Author Topic: What's your networth when you FIRE'd  (Read 9054 times)

whywork

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What's your networth when you FIRE'd
« on: June 29, 2018, 07:08:34 PM »
Those who already retired:

What was your networth when you retired? Please exclude home value in this and specify the home value separately
Also please indicate your family size (single, family, family with x kids etc...) and also your age at retirement
If you are relying on pensions, please also post the expected monthly amount

Those not yet retired:

Please indicate the networth at which you plan to retire along with other info above
« Last Edit: June 29, 2018, 07:32:31 PM by whywork »

whywork

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Re: What's your networth when you FIRE'd
« Reply #1 on: June 29, 2018, 07:35:29 PM »
Here is my info

Age: 38
Family Size: 4 (wife and 2 kids)
Status: Not yet retired
FIRE Number: 1.3 mill (if retired in US) or 750k (if retired in thailand)
FIRE age: 43 (for US), 39.5 (for thailand)
Pensions: None
« Last Edit: June 29, 2018, 07:52:42 PM by whywork »

Malkynn

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Re: What's your networth when you FIRE'd
« Reply #2 on: June 30, 2018, 06:19:59 AM »
Ours is completely unclear, but we have vague targets...sort of

Ages: 35 & 45, no kids
If he works until 62, heíll have a full pension that is valued at roughly 1.5M
My income is variable and I have multiple unpredictable jobs, but I consistently make substantially more, so I my Ďstache size will be unpredictable, but at least 1-2M if I keep making high income the entire time.

We may both downshift in 5 years though and just CoastFI working part time until his pension kicks in. It would be worth ~1M, and my Ďstache would likely be about the same.

Both of the above are conservative estimates, and both are way more money than we need, but Iím also anticipating expensive care for my parents.


MM_MG

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Re: What's your networth when you FIRE'd
« Reply #3 on: June 30, 2018, 03:10:36 PM »
Current plan...

Age: 43
Family Size: 4 (wife and 2 kids)
Status: Not yet retired
FIRE Number: 3.5 mill*
FIRE age: 55 (target)
Pensions: None

But I'm getting somewhat tired of what I do, so it can all change.   

*I know, it's not very mustachian, but I'm okay with that.

Zikoris

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Re: What's your networth when you FIRE'd
« Reply #4 on: June 30, 2018, 03:23:24 PM »
We're at 350K right now, and my partner is semi-retiring next week. We were originally going to shoot for around 700K, but I'm starting to think it will be lower, since he likes to do side gigs. We'll probably seriously re-evaluate our situation at 500K.

YHD

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Re: What's your networth when you FIRE'd
« Reply #5 on: June 30, 2018, 04:18:49 PM »
51/55
4M
Just signed a 5 year contract
Working for health insurance
Target: Medicare eligibility

SwordGuy

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Re: What's your networth when you FIRE'd
« Reply #6 on: June 30, 2018, 05:11:10 PM »

Retired
Net worth (excluding personal home and mortgage on same): ~$2.2M      $330K home, $160K mortgage.
2 adults, 1 mentally handicapped child.
Age 60 and 70.  (We learned about MMM at 55 and 65, respectively.)
33K SS,  1.5K pension starting in 5 or so years.


Goinganon

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Re: What's your networth when you FIRE'd
« Reply #7 on: June 30, 2018, 06:50:09 PM »
Not retired yet. We have two children. Our  plans:

When we are at $2m NW, not including house value or mortgage, DH will retire (around age 58). I will retire when I am fully vested in my pension (age 55...about 3 years after DH retires). I will get $24k/year from the pension starting at 60 as well as retirement healthcare. DH will start taking SS when he is 70 (his family all live long lives...mostly beyond 100). Using a very conservative number, DH will get about $25k/year in SS. I wonít qualify for SS due to the pension.

