
« Reply #408 on: November 21, 2018, 01:14:56 PM »
Nice, Steeze!  The good thing about planning conservatively is that when good things happen, you can actually enjoy them rather than feeling relieved because you *needed* that stroke of luck.

How is everyone doing? What are you doing to stay motivated?

I took a blacksmithing class a few weekends ago with my FIL.  Great fun!  It was a nice reminder of all the hobbies I want to take up, but don't have time to now. 

jtray

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Re: 2030 FIRE Cohort
« Reply #409 on: November 22, 2018, 11:59:24 AM »
Nice, Steeze!  The good thing about planning conservatively is that when good things happen, you can actually enjoy them rather than feeling relieved because you *needed* that stroke of luck.

How is everyone doing? What are you doing to stay motivated?

I took a blacksmithing class a few weekends ago with my FIL.  Great fun!  It was a nice reminder of all the hobbies I want to take up, but don't have time to now.

Blacksmithing?!? How cool! I am in the middle a photography class! Everyone needs fun & hobbies!

FIreDrill

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Re: 2030 FIRE Cohort
« Reply #410 on: November 22, 2018, 02:18:44 PM »
I think this is the thread for me!

I was originally looking at a much earlier FI date but we recently relocated to a high cost of living area and are working on getting our income back to where we can save 50%+.  Adding 8 years to our target date is kinda a bummer but this is a much more realistic estimate and will result in what I consider FAT FIRE and much more flexibility.  There is a chance that we accelerate this timeline drastically but for now, 2030 is the approximate date.

twistedfirestarter

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Re: 2030 FIRE Cohort
« Reply #411 on: November 23, 2018, 04:36:08 AM »
Am super excited but not quite sure how I’m going to share this with friends in real life * but I’ve just signed a new contract to reduce my hours from full time to 4 days a week. Boss was supportive but HR were rather confused as it is unheard of for people without children.

This is something I couldn’t have considered before finding out about FIRE and started budgeting etc... The most surprising bit is that if I reduce my pension payments (from 45% to 35%) I’ll be taking home a similar amount and it will have little effect to the FI date as balance between pension (can’t access until ~60yr) and post tax savings wasn’t optimised.

*fear of being judged or deemed to be gloating, I know, shouldn’t care but they (wild generalisation) are busy becoming managers and moving up in the world and I’m busy looking for a way to get out.

Sur del Sur

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Re: 2030 FIRE Cohort
« Reply #412 on: November 27, 2018, 07:04:00 AM »
Hi there!
I am joining this cohort. Turning 38 in a few weeks (wow it feels weird to write that!), so 50 years old works reasonably well to start closing the corporate stage of my career. Single with no kids, but that will surely change in a few years (the single part probably next year and the childless part hopefully a year or so afterwards).
Big unknowns and concerns are education (here in South America it is almost imperative to get private schooling in order to set up your kids for success, and according to the plan I will be considerably older than the average father, and probably past my earning prime) as well as how the marriage will work out, since my girlfriend is a prudent spender (our only real splurge is traveling and food, and even in those things we almost don´t do any stupid things), but is not as focused, at least for now, on financial independence as I am. Also, she will probably want to be a stay at home mom, and I am not that sure about that, since I would like for her to at least to be self-funded. I am trying to work on this conversation now, but it is not always easy as she feels attacked sometimes (it is true that I can be too blunt sometimes), and she can be stubborn so you have to be subtle with your messaging.

Starting point:
100K USD on a rental property (it´s in another country and delivers ~3,5%, so might sell in the future and dump that on an index fund)
160K USD in taxable investments (almost 50/50 between peer lending and Total Market Index ETF at Schwab)
20K USD in retirement account (invested in Rusell 3000 ETF)
~200 K USD in home equity (really nice home in one of the best neighborhoods here) – I rented it out and downsized, wanted to leverage the lending capacity while my job allowed and keep it as an option to eventually move back in with my family if everything works out according to plan.

