Topic Title:
Marry and have children? Retire but start business/side projects?
Age:
35
Income:
Consultant - $80k Gross Annual, $55,800 Net Annual, $4650 Net Monthly (though paychecks are weekly... 4 or 5 per month)
Rent - roommate pays me $500 / month
(401k - $267/mo deduction, $67/mo match - not included in totals)
Total - $5150
Current expenses:
Mortgage $1225 (includes P&I, Tax, Insurance)
Electricity $140
Sewer/Trash $50
Internet / TV $130
Cell $50
Car Insurance $43
Car Maintenance $50
Gas $180 (30 mile daily commute)
Groceries $350
Motorcycle Insurance $18
Misc: $190 (lunches, gifts, maintenance, etc)
Total - $2426
Variable... home care expenses.
In the 7 years of owning a home I've replaced the Heat Pump, Water Heater and Roof, refinished the deck. Adds up to ~$12,000 or average ~$150/month
Expected ER expenses:
(... depends on goals)
Assets:
Home - $160,000-170,000 (estimated)
IRAs - $66,570
Investments - $29,600
Savings - $10,675
Liabilities:
Mortgage - $107,950 (3.375%)
Specific Question(s):
Short-term, I would like to sell the house and move much closer to work. An apartment would actually cost me a little more than my current housing arrangement. Less money, perhaps, but since 50% of my mortgage goes towards principal and I have a roommate paying in, it is actually more costly (greater contribution to negative net worth.) However, I would no longer have the stress and expense of home ownership! I could also get rid of the cable bill entirely. It would also be nice to take the equity from selling the home and invest it!
Mid-term, I would like to transition from full-time work to contract work and work on software projects as passion and eventual income.
Mid/long-term, I would like to build a family (if it works out with the right girl.)
I feel like it's hard to juggle the possibility of needing money in the mid-term to support a greatly reduced income while I pursue my projects and passions, not to mention the possibility that at some point I would be working with a partner to support a family. Should I just focus on getting to full FIRE status by buckling down and only focusing on work for now? I can't predict how relationships will go. It's not my number 1, 100% top priority to have children, but it's something I would prefer to do before I get particularly old... if it's possible. (Girls are not predictable!)
Conflict:
My current job, which I've only been at for four weeks, is just over 15 miles from home. The girl I've just started seeing lives 1 hr 45 minutes away. (While they are in the opposite direction, thanks to the turnpike, moving closer to work would not change that distance.)
I'm not ready to go out on my own. Many years ago, I did a lot of freelance projects, but I quickly pulled away from it when I bought a house. Even now, I find it difficult to balance work, home care, freelance and trying to build a relationship.
I don't know how the Mustachians feel about long-distance dating, what with our fancy gas guzzling cars, but I met someone I like who's smart with her money, and I'd like to pursue it. But right now I need to do well at my job, refresh my skills and make sure I'd be able to either attract my own clients or be able to land a well-paying job closer to the girl (if it comes to that, which would be a little ways off.) While we'd both like to be somewhat close to family when we'd start a family, we would be willing to compromise with somewhere 45-60 minutes in between, but we'd both need new jobs (or a clown car commute) to make that work.
Sometimes I don't know how people do it. I've read that the big stresses in life are buying/selling homes and cars, changing jobs, deaths and major relationship changes. I've just changed jobs and started a new relationship, and I'm trying to downsize my car, and it certainly is stressful. And obviously to make something like the above plan work, I'd be moving, changing jobs and moving in with someone all at once. How do you do it?! (And not freak out and lose a few years of life to stress!)