Hi there, pretty new here, done a lot of lurking, not so much posting.
Could use some advice. We are planning a move from AZ to WY to be closer to family. I am hoping to FIRE or at least quit my full time job and launch more into building my side business which I LOVE. I lost both my parents in their 60's (65 and 69) and I'm concerned about working until I die. I've had cancer already at 34.
Currently I make the lions share of our income ($86k before taxes) and spouse's income varies from his own business ($33k before taxes). My side business brought in $10k before taxes in 2014. Total = $129,000
We plan to move to WY either this summer or next depending on how quickly we can get the house on the market. Several extenuating circumstances: My mom passes away in October and we have to fly back and forth to Wisconsin to clear out her estate. So getting 2 houses ready for sale plus a full time job, a part time business and a 6 year old might be a bit much to tackle in 5 months hence the possible move NEXT year instead. We are PUSHING to move this summer before school starts though.
Age: Me - 44 Spouse - 40
Income: 129,000/yr
Investments: $212,500
Cash: 40,000
Inheritance (estimated) we will receive this year: approximately 247,500k cash after taxes
Total (est) Assets: 462,500
Current house: We owe $158,000 at 3.75% on a 15 year fixed. I estimate (based on comps) that if we sell in July/Aug we will walk away with $35,000 equity after fees
No debt other than the house.
Current expenses including mortgage (1750 pmt) are $3300. This includes $300 for daycare which will go away when we move (Grandma).
Plan is to move to Wyoming and spouse will get a job and carry benefits. Pay is not great $28,000-$32,000k a year but will cover insurance and expenses.
I would like to FIRE and re-start my business in Wyoming.
So my questions...
1. would you pay cash for a house and invest the rest of the money? Looking to spend between $165 - $225K (houses are not cheap where we're moving)
2. Or get a small mortgage and invest more of the $$.
3. Is it feasible for me to FIRE?
If we pay cash for a house I anticipate our expenses to be around $1700.00 a month (water, electric, car ins, life ins, cell ph, gas/spending $$, groceries, house tax/ins). College is already taken care of (my mom left $$ for DD's college fund).
Since we are shooting for a move in 5 months, i'm trying to max out my employers 401k plan by August. Any other suggestions/advice is greatly appreciated. Please let me know if you need a complete breakdown of monthly expenses and anticipated expenses.