Endgame to consider myself FI: 25-30x yearly expenses covered (would be 1.5 – 2.0 MM USD as of 2018, thinking about 70% total market index fund and 30% local real estate) and a paid house (~600K USD to go on the mortgage, or 24 years @4%).
Right now I have a great job (very comfortable with my company, boss, team, peers, and CEO) that pays really well for South America, so saving on average 8-9 K USD/month.

Medium and long term, with family associated expenses, the plan is to contribute 70-80K USD/year till 2030. Assuming a 4% real returns rate (after inflation, which sounds kind of high to me for the at least medium term considering the Schiller PE multiples for the market right now), we should be ~20x yearly expenses (60-70 K USD/year) by then… When I reach that point I will probably shift down a little bit, and try to work enough to cover expenses so that returns on accumulated savings get us to the 25-30x year of expenses that would me make feel comfortable with more radical changes. By that time also kids would be almost out of high school with only college to go (aiming for two kids, college here is much cheaper than in the US).
Ultimately, I like the idea of an inflation protected portfolio that covers the expenses for me and my wife while we are alive just on the appreciation, and leaving each of my two sons/ daughters “half the road” complete when we kick the bucket.

It feels great to have an outlet to share these plans, there is really almost no other place to talk about this without being looked at as crazy and/or a control freak!

Good luck y´all!!
« Last Edit: November 27, 2018, 07:08:38 AM by Sur del Sur »

blazinblasian

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Re: 2030 FIRE Cohort
« Reply #413 on: December 16, 2018, 01:03:35 AM »
Hi! We look set to FIRE around 2030, but it's dependant on so many things that it could well be later.

Our ages: DINK 27 year old, but we're planning children in the near future. How we handle the transition could change our FIRE plans a lot.

Starting Point
Our net worth is $175,000AUD. That includes $50k of Super (retirement account), which we can't touch until 65 or older. There rest of our stash is:
$155k cash
-$30k student loans at 2.5% interest

So we need to get on with investing ;)

Hey cool, Aussie! Nice to meet you. I'm down in Melbourne, hopefully gonna retire in about 10 years too :)

wbarnett

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Re: 2030 FIRE Cohort
« Reply #414 on: December 19, 2018, 09:40:06 AM »
Late year check-in. Around 3x FIRE expenses now. The stock market isn't helping grow the stash much this year, but the optimistic view is that we're getting a bargain by buying now, right?

I mentioned to my mom (64 years old, roughly $2M net worth, scared to death to retire because she 'needs' $120k/yr in spending) that I'd like to retire in 2030. She was incredulous, and asked, "What are you going to do with yourself?" I didn't bother explaining, but did send her a MMM article about safe withdrawal rates. I'm hoping she'll read more on the site!

haypug16

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Re: 2030 FIRE Cohort
« Reply #415 on: December 19, 2018, 11:09:35 AM »
The stock market isn't helping grow the stash much this year, but the optimistic view is that we're getting a bargain by buying now, right?

That's what I keep telling myself. As long as I keep putting money in I'm good. number of shares increase and eventually the stock market will go back up and I'll make out better in the long run.

FIreDrill

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Re: 2030 FIRE Cohort
« Reply #416 on: December 19, 2018, 10:34:31 PM »


The stock market isn't helping grow the stash much this year, but the optimistic view is that we're getting a bargain by buying now, right?

That's what I keep telling myself. As long as I keep putting money in I'm good. number of shares increase and eventually the stock market will go back up and I'll make out better in the long run.

Yep, fighting this market is hard. We are down about 43k in the last 90 days...

Granted we have put in roughly 10k so we are getting some stocks on "sale".  Still hard to see the net worth slide back so drastically.  In the end it will probably benefit us if the market goes down/sideways for a while.  As long as we stay employed lol.

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MrOnyx

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Re: 2030 FIRE Cohort
« Reply #417 on: December 20, 2018, 03:06:09 AM »
Late year check-in. Around 3x FIRE expenses now. The stock market isn't helping grow the stash much this year, but the optimistic view is that we're getting a bargain by buying now, right?

