Im Tex,
I was happy to run across this forum when doing a search on places to stay in Thailand cheap for an up and coming vacation.
Years ago, I did the dave ramsey thing and it changed my life in a very good way, but Ive gotten away from a lot of the things that got me into the right place.. I'm in the right place, but could be so much better... Now that ive found this site, Maybe I can FIRE sooner... which for me, would be at age 50..... If I was wanting to, which I never thought I would be able to do.. But after spending 3 hours bored at work last night and reading a lot of the forum posts, I think I could do it.
Here is a recap of my life right now.. I turn 45 next week.. Divorced last year No kids
I have a beautiful house on the water in Texas... PAID FOR... Value $450k
Bank
Cash 225k ( yes I know, I need to find out where to put it)
Income (take home 145k per year, with 45k per year put into 401k so actual take home is 190 ( salary is somewhere around 265)
secondary income... 35k from one partnership, 25k from a part time fishing guide business
401k - 500k
Pension ( not sure how yall calculate this value, but if I leave at 50 years old my lump sum is 389k)
So im doing ok, but could do so much better... I am unsure of my savings rate, other than I put 25% of my salary into my 401k and company match is 7% on gross.... I need to spend a lot less, but since divorce ive been leading a single bachelor life when stateside
so here is what id like to ask of all of you.. Idea's and comments please
I work one month on in Baku Azerbaijan, with full accommadations/food etc paid for by my company... Then off for one month at home in Texas... Travel paid for via company... I think im about 1.2m airmiles on united currently (saving those for retirement)
So ive been thinking about going to Fire after my 49th birthday, which makes me eligible for medical retirement benefits etc.
I have two options in my head.. Number 1 being work my two side business's the next 3 years to pay any of my bills . Doing this, would put away over my entire salary at my company which would be roughly 425k cash and 150k into my 401k... If I don't blow a lot, my actual bills at home are about $2300 per month.. which I make on the first business, and could use the money from my guide business as a slush fund to do fun things or just save more
Option 2
Since im already across the big pond 6 months out of the year, I could go travel some but would need a home base.. I love the Phillipines, and could do that for a few years... In doing that, I would hire someone to work the first business, which consumes very little time.. So could get way with about 6k a year salary to that person ( a few hours a week) and I would have roughly 28k from that business, but wouldn't have my guide business money.. Which in reality I would save over 30k from tax incentives for being an expat.... Plus, I could rent my wonderful house out for about 3k per month... so, no matter what choice I made, it would have a equal amount saved and live decently either way.... My mind is bursting with ideas
I can live anywhere I want, for the most part with my company paying my flights.... so its just a matter of deciding what to do... My assignment in Azerbaijan is to end jan 1 , 2020.
So looking at the numbers, if I did option 1 or 2 at the end of 2019 I could have the following, (not calculating return on investments)
600k in 401k ( plus whatever returns) not sure how to estimate that sensibly
650k cash- in some kind of investment fund
390k cash value lump some at 50years old
450k value of house( which I plan to never sell, but ya never know)
in all reality, I need to calculate how much I actually spend each month now because ive been dating a lot, and although I have enjoyed it, I don't usually spend more than 5 bucks on a meal for myself, but find im spending $100 a night on fancy dinners with my dates.. so need to cut that, lol cuz in all reality none of them ive been that I nterested in dating again.
So give me some thoughts please folks... I thank you for the time and reading this babbling lol
Thanks again
Tex