Itís not very mustachian. Weíre going to reevaluate as we get closer to our goals.

soccerluvof4

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Re: What's your networth when you FIRE'd
« Reply #8 on: July 01, 2018, 04:49:17 AM »
Fired when I was 50 and DW was 46.  At that time 2.4M and 4 kids at home. Home was payed for as well and no debt at that time making total NW closer to 2.8M.
« Last Edit: July 01, 2018, 05:43:30 AM by soccerluvof4 »

chasesfish

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Re: What's your networth when you FIRE'd
« Reply #9 on: July 01, 2018, 05:36:17 AM »
I love the diversity of comments here.   Almost FIREd..


- Couple, both 36.  Will retire at 36/37 in the beginning of 2017.
- Projected @ the date we pull the plug:  $1,825,000
- Not included in the net worth is a small pension that I can also start collecting at 55, 60, or 65.  Its worth about $175,000 when I present value it and at this point, but since the company doesn't allow a lump sum I exclude that from our number.

Imma

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Re: What's your networth when you FIRE'd
« Reply #10 on: July 01, 2018, 11:46:21 AM »
- Couple, 27/31
- Target: 300k  (bare bones) - 400k (comfortable) in today's money.
- Plans: I have a medical condition that seems to be progressive, so at some point I'll likely not be able to work anymore. I want to retire before my body completely gives up. Fiance has a main job and a side job and will eventually want to quit his main job but not his side job. We have separate accounts, so the targets are my targets only. He's saving for retirement, but FIRE is not his priority, so if he's not ready to pull the plug when I am, he'll have to bring in some income, but not much. I could pay for my half of the bills and most of his half and I'd be able to pay all of our bills once the mortgage is paid off (when I'm 54).
- Projected age to retire: somewhere between 40-50.
- Home is almost paid off by then, assuming we don't move. If possible we'd like to move to a more rural location at some point.
- Our social security would be about Ä750/month each (after taxes) from about the age of 70, assuming this would still exist when we reach that age. This does not seem likely so we don't want to count on it.
- Pension: annuity from our country's version of 401k: Ä400 gross/month each from the age of around 70.

We will probably be withdrawing quite a lot for the first couple of years, when I'll hopefully still be healthy and we still have a mortgage to pay. After the mortgage is paid off, we'll need less money and once we have access to our annuities and maybe some form of social security we won't have to withdraw anything at all. At this point, it's very difficult to predict if there'll be any kind of social security and how much it will be, hopefully in 15-20 years when I'm ready to pull the plug the government will have thorougly reviewed our current system and will have made some decisions. This will strongly affect our FIRE number.

SansSkill

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Re: What's your networth when you FIRE'd
« Reply #11 on: July 01, 2018, 01:22:23 PM »
Age: 21
Family Size: 1
Status: I just graduated "Saving to $10k" so I guess that's something
FIRE Number: I've calculated some numbers for different styles of life (barebones, current, comfy) as well as different SWR (3%, 3.5%, 4%), they range between Ä250k and Ä700k
FIRE age: 40
Pensions: Current rules dictate I get 70% of minimum wage every month starting at age 70 as a reward for not dying, in addition to whatever pension I'll have build up by the time. Calculations don't count on any of it though as the rules will undoubtedly change in the next five decades, I'll probably lower my number the more certainty I get (if that is even possible given my target age). If I assume current rules will simply be kept and inflation adjusted (ha!) then all my expenses will be covered and I'll only need my savings to last to retirement age.

Apple_Tango

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Re: What's your networth when you FIRE'd
« Reply #12 on: July 01, 2018, 09:32:08 PM »
Age:26
Single
Current Finances: assets around $120,000, debt around $120,000. Networth around zero.
Income:$50k
Savings rate: 70%

Fire number: $750,000
Years to go: 10
Things I need: a raise! Should have one in about 7-8 months which will increase my salary to around $65,000 and increase my savings to around 75-80%.
Things I want before FI: to be debt free besides a mortgage, and I want to own a town house or a condo with payments of $1800 per month or less, plus a roommate who can take care of about $800 of that for me :)

I am planning to fire in a HCOL, but have considered at least extended trips abroad, or extended US slow travel to a) rent out my whole future house and b) to decrease my withdrawal rate c)I can work for 3 months in a fun place (alaska, Hawaii, Etc) and then get COBRA insurance for 18 months. Rinse and repeat as needed.