I mentioned to my mom (64 years old, roughly $2M net worth, scared to death to retire because she 'needs' $120k/yr in spending) that I'd like to retire in 2030. She was incredulous, and asked, "What are you going to do with yourself?" I didn't bother explaining, but did send her a MMM article about safe withdrawal rates. I'm hoping she'll read more on the site!

I suggest digging up one of the reader case study articles where he punches a high earner/high spender in the face repeatedly, or one of the yearly numbers articles - where he reviews his spending for the year. That might blow a hole in her $120k/year boat.

And congrats on reaching 3x! Yep, got to make the most of these flash sales. Keep buying!

mizzourah2006

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Re: 2030 FIRE Cohort
« Reply #418 on: December 20, 2018, 06:11:29 AM »
Late year check-in. Around 3x FIRE expenses now. The stock market isn't helping grow the stash much this year, but the optimistic view is that we're getting a bargain by buying now, right?

I mentioned to my mom (64 years old, roughly $2M net worth, scared to death to retire because she 'needs' $120k/yr in spending) that I'd like to retire in 2030. She was incredulous, and asked, "What are you going to do with yourself?" I didn't bother explaining, but did send her a MMM article about safe withdrawal rates. I'm hoping she'll read more on the site!

I’ve had similar discussions with my parents and in-laws. They’re all retired, but always talk about how life doesn’t get cheaper when you retire, which is why I anticipate to have the same amount of income from my SWR that I have today while currently spending almost 30% of my expenses on daycare. They still basically can’t understand how someone could live on so little. I think a lot of it has to do with them not ever tracking expenses, so they spend most of what they make and just assume it’s on necessities, when likely 50% of it is waste.

x02947

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Re: 2030 FIRE Cohort
« Reply #419 on: December 20, 2018, 08:10:38 AM »
...
I mentioned to my mom (64 years old, roughly $2M net worth, scared to death to retire because she 'needs' $120k/yr in spending) that I'd like to retire in 2030. She was incredulous, and asked, "What are you going to do with yourself?" I didn't bother explaining, but did send her a MMM article about safe withdrawal rates. I'm hoping she'll read more on the site!

I’ve had similar discussions with my parents and in-laws. They’re all retired, but always talk about how life doesn’t get cheaper when you retire, which is why I anticipate to have the same amount of income from my SWR that I have today while currently spending almost 30% of my expenses on daycare. They still basically can’t understand how someone could live on so little. I think a lot of it has to do with them not ever tracking expenses, so they spend most of what they make and just assume it’s on necessities, when likely 50% of it is waste.

Dad and Mom are the stereotypical upper middle class, retired military with high paying corporate job afterwards, type of spenders.  Never really discussed finances with them, but I know from snippets that they rely on military/corporate pensions rather than savings.  No or very minimal debt though.  The main issue on that front is the judgment I will get from them when they realize I won't "make something of myself" by climbing high up into the C-suite.

My in-laws are funny.  They have always been super frugal, making great spending choices, but FIL *hates* all things investment-ey.  His opinion is that it's all just a big shell game used to make rich people richer (I mean, true) and no matter what us peons will be screwed (not so true).  He's been with his 401k advisor from his company for decades, and the guy charges all kinds of fees and seriously underperforms.  FIL just shrugs his shoulders and goes "yah, what are you gonna do about it?"  Absolutely refuses to demand or look for better results.  So while their expenses are comparable to us (relatively speaking- 2 empty-nesters vs a family of 4) the thought of refusing to be a plankton going wherever the waves takes you is, well, kind of a stupid idea in their minds.  I don't mean this in a bad way-they are great people and I love them to death- but they are just... happy to go along.


...
I mentioned to my mom (64 years old, roughly $2M net worth, scared to death to retire because she 'needs' $120k/yr in spending) that I'd like to retire in 2030. She was incredulous, and asked, "What are you going to do with yourself?" I didn't bother explaining, but did send her a MMM article about safe withdrawal rates. I'm hoping she'll read more on the site!

