i've taken some time to sit down and evaluate my ultimate goal, and i've come to the conclusion that FI at 50 is it. we are in the 15% tax bracket, so this is the plan i've come up with, let me know if you guys think i'm an idiot or it works
-fully fund 2 ROTH ira's(one for my wife and i)
-will have about 400 a month left, put all that into savings(use money for house renovations and car purchases, crap like that)
-i make right around 3000 a year mowing lawns after hours, i was planning to just invest this money in a regular account to help pay for renovations, cars, travel, etc.
-i put 3% to my 401k and the company matches up to 3%
-my wife's ipers will kick in at 65 which i would guess would bring home 2k a month
-don't have access to an HSA
if my calculations are correct and assuming a 7% growth, at 50 we would have around 480k in our roths and interest every year would be around 32k, which is what we spend a month. if we stop investing in that year, at age 60 it would be just over a million dollars.
sooo...am i an idiot?