I've seen some of the closer dated threads like this and just scrolled right by them. Saw this one for the first time and started thinking, "That should be somewhere around my date." Counted the years and 2030 is it! I turn 40 tomorrow so this will be around 52 for me. My wife is a teacher and she will have 3 more years after that to get her full pension. My youngest daughter is finishing 3rd grade now so May of 2030 is when she **should** finish her 8th semester of college and **hopefully** be done with college. January of 2030 is when our 15 year mortgage is scheduled to be paid off so there are a lot of synergies around that date.
I'm approaching retirement through rental real estate. My goal is to obtain $5k/month net income from real estate. Which, using the 50% rule, puts the goal at $10k/month in gross rents once loans are paid off. After purchasing, rehabbing and then renting out #13 in April, market rent projections (I have a few long term tenants paying below market) just surpassed $10k! So I am already at my retirement gross income number. Now I need to hit the net by either paying off debt or obtaining more rentals to counter the debt. My current end goal is 15 rentals. And, while I am all for simplicity and do not want a huge empire, most likely I will end up with a few more over the next 12 years as I have the skills and enjoy the process of adding profitable rentals. Current plans are for the rentals to pay for themselves, fund our IRAs, HSA and fund a family vacation each year. My oldest daughter is finishing 7th grade so once she reaches college, the goal is for the real estate to cash flow college for all three daughters. Knowing this is 5 years away, I am making voluntary upgrades and repairs to my properties (roofs, tuckpointing, gutters etc) now so **hopefully** those 6 years of paying for college will have fewer large repair bills. After college is done, the rental cash flow will be used to fund my retirement until my wife retires shortly after.
Like others here have said, I'm not in a huge hurry to retire. My wife changed jobs 6 years ago and took a $25k pay cut-with pension and benefits is more like $30k-$32k cut. So I consider that we are 'partially' retired right now even though we both work full time as she absolutely loves her job now. I may even 'partially' retire in a few years and go back into teaching. The cost of college is what is keeping me from digging down deeper into an aggressive FIRE date.
Cash/Savings: $25k
Personal Residence: 275k
Investment Real Estate: 680k
Investable Assets: 260k
Cars and Crap: 25k
Total Assets: 1265k
Credit Cards: 13k (big months finishing up rental rehab, family vacation and dentist)
LOC: 76k
Mortgage: 170k
Real Estate Loans: 196k
Total Liabilities: 455k
Net Worth: 810k