Will not have any pension.
« Last Edit: July 02, 2018, 02:16:26 PM by Apple_Tango »

gerardc

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Re: What's your networth when you FIRE'd
« Reply #13 on: July 01, 2018, 09:53:28 PM »
Not retired
Networth: between $1M-$2M+ (undecided), no home (renting)
Family size: between 1-5 (undecided)
Age at FIRE: between 35-45 (undecided)
Pensions: SS (amount TBD)

I'm close to my lower numbers so I may FIRE soon then get back to work if plans change.

Slow&Steady

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Re: What's your networth when you FIRE'd
« Reply #14 on: July 03, 2018, 07:46:58 AM »
Age: 35/36
Family Size: 6 (18,13,4, 3 months)
Status: Not yet retired
FIRE Number: 2.5M
FIRE age: When the youngest is done with college (or high school if the 529 is full), so ~55
Pensions: None

Arbitrage

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Re: What's your networth when you FIRE'd
« Reply #15 on: July 03, 2018, 08:06:23 AM »
Age: 40/41
Family Size: 4
Status: Not yet retired
FIRE number: $1.2-1.5M plus house (sell mortgaged house in HCOLA, use proceeds to buy house outright in retirement MCOLA)
FIRE age: Hopefully ~43-44 (actually, hopefully even before then, but it'll take some magic)
Pensions: ~1k/month starting at age 65 + SS.

GoHokies

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Re: What's your networth when you FIRE'd
« Reply #16 on: July 03, 2018, 09:28:30 AM »
Age: 26
Family Size: 1 - single
Status: Not yet retired
FIRE number: bare bones ~ $500k . Comfortable ~ $750k.  Could honestly make it work with my current NW of $220k plus my side income gig.
FIRE age: My spreadsheets indicate I will have $500k in the next 5-7 years based on current savings rate and depending on market returns.
Pensions: None

A lot of things could change from now until then including:
- Pursuing my side income more aggressively during working years, reducing time to FIRE.  Like I said originally, I could probably just quit today and live off my side hustle while letting my investments grow, although that would certainly not be ideal.
- Starting a family
- Getting significant promotion at current job and making significantly more $, again reducing time to FIRE. 

Just hoping for some good market years!

Lan Mandragoran

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Re: What's your networth when you FIRE'd
« Reply #17 on: July 03, 2018, 12:56:49 PM »
Hopefully in 8-10 years.

750kNW = Pretty much bare bones.
1mil = ez breezy

peeps_be_peeping

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Re: What's your networth when you FIRE'd
« Reply #18 on: July 03, 2018, 01:31:55 PM »
Age: 39
Family Size: 1
Status: not yet retired
Current net worth: $430k
FIRE Number: $1 million-ish ($750k investments/$50k cash/$50k pension/$150k home equity)
FIRE age: 45
Pension: $12,000/year at age 60, indexed to inflation + Social Security at age 67

JSMustachian

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Re: What's your networth when you FIRE'd
« Reply #19 on: July 03, 2018, 01:49:08 PM »
Bare bones FIRE: $900,000 @ 38 years of age
FAT FIRE: Prob double- $1.8 million @ 43 years of age
I am 32 and wife is 33, our son is 1 year old

We both have pensions with our employers but can't collect on those until our 50's so I don't even count those. They will provide an additional $2900 per month.

Primary house will be paid off around the same time as our bare bones FIRE plan. We purchased the house when the market was lower and only paid $150,000 so this has helped tremendously.