I suggest digging up one of the reader case study articles where he punches a high earner/high spender in the face repeatedly, or one of the yearly numbers articles - where he reviews his spending for the year. That might blow a hole in her $120k/year boat.
...

Be careful with the face punch articles.  Not everyone appreciates it and they won't be able to get past how "mean" he is being to see the point of the article.  Another (albeit much older) version is The Tightwad Gazette, by Amy Dacyczyn.  Some/most of the advice is outdated, but it gets the "FI" theme across in a much nicer manner, and doesn't really stress the "RE" portion. 

rebel_quietude

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Re: 2030 FIRE Cohort
« Reply #420 on: December 22, 2018, 04:22:21 PM »
It's awesome to see new folks on here!  Welcome everybody!!!

I'll do another roll-up in the new year. :)

As far as the market goes . . . put in $60k this year...down $90k. *Sigh.*

I agree that parents, writ large, are weird. I typically blame it on formative experiences - and not everyone got a front row seat of the great recession recovery that I did. By the time that happened, my folks were set in their ways...

Happy holidays, everyone!

aceyou

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Re: 2030 FIRE Cohort
« Reply #421 on: December 28, 2018, 07:42:12 PM »
2018 Year End Update:

One year ago:
Net worth in December 2017   
Net Worth    $568,412
Net Worth - Pension    $403,566

Assets   
My Pension    $80,220
DW Pension    $84,626
Cash/Short Term Inv.    $67,311
Home Value    $275,000
Roth IRA's    $38,721
Traditional IRA's    $146,476
Life Insurance Policies    $11,491
Cars    $9,000
Total Assets:    $712,845
Liabilities   
Mortgage    $144,433
Total Liabilities    $144,433

Today
Net worth in December 2018   
Net Worth    $650,324
Net Worth - Pension    $458,669

Assets   
My Pension    $93,796
DW's Pension    $97,859
Cash/Short Term Inv.    $31,500
Home Value    $282,200
Roth IRA's    $95,111
Traditional IRA's    $161,314
Life Insurance Policies    $15,324
Cars    $7,800
Total Assets:    $784,904
Liabilities   
Mortgage    $134,680
Total Liabilities    $134,680

*last years numbers in parenthesis

2018 Finances at a Glance
Our net worth increased by $81,912 (120,393)
Our net worth not counting our pension increased by $55,103 (99,216)
We added $71,228 (109,206) to our retirement investments, for a total of $256,425
We added $56,390 to our Roth IRA's. This is all invested money that has already been
     taxed, so it will grow tax free forever. 
Saving this aggressively caused a $35,811 (18,960) dip in our bank account
Reasons our spending was $16,851 larger than last year: 
     1.  Extra Income taxes paid up front because of Roth'ing so much money
     2.  Grad Class taken this fall that hasn't been reimbursed yet.
     3.  I didn't coach this Fall
     4.  We've spent 5 to 10k more this due to fridge, hot water heater, other spending.


Looking Ahead to 2019
We will fill our Roth IRA's at the new year, dropping cash to about $18,000
This will mark the end of maxing our all of our retirement accounts each year. 
We will cut our contributions to our Roth 403B/457's by $35,000.  This will
     keep our checking account healthy. 
So, we'll put about $40,000 into our retirement accounts through work, on top of the
     $12,000 we'll put into our Vanguard 401k right at the start of the year, for about
     $52,000 total contributions towards our investments in 2019.
We will pay about $10,000 more towards principal on our mortgage
We will add about $10,000 towards our pensions
In total, about $72,000 of our income will go towards savings next year.  This is
     less than the last few years, but for the first time it won't cause our checking
     account to dip. 
If the stock market goes no where next year, our investments will rise to $308,425.
     If the market goes up, we'll have more, if down, we'll have less. 
Our net worth one year from now not counting our pension should go over $500,000
Our total net worth one year from now should be about $750,000
We are still on schedule to be FI by around 41 and able to comfortably retire at 48. 

