Hi everyone! I am close to FIRE, and I am hoping for some detailed advice and review.
Life:
* 37, single, 3 kids 30% of the year.
* I live in a van most of the time
Expenses:
* 25k Living expenses (groceries, restaurants, gas, bills, whatever)
* 10k Discretionary spending (gear, travel, etc)
* 5k Alt housing (Airbnbs, hotels, supplies to support not having a house)
Assets:
* $900,000 Betterment Taxable 90/10
* $46,000 Betterment Retirement 90/10
* $7,000 VTI (HSA)
* $170,000 remaining passive after-tax income 2020
I stopped working last fall when my startup ended. I've been thinking that I should FIRE this year, once that passive income finishes paying out this year. Specifically, I want to start working on very different kinds of things, waste time exploring interests, etc. I've already begun doing this (collaborating on a research paper, traveling, athletics, friends).
It's quite possible I'll end up in some kind fo second career, making more money, but I don't want to HAVE to work again.
Am I there? Should I pull the trigger? Or should I go heads down for another year?
My main concern is that our adventurous housing situation might get old, but I'm very happy with it for now.
I've read McClung's book, and I'm thinking of doing something like the following:
* Start with 2y of cash
* Keep allocation 90/10 to start, since the markets are down, using alt prime harvesting to spend bonds first. If the markets go up, rebalance to 80/20
* Switch to even asset class allocations instead of betterments' US-total-market heavy balance
* Unless markets recover in 1y, wait until cash is exhausted to harvest
Since my retirement is long, I'm wary of strategies that aim to exhaust the portfolio. I can be flexible with some of my spending. Which variable withdrawal strategy would you use?
Should I switch to more even asset class allocations now? Or build to that over time?
Can I create a plan where I go back to work under specific circumstances?