Only debt is our house at $97,000 3.5% interest. Net worth not including house: $330,000.




nara

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Re: What's your networth when you FIRE'd
« Reply #20 on: July 03, 2018, 06:52:38 PM »
Age: 38/40
Status: Not retired
Net worth: 800k
FI Number: 1 Mil. + house paid off and still working part time remotely
FI Age: Within 5 years (sooner if we moved to a LCOLA)
Penion: None


poniesandFIRE

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Re: What's your networth when you FIRE'd
« Reply #21 on: July 05, 2018, 08:09:15 AM »
Here is my info

Age: 34, DH is 39
Family Size: 3 (1 kid)
Status: Not yet retired
FIRE Number: 1.25 mil (including paid for home valued at $250k)
Current Net worth: $380k
FIRE age: Shooting for 2025 (at age 40 for me and DH at 45)
Pensions: Railroad retirement

DH says he wants to keep working until 2033, as he sees a lot of value in making it to 30 years service for RR retirement, but I suspect when we hit FI, he may change his mind.

Greystache

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Re: What's your networth when you FIRE'd
« Reply #22 on: July 05, 2018, 08:52:05 AM »
My wife and I retired at 55.
Our net worth was $1.1M in retirement accounts plus a $500K lump sum pension payment.
Our home equity was approx. $600K .
That was three years ago. Our net worth has gone up a little since then.

Rosy

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Re: What's your networth when you FIRE'd
« Reply #23 on: July 05, 2018, 09:33:57 AM »
Age:69 and 58

When I FIRE'd 3yrs ago at 66 it was:
Minus $7K NW me and $350K Mr. R.
House paid off - value approx $140 plus - Mr. R. still working.

Now it is:
$23K NW me (goal $50K by Dec 2019), plus $10K cash that I'm about to take a two months trip to Europe with. No debt.
$500K Mr. R. - planning to retire around 62.
We are planning/hoping to grow the overall stash to at least $600K by the time he retires, more if we get lucky.

We consider ourselves FI because I have an annual income of 36K/38K (after paying for health insurance and taxes) and he has just over $500K in his stash plus EF cash at present.
House paid for - only debt a zero % car loan with well under $5K left. He likes his job and I like being retired.

Goal: 4 years to go until Mr. R. retires at 62. Expected combined annual income: $60K (his SS + my annual income) plus $600K retirement account and a paid for home at $140K+.
Pension: me - yes. - Mr. R. - no.
 



« Last Edit: July 05, 2018, 10:12:48 AM by Rosy »

spartana

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Re: What's your networth when you FIRE'd
« Reply #24 on: July 05, 2018, 09:46:48 AM »
FIREd at 42. NW was around $600k at that time (paid off house ($300K), which I planned to sell and downsize after FIRE, plus approx $300k stash). Plus I'd get a DB gov pension of approx $1500/month once I was 50. Single (divorced), no kids, no debt.

ETA my NW went up (and now higher) after I FIREd mainly due to large house value increase prior to selling and not needed as much money from investments as I thought I would so stash has grown.
« Last Edit: July 05, 2018, 11:06:17 PM by spartana »

AM43

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Re: What's your networth when you FIRE'd
« Reply #25 on: July 05, 2018, 12:11:33 PM »
47/46
2 kids
Not yet retired
Fire number $2.5 mill
Current stash $2.2 mill
Fire age: no later than 55
Wife has pension.

John Doe

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Re: What's your networth when you FIRE'd
« Reply #26 on: July 05, 2018, 04:31:19 PM »
51/49
I planned on retiring a year ago but employer made me a great offer to go down to 2 days per week, so I am doing that likely for another 2 years.

Stash is $1.6 m plus wife will have a $42k pension in 2 years

Home is paid for and worth about $600k

Our annual cash spend including big vacation spends is about $75k/year

cloudsail

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Re: What's your networth when you FIRE'd
« Reply #27 on: July 05, 2018, 06:32:21 PM »
Wow, the wide distribution on this thread is really interesting.