Other thoughts:
  • I'm glad this was a down year for the markets.  It was a good test to see if that would bother me emotionally.  It had no negative effect on me, I just focused on the fact that I was buying extra shares, which made me happy.  I'm confident I can handle a sharp downturn in the markets.
  • I expect our spending to continue to rise as we increase travel with our children, and as the kids get into more expensive things like tennis/swimming/music, and so forth.  My hope is that we our income increases fast enough each year that both our spending and new investment contributions can increase a bit each year. 


letsdoit

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Re: 2030 FIRE Cohort
« Reply #422 on: December 30, 2018, 05:30:34 PM »
aceyou, can you please explain how you put so much into roth ira ?
---
We added $56,390 to our Roth IRA's.

aceyou

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Re: 2030 FIRE Cohort
« Reply #423 on: December 31, 2018, 08:35:15 AM »
aceyou, can you please explain how you put so much into roth ira ?
---
We added $56,390 to our Roth IRA's.

Sure,

We each put $5,500 into our Roth IRA through Vanguard in January...11k

We are public school teachers.  Our school offers the ability to fill up a Roth 403 (18K) instead of a traditional 403B.  Since our incomes are not super high (but our savings rate is), we don't need to shelter a whole lot of taxes right now, so we each did that...36k

That adds up to $47,000, which leaves me with about $9,000 still unaccounted for....so...

In the second half of 2017, my wife filled out the form through her employer to contribute to her Roth 403B.  Her employer incorrectly clicked the button to send it to her traditional 403B (because apparently no one ever chooses the Roth 403B).  When we caught their mistake, it took until 2018 for the school and our third party administrator to fix the problem and transfer the funds from a 403B to a Roth 403B. 

The fixing of that mistake accounts for the rest of the money.  Technically we contributed that last 9k in 2017, but it didn't show up on the balance sheet until this year.  I was frustrated with that whole deal, but oh well, it's a first-world problem to have and I can deal with that. 

Market gains (well losses I suppose in 2018:) account for the random dollar amount of 56,390. 


Mgmny

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Re: 2030 FIRE Cohort
« Reply #424 on: December 31, 2018, 12:02:45 PM »
2018 Year End Update:


Today
Net worth in December 2018   
Net Worth    $650,324
 


What's your FI number and why do you think it will take 12 more years?? Even if you coast for the next 12 years at 8% returns you'll have 1.6 mil. What am I missing? Why are you back so far / have such a high number?


wbarnett

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Re: 2030 FIRE Cohort
« Reply #425 on: December 31, 2018, 02:16:58 PM »
Quote
What's your FI number and why do you think it will take 12 more years?? Even if you coast for the next 12 years at 8% returns you'll have 1.6 mil. What am I missing? Why are you back so far / have such a high number?

I can't speak for @aceyou but it looks like $190k is in pension funds, which probably can't be touched for a while. And another $150k is tied up in home equity.

aceyou

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Re: 2030 FIRE Cohort
« Reply #426 on: December 31, 2018, 07:48:49 PM »
2018 Year End Update:


Today
Net worth in December 2018   
Net Worth    $650,324
 



What's your FI number and why do you think it will take 12 more years?? Even if you coast for the next 12 years at 8% returns you'll have 1.6 mil. What am I missing? Why are you back so far / have such a high number?

Yeah, wbarnett pretty much hit the reason.  Pensions are a weird beast in the context of FIRE.  It won't actually take 12 years to hit FI...I'll probably hit it in about 8 years give or take.  But that leaves me 43 years old, and 5 years of work for my wife from two massive pensions that will explode our net worth.  I'd love to take 70% of that pension at age 43 and peace out, but it just doesn't work that way.  It's all or nothing, so when you get that close, we figure we might as well finish the race:) 

And secondly, I should say that both my wife and I truly feel we are doing meaningful work.  I get to teach STEM math classes and soon coding in Python to high schoolers all day.  That's a really cool opportunity to help kids prepare to do work in meaningful fields.  And my wife is in a consultant doing great work advocating for students whose primary language is not english.

