Hey Guys,
Looonnngg time lurker and first time poster.
Been a huge fan of MMM, in addition to the many others (millenial Revolution, Mad Fientist, Go Curry Cracker, etc....), I thought I would ask the friendly members in this forum and from the people who are actually FIRE'd and can perhaps give me some guidance and/or expertise.
I'm running into a dilemma of sorts. Probably more psychological than anything I believe, but perhaps I just need a vote of confidence from the smarter than me people on this board.
But first a little about me.
I am 35 years old and currently reside in Canada and am in the healthcare field. Soon after graduating with my professional degree in 2012, I made ~ 120 K to 150 K CAD coming out of school. I Lived with the parents, saved every dime, and worked 6 days/week (some days consisting of 10-12 hour days - moonlighting) and was lucky to pay off all of my student debt in 2 1/2 years (close to 130 K School debt).
Soon after paying that off, I was lucky to meet someone that was on the same board financially and we got hitched. We have continued to live off of my wife's income ($70 K) and saved all of my income. We continued to do this for the past 5-6 years, which still consisted of me working 6 days/week, with many days still consisting of 10-12 hours/day.
Currently, my wife and I are bringing in close to $220-240 K / year (last years net total).
We have done really well with our investments (actually invested in Canopy Growth when it was around 2 dollars) and thus has helped us propel our investments forward. I know individual stocks are risky, but we were very lucky with our investment after having just watched a special on CBC about this up and coming company.
After the many years of saving, working, investments, we are looking at having a net worth of 1 million by the end of this year (crossing our fingers). Were currently sitting at 967 K (CAD).
Details:
TFSA (Mine): 150,000
TFSA (Wife): 147,000
Taxable Account (My Business Corporation) : 620,000
RRSP: 30,000
Joint (Chequing account) : 20,000
Our expenses are:
$42,000.00 / year (Mortgage, No car payments, food, utilities, etc...)
Thinking that it may be bumped up to possibly $55,000 to $60,000 in 4-5 years after a kid.
We do live in a condo:
Paid off: 80 K
Mortgage: 220 K
*Haven't included it in our FIRE plan since it is not liquid*
I am seriously burned out! Going full blast 6 days/week with long hours has me at a breaking point. I should also say, we are expecting our first child later this year and am at the cross road of : continuing the same route since we don't know our future expenses with the baby or decreasing my hours (and pay), but will ultimately allow me to be at home more with family
We are actually not planning on touching any of our investments for the next 10 years at least. Calculating things, we are looking at a big drop in income by going part time with our work, but hopefully calculating that we will still be able to save at east 50 K per year for the next 5-8 years.
The fear of a market correction that is looming, in addition to walking away from such a healthy income, has for some reason been playing with my mind. My wife tells me we should be okay.....I plug in things into FIRE calc, but am really worried about future costs that I may not be calculating.
Is Coastal Fire a possibility? Am I worried for no reason? Should I be worried?
Thank you