Age: me 33, husband 35
Family: 4 (2 adults, 2 young kids)
Status: Not yet retired, though I am a SAHM
FIRE Number: 2.7 to 3 mil (combination of investable assets and real estate, not including primary residence)
FIRE age: in 4 years? unsure at the moment, depends on how our portfolio performs and if husband still wants to work after we hit our number
Pension: none

Currently our net worth is around 2.3 mil not counting primary residence. Hopefully when we FIRE we'll be able to sell our house and use the proceeds to buy something in cash in a LCOL area. A lot will depend on if we think we can find a good location for our kids and if our autistic son still needs lots of therapies (he's been making really great progress lately). I have a work from home freelance job that brings in on average $1000 per month, probably more if I could work more hours.

drudgep

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Re: What's your networth when you FIRE'd
« Reply #28 on: July 05, 2018, 08:11:22 PM »
Wow these numbers are rather large!

Age 30
Family of 4
Status not yet
Fire number: 325k lean and 650 fat
Fire age: not sure, thinking of taking a mini retirement along the way
Current nw: 245k, 40k is 2 rental properties, one we live in.

dude

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Re: What's your networth when you FIRE'd
« Reply #29 on: July 06, 2018, 10:50:48 AM »
Age 53
Couple (wife will work 5-7 more years than me)
I will FIRE in 10 months
NW: as a couple, it's currently @$1.8mil, with $1.2 of it invested;
@$800k of which is my 401k, which I will have immediate, penalty-free access to;
I also have a pension that is worth about $1.5mil if you used the 4% SWR to value it

boarder42

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Re: What's your networth when you FIRE'd
« Reply #30 on: July 06, 2018, 10:53:39 AM »
Age: 31
Family Size: 3 (wife and 1 kid almost here) plan to have 2 when we FIRE
Status: Not yet retired
FIRE Number: 2 mill
FIRE age: 37
Pensions: None
Current NW no house- 750k
Current NW with house - 950k

Planning to go to 32 hour weeks on birth of new baby.

Lanthiriel

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Re: What's your networth when you FIRE'd
« Reply #31 on: July 06, 2018, 03:35:25 PM »
Age: 30 (husband is 35)
Family Size: 2 (childfree! woo!)
Status: Not retired
FIRE Number: $1.5M + paid off residence (will move to LCOL area)
Current Net worth: $195k savings + $46k home equity
FIRE age: Somewhere between 42 and 45 unless I lose my shit and try to CoastFI or BaristaFI until normal retirement age
Pensions: None. Wah wah.

JoJo

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Re: What's your networth when you FIRE'd
« Reply #32 on: July 06, 2018, 04:48:47 PM »
Age: 45
Family Size: 1
Status: Any day now
FIRE Number: $2.75
FIRE age: 45? 46?
Pensions: $1100/mo at age 65

spartana

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Re: What's your networth when you FIRE'd
« Reply #33 on: July 07, 2018, 09:19:34 PM »
Age: 45
Family Size: 1
Status: Any day now
FIRE Number: $2.75
FIRE age: 45? 46?
Pensions: $1100/mo at age 65
Wow that's a lot of money for a single person your age. I'm surprised you haven't FIREd long ago given your love of travel (and awesome blog about your adventures). Anything holding you back? I know you don't spend much on your trips or at home sooooooo..... Enquiring minds want to know ;-).

texxan1

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Re: What's your networth when you FIRE'd
« Reply #34 on: July 07, 2018, 09:32:28 PM »
Age: 46
Family Size: 1
Status: not retired yet. Thinkin I have 18 months to go
FIRE Number: $2mil including lump sum pension of 250k
FIRE age: 48
Pensions: $650/mo at age 65
Paid for 500k house in HCOL area
currently at 1.5m in 401k / vanguard after tax

Hirondelle

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Re: What's your networth when you FIRE'd
« Reply #35 on: July 08, 2018, 02:41:51 AM »
Age: 24
Family Size: 1
Status: Not yet retired
FIRE Number: 250-300k barebones assuming family size doesn't change
FIRE age: Hopefully in 30s, want to do sabbaticals along the way though
Pensions: SS equivalent and pension from current job, but they're only starting >70 yo

marty998

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Re: What's your networth when you FIRE'd
« Reply #36 on: July 08, 2018, 04:56:26 AM »
This thread is a sign of times ... so many FIRE numbers above $1.5m excluding a paid off house!

