REAL ESTATE
$100k equity in rental property earning ~$600/mo positive cashflow (and that covers all of my own housing expenses as well).
I do have $200k in mortgage debt on the rental property.
I'm confused - So you have one rental property, single family with three bedrooms? - what is the value of this property? It is rented out at present and brings in $600 after deducting expenses?
The second property you own, you live in, but rent out two bedrooms - what is the value of that property and how much does it bring in each month after deducting expenses?
Equity in rental (both???) $100K versus $200K mortgage (total???)
SAVINGS - PENSION - INVESTMENTS - TOTAL $245k
I have about $200k saved in pre-tax accounts, - is that a 401K?
I also have $30k saved in a roth IRA and an additional $15k in cash.
My total personal expenses for the year are around $8,000. Plugging it into cfiresim I have 100% success rate.
I *think* I am ready to say that I'm at least done with full time work. The plan is on Monday to talk to my boss about a different arrangement, because I do like the work that I'm doing here, and I like most of my coworkers. I'd like 15-20 hours of work a week, after a bit of a break. But if that's a no-go I'm also fine pursuing something else.
My original goal back when I first found this blog (well, after I got over the "that would never work" reaction) was September 2017. If I give notice Monday my boss has time to decide if he wants to mess with me or how many weeks notice he needs.
I'm there right? Is there a particular reason to wait until December? Am I going to screw myself on ACA costs in any way by starting ACA in a year where I had high income?
If all you spend annually is $8000 and you now have a full time job that pays????, plus you have $600. monthly positive cash flow from the rentals which also presumably pay off the mortgage on both properties via the rental - that is a rather fine situation to be in.
Maybe I am missing something here, but wouldn't the smartest route be to have both properties paid off, before considering your next step? Sure, you might get by with a part time job, if that is important to you, because there are other things you'd rather pursue.
To me this looks like a rather extreme choice at present. If you were 45-50 of age and simply wanted/needed to step away from the rat race for whatever reasons then I'd say it is doable as long as you can come up with a part time job or the occasional contract/side gig.
Until those properties are paid for - my answer is no, you are not ready, I don't care what the calculator says, there is too much risk in this scenario. Too tight - at least for my blood.
Your assumptions on health insurance are too narrowly based only on your own experiences thus far. You are still a young man, of course, based on the lousy system in the US in general, you will often find that nothing is covered - so why bother? The answer is simple and profound, you pay for health insurance, because it is just another brick in the foundation of a financially successful life.
I am not willing to bet on never having a financially devastating and therefore also mentally exhausting, depressing, major medical event at some point in my life.
The proverbial what-if? scenario.