Right now, working those last 5 years doesn't seem like a large burden.  If we feel very differently in 8 years, then maybe we will say screw the pension and cash out.  Life's a interesting journey isn't it!

Road2Freedom

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Re: 2030 FIRE Cohort
« Reply #427 on: January 01, 2019, 09:56:43 AM »
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.

Steeze

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Re: 2030 FIRE Cohort
« Reply #428 on: January 01, 2019, 06:05:59 PM »
2018 Year End Recap

2.0x FIRE budget
2.6x current spending
3.2x current bare-bones expenses
8.6% of Fire Savings Completed
4015 Days until Fire
Aiming to contribute 1.5x a year from here on out
Also bought a condo this year, equity is not included here

haypug16

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Re: 2030 FIRE Cohort
« Reply #429 on: January 02, 2019, 08:43:17 AM »
Year End Update

X= Yearly Expenses
2017 - Stache at 1x   $25,000 - Ending Balance $29,448.59
2018 - Stache at 2x   $50,000 - Ending Balance $35,167.30 = 1.41x 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

The market really took a hit on my number this year but I continued to contribute so should see a bigger increase when the market goes up. I adjusted my goal for the end of this year to 2.5x. I really hope I surpass this goal but we'll see. I think I am still in good shape to FIRE in 2030.

mizzourah2006

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Re: 2030 FIRE Cohort
« Reply #430 on: January 02, 2019, 09:13:27 AM »
Despite a bad year for the market our stache is still up 26% this year.
the stache is approximately 7.4x our expenses for this past year.

Lucky Recardito

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Re: 2030 FIRE Cohort
« Reply #431 on: January 02, 2019, 10:14:09 AM »
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

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Re: 2030 FIRE Cohort
« Reply #432 on: January 02, 2019, 02:54:35 PM »
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

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Re: 2030 FIRE Cohort
« Reply #433 on: January 03, 2019, 02:22:39 PM »
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

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Re: 2030 FIRE Cohort
« Reply #434 on: January 03, 2019, 03:05:25 PM »
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

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Re: 2030 FIRE Cohort
« Reply #435 on: January 03, 2019, 05:40:06 PM »
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

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Re: 2030 FIRE Cohort
« Reply #436 on: January 03, 2019, 05:53:39 PM »
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

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Re: 2030 FIRE Cohort
« Reply #437 on: January 04, 2019, 07:26:11 AM »
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

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Re: 2030 FIRE Cohort
« Reply #438 on: January 31, 2019, 11:21:50 AM »
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

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Re: 2030 FIRE Cohort
« Reply #439 on: January 31, 2019, 02:34:03 PM »
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

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Re: 2030 FIRE Cohort
« Reply #440 on: February 01, 2019, 11:51:48 AM »
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

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Re: 2030 FIRE Cohort
« Reply #441 on: February 20, 2019, 08:25:21 AM »
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

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Re: 2030 FIRE Cohort
« Reply #442 on: February 20, 2019, 03:06:33 PM »
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

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Re: 2030 FIRE Cohort
« Reply #443 on: February 21, 2019, 01:06:59 AM »
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

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Re: 2030 FIRE Cohort
« Reply #444 on: February 28, 2019, 11:17:07 AM »
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

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Re: 2030 FIRE Cohort
« Reply #445 on: February 28, 2019, 12:28:58 PM »
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

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Re: 2030 FIRE Cohort
« Reply #446 on: March 02, 2019, 07:33:18 AM »
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

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Re: 2030 FIRE Cohort
« Reply #447 on: March 02, 2019, 08:14:45 AM »
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

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Re: 2030 FIRE Cohort
« Reply #448 on: March 04, 2019, 07:42:50 AM »
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

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Re: 2030 FIRE Cohort
« Reply #449 on: March 04, 2019, 06:44:18 PM »
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.

 

Wow, a phone plan for fifteen bucks!