This is enough to basically have a FIRED income of $60,000 forever and still keep growing your stash under literally all conditions.

I am a hypocrite because I will want to do this too, but damn, can any of us really call ourselves mustachian anymore?

chasesfish

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Re: What's your networth when you FIRE'd
« Reply #37 on: July 08, 2018, 06:24:17 AM »
This thread is a sign of times ... so many FIRE numbers above $1.5m excluding a paid off house!

This is enough to basically have a FIRED income of $60,000 forever and still keep growing your stash under literally all conditions.

I am a hypocrite because I will want to do this too, but damn, can any of us really call ourselves mustachian anymore?

We did it first around a $700,000 net worth.  My wife retired from her veterinary practice and moved with me while I pursued a leadership opportunity I thought I always wanted and set a new date.   The new opportunity has paid better than I could ever imagine, but the original nest egg is still responsible for the majority of our net worth. 

Malkynn

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Re: What's your networth when you FIRE'd
« Reply #38 on: July 08, 2018, 06:50:06 AM »
This thread is a sign of times ... so many FIRE numbers above $1.5m excluding a paid off house!

This is enough to basically have a FIRED income of $60,000 forever and still keep growing your stash under literally all conditions.

I am a hypocrite because I will want to do this too, but damn, can any of us really call ourselves mustachian anymore?

Pete makes a ton of money and has a huge net worth...
I donít think a large Ďstache means anything in and of itself.

For those of us, like Pete, who are extremely well paid for work/part time work/side hustles that we enjoy and spend very little, a huge Ďstache is inevitable. Just because Iíll likely end up with a Ďstache that could support a big annual spend doesnít mean Iíll be spending that much.

Itís my Mustachianism thatís making me rich, not the other way around.


boarder42

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Re: What's your networth when you FIRE'd
« Reply #39 on: July 08, 2018, 07:07:17 AM »
Yes also pete didn't retire he went to a house building side hustle with the equivalent of a 1MM today albeit with a paid for house. Then started the blog. Now he bought a place to collaborate. I'd call him anything but retired. His wife makes soaps. I'm not trying to be the retirement police but to compare what Pete did to the numbers people post here I'd say are quite equivalent. We just may enjoy our original jobs more than he and his wife do.

Malkynn

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Re: What's your networth when you FIRE'd
« Reply #40 on: July 08, 2018, 07:26:26 AM »
Yes also pete didn't retire he went to a house building side hustle with the equivalent of a 1MM today albeit with a paid for house. Then started the blog. Now he bought a place to collaborate. I'd call him anything but retired. His wife makes soaps. I'm not trying to be the retirement police but to compare what Pete did to the numbers people post here I'd say are quite equivalent. We just may enjoy our original jobs more than he and his wife do.

Yep, I always compare my currently pre-FIRE life to Pete's post-FIRE life, because that's the part that inspired me most.

He chose to stick with a day job for a decade before following his passions, but it wasn't at all necessary for his financial success and security. He would have been fine going straight to house building, blogging, and community projects. The guy sweats profitability, he was going to be wealthy no matter what he did.

I left my original high-paying, intense, and stressful job after just 3 years and while still in 200K of debt, because I saw from Pete's example that it could easily be done without first reaching FIRE. Now, like Pete, I'm ultimately more profitable since quitting my job and just focusing on living my best life.

