All:
I'd like advice on my Fire Journey. Here's my info:
1. Life Situation: 35 year old lawyer in NYC. Single Debt free (paid off $150K in student loans 2 years ago). Graduated law school in 2008.
2. Income: $158K + $20-$40K bonus
3. Assets: $125K stocks (VTI, VYM, Facebook and Apple)
4. 401K: $25K from previous employer. My current job does NOT have a 401K, but they may set one up next year.
5. Rent: $1,200
6. Spending: Approx $1000 to $1,200 per month on food, groceries, entertainment, utilities, personal travel. I know I could probably cut this down.
After tax, I get about $8K per month. $5K of that goes to an ETF like VTI. I know I could probably get better on eating out less and cutting down my expenses. I make too much for a ROTH IRA, but my job may begin offering a 401k going forward. Its a small law firm that just started out and growing rapidly. I'm tracking my spending with Nerdwallet.
Anything else that I should be doing? I hear after the first $100K saving becomes easier due to compounding / dividends reinvesting themselves. My goal is to become FI by age 40 maybe age 42. I expect salary to increase and cost of living to maintain the same / slightly more due to inflation over the next few years.
When I do become FI, I plan on living abroad. Top contenders: (Brazil, Mexico, and Philippines). Living abroad for most of the year and maybe coming back to NYC in the summers. I know NYC is expensive, but I was born and raised here. Family and friends here.
Thoughts?