Author Topic: X years to FIRE ?  (Read 1419 times)

jsalazar92

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X years to FIRE ?
« on: September 08, 2016, 03:53:25 PM »
Hi everyone
I find myself in what must be a very common situation.
How to define the next 5-10yrs of my life with FIRE on the horizon...?

Im a 30 years old IT consultant and i probably now make what could be translated into a 100k salary in the US.
in the course of the last 4 years i just finished paying for my small house and 2 somehow recent cars. 0 debts now! with an emergency fund of 10K usd.  I have a wife and 3yr old daughter.

if i run the numbers i could retire in the next 5 years, seems like a long time, but i also need/want a mid size house and that'll add 4 yrs to my working career.

Counting_Down

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Re: X years to FIRE ?
« Reply #1 on: September 09, 2016, 09:19:39 AM »
Hey there,
You're post/question is a little vague, which is probably why you aren't getting any advice.  What is your specific question?

Congratulations on paying off your debts and building an emergency fund.

For  our situation, I also want a nicer house, but recognize that it is NOT a necessity, and not the most prudent choice for our pursuit of fire.  To frame it in a way that works for us and keeps us motivated, the first goal is FI for our current situation.  At that point we will reassess our wants, needs, stress levels, goals, and the current real estate market.. and decide whether to pursue another house.  If we decide we'll move, we will keep working until we have the money for that house cash.  We'll buy the house under mortgage (if rates are still good) while we're still working and then FIRE knowing we have the safety net to pay it off at any time, in addition to our covered living expenses. 
 

TheAnonOne

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Re: X years to FIRE ?
« Reply #2 on: September 09, 2016, 11:59:02 AM »
Hi everyone
I find myself in what must be a very common situation.
How to define the next 5-10yrs of my life with FIRE on the horizon...?

Im a 30 years old IT consultant and i probably now make what could be translated into a 100k salary in the US.
in the course of the last 4 years i just finished paying for my small house and 2 somehow recent cars. 0 debts now! with an emergency fund of 10K usd.  I have a wife and 3yr old daughter.

if i run the numbers i could retire in the next 5 years, seems like a long time, but i also need/want a mid size house and that'll add 4 yrs to my working career.

We are probably 9 years away as well @26YO. We still have a bit of auto debt.

I am not sure exactly what your asking for? We are defining the next decade or so as a time where we can learn to live with less, earn more, and enjoy life while working! (but lusting for FIRE at the same time)