Pete's arbitrary FI number is actually virtually irrelevant in the big picture of his finances. It was just a security blanket that allowed him to finally take the jump and live his best life. I personally just ignore that entire side of the equation because it isn't relevant to me.


chasesfish

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Re: What's your networth when you FIRE'd
« Reply #41 on: July 08, 2018, 08:19:45 AM »
Yes also pete didn't retire he went to a house building side hustle with the equivalent of a 1MM today albeit with a paid for house. Then started the blog. Now he bought a place to collaborate. I'd call him anything but retired. His wife makes soaps. I'm not trying to be the retirement police but to compare what Pete did to the numbers people post here I'd say are quite equivalent. We just may enjoy our original jobs more than he and his wife do.

+1!

I do believe that $600,000 or so is the "freedom" number for most people.  If you can hit that before 40, just make enough money to cover living expenses and let the investments ride.  Hopefully that money comes from a hobby and not painful work

MaybeBabyMustache

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Re: What's your networth when you FIRE'd
« Reply #42 on: July 08, 2018, 08:49:14 AM »
Age: 42
Family Size: 4 (51, 42, 12, 11)
Status: Not yet retired, but planning to leave high paying career over the next 3-6 months. Husband will plan to continue. I will likely find something flexible/part time, after taking time off altogether.
FIRE Number: Currently just over $2M.
FIRE age: Soon
Pensions: No pensions

We're in a HCOL, and our house (not included in above) is supposedly worth about $1.5M more than we owe. We haven't decided where we'll move once my husband has decided to stop working, but it's unlikely to be in our current extremely HCOL.

gerardc

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Re: What's your networth when you FIRE'd
« Reply #43 on: July 08, 2018, 07:24:17 PM »
This thread is a sign of times ... so many FIRE numbers above $1.5m excluding a paid off house!

This is enough to basically have a FIRED income of $60,000 forever and still keep growing your stash under literally all conditions.

I am a hypocrite because I will want to do this too, but damn, can any of us really call ourselves mustachian anymore?

Pete makes a ton of money and has a huge net worth...
I donít think a large Ďstache means anything in and of itself.

For those of us, like Pete, who are extremely well paid for work/part time work/side hustles that we enjoy and spend very little, a huge Ďstache is inevitable. Just because Iíll likely end up with a Ďstache that could support a big annual spend doesnít mean Iíll be spending that much.

Itís my Mustachianism thatís making me rich, not the other way around.

But FIRE number is when you're financially independent, not an amount of money you just happen to accumulate. If you only need $800k but reach $1.5M because you love your work then your number is $800k. I don't think that many people here love their work, they mostly fear needing the money or are not mustachian, IMO

mjr

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Re: What's your networth when you FIRE'd
« Reply #44 on: July 08, 2018, 07:41:14 PM »
Age: 52
Family Size: Single, grown children
Status: Working
FIRE Number: $2.5m + house
FIRE age: In 3 weeks
Pensions: No age pension for me
« Last Edit: July 08, 2018, 07:44:24 PM by mjr »

spartana

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Re: What's your networth when you FIRE'd
« Reply #45 on: July 08, 2018, 08:24:11 PM »
This thread is a sign of times ... so many FIRE numbers above $1.5m excluding a paid off house!

This is enough to basically have a FIRED income of $60,000 forever and still keep growing your stash under literally all conditions.

I am a hypocrite because I will want to do this too, but damn, can any of us really call ourselves mustachian anymore?

Pete makes a ton of money and has a huge net worth...
I don’t think a large ‘stache means anything in and of itself.

For those of us, like Pete, who are extremely well paid for work/part time work/side hustles that we enjoy and spend very little, a huge ‘stache is inevitable. Just because I’ll likely end up with a ‘stache that could support a big annual spend doesn’t mean I’ll be spending that much.

It’s my Mustachianism that’s making me rich, not the other way around.

But FIRE number is when you're financially independent, not an amount of money you just happen to accumulate. If you only need $800k but reach $1.5M because you love your work then your number is $800k. I don't think that many people here love their work, they mostly fear needing the money or are not mustachian, IMO
True. Pete's NW when he FIREd was around $600K plus a paid off house. That doesn't change whether he earns blog money or wins the lotto. My NW when I FIREd years ago is different than it is now but that doesn't change my original NW when I became FI and decided to RE (in true IRP non-working fashion).

