Life:
40, single, no kids, not supporting anyone, large upper middle cost of living city. Job is low stress most of the time, I never work nights or weekends, and almost every day is 9-4 or 9-4:30. Still I would rather not be in the office.
For purposes of this discussion let’s assume I remain single and childless.
Income
Salary: 130K
Avg Annual Bonus over last 5 years: 20K
Avg Annual Dividends over last 5 years: 5K – 8K
Bank account bonuses: $3K
Credit card bonuses: $4K
Assets:
401K: 580K
Non-retirement brokerage account: 470K
Roth IRA's: 40K
Cash/savings: 75K
HSA: 35K
Total asset allocation: 15% S&P 500, 15% small value index, 40% int’l index, 24% bond index, 6% cash/savings
Total assets without home equity = 1.2 million
Home value according to Redfin = 230K
Mortgage balance = 148K
Home equity assuming sale price of 200K and minus realtor fees, costs associated with sprucing up the place, etc = 40K
If I work one more year and market is flat I would reach around $1,280,000 in assets excluding home equity.
Expenses:
I have kept track over the last year:
Mortgage, condo fees, real estate taxes = $1,425 a month or $17,100 a year
Annual condo insurance = $400 a year
There was a special assessment of $3,800 3 years ago and before that the last one was around $2,000 10 years ago so I’ll conservatively assume $1,500 a year for this.
Home maintenance: I haven’t spent anything on this, but let’s assume $500 a year.
Groceries and toiletries = $325 a month or $3,900 a year
Eating out = $50 a month or $600 a year
General non-travel entertainment = $1,500 a year (actually don’t spend that much but being conservative).
Hobbies, race fees, etc = $500 a year
Umbrella insurance = $200 a year
Uber = $300 a year
Public Transit = $400 a year
Phone bill = $300 a year
Clothes = $200 a year
Amortization of possible replacement of bed, furniture, computer, phone = $250 a year
Amortization of possible replacement of bike = $50 a year
Bike maintenance/repair = $100 a year
Running and hiking shoes = $400 a year
Annual Christmas gifts to family = $500 a year
Political donations: $100 a year
Charity: I give $3K a year now but after FIRE I’ll increase my weekly hours volunteering from 3 to 10-15 so $0 here after FIRE
Total expenses excluding travel, health insurance, health care = $28,800
I think I can make $500 after taxes on bank bonuses after FIRE so let’s bring expenses down to $28,300 after that.
Travel
Due to having many miles, I don’t have to spend on flights for the next at least 5 years. Anticipate $4,000 a year in travel and can cut down if necessary.
Total expenses after Travel and after-tax bank bonuses are included = $32,300
Health Care
The big unknown of course. No pre-existing conditions, in good health, would qualify for ACA tax credits and possibly cost sharing subsidies. Main thing as far as health care for me are pre-existing protections, reasonable annual out of pocket max, no lifetime cap. I could deal with say $10K-$15K annual health care costs if I had to.