But I agree with@marty998, seems like a lot of people here need a lot of money before they pull the plug

ETA: this recent  thread highlights that fear of stopping work and needing a huge stash https://forum.mrmoneymustache.com/ask-a-mustachian/a-cure-for-last-mile-itis/?topicseen


« Last Edit: July 08, 2018, 08:34:00 PM by spartana »

Penn42

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Re: What's your networth when you FIRE'd
« Reply #46 on: July 08, 2018, 08:30:29 PM »
Age: 26
Size of Household: 2
status: just starting out
FIRE number at current expenses: 400K
FIRE Age: not thinking about it, so much could change.  Just gonna save like a motherfucker for now
Current stash: 33k and rising quickly (to me)

Bateaux

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Re: What's your networth when you FIRE'd
« Reply #47 on: July 08, 2018, 09:32:02 PM »
Age 50.  Not FIRE'd yet. 
Net worth is 2 million not including paid off house we're living in.  We just bought a second home for retirement in Florida, we will have a mortgage of 190K. We've paid 20 percent down and all closing costs.  Working a few more years to build cash and pay down the new mortgage a bit.  Would probably FIRE within a year if we had single payer health care.   Have to stick with employers plan till we see what congress does with health care.   Hope to reduce expenses more in the next few years.  If we reach liquid net worth of 2.5 million we'll likely FIRE and take our chances with health care.

Slow&Steady

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Re: What's your networth when you FIRE'd
« Reply #48 on: July 09, 2018, 07:43:29 AM »

But FIRE number is when you're financially independent, not an amount of money you just happen to accumulate. If you only need $800k but reach $1.5M because you love your work then your number is $800k. I don't think that many people here love their work, they mostly fear needing the money or are not mustachian, IMO

I disagree with this.

Your FI number is when you are Financially Independent.
Your FIRE number is when you are Financially Independent & Retired Early (or plan to).

They very well can be different numbers.  Beyond that the question was What's your networth when you FIRE'd (or plan to).  That is not the same as the question of what is your FI number.  There are several on here that even if they plan to FIRE there is a different milestone (not $ related) they are aiming for before they FIRE.  I don't particularly want to FIRE with kids still in the house and my husband has a lifelong auto immune disease that requires us to pay very close attention to insurance (or amass a lot more money). 

I would edit your statement to this:
If you only need $800k but reach $1.5M before you FIRE because you love your work then your FI number is $800k but your FIRE number is $1.5M.

spartana

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Re: What's your networth when you FIRE'd
« Reply #49 on: July 09, 2018, 01:41:00 PM »

But FIRE number is when you're financially independent, not an amount of money you just happen to accumulate. If you only need $800k but reach $1.5M because you love your work then your number is $800k. I don't think that many people here love their work, they mostly fear needing the money or are not mustachian, IMO

I disagree with this.

Your FI number is when you are Financially Independent.
Your FIRE number is when you are Financially Independent & Retired Early (or plan to).

They very well can be different numbers.  Beyond that the question was What's your networth when you FIRE'd (or plan to).  That is not the same as the question of what is your FI number.  There are several on here that even if they plan to FIRE there is a different milestone (not $ related) they are aiming for before they FIRE.  I don't particularly want to FIRE with kids still in the house and my husband has a lifelong auto immune disease that requires us to pay very close attention to insurance (or amass a lot more money). 

I would edit your statement to this:
If you only need $800k but reach $1.5M before you FIRE because you love your work then your FI number is $800k but your FIRE number is $1.5M.
That probably depends on how you want to define "retire". The MMM version of continued paid work even if in a different way or job,  or the IRP way which means you don't have any earned income and live solely off passive income. The OP could let us know what he means and maybe change it to "what was your NW once you reached FI and "could" retire and live the life you want on passive income without any further earned income needed".