Curious if anyone here has early retirement as a goal? If so, what are your numbers and goals? I’m aiming for a net worth of 4 million. 1 million in brokerage, 1 million in 401k and 2 million in real estate (including paid off primary residence and rentals). Hoping to retire at 50 and live in a MCOL area.
OP, are those NW numbers for you or the household?
Me vs household is more or less the same since my wife doesn’t earn much. Including my wife’s assets the NW goal probably goes up to 4.5 million. Primary home belongs to both of us.
1.5M for FIRE
I'm 50 this year and have a networth of 9.5M. I could fatfire right now, but I plan to keep working until I get tired of work as I still enjoy working.
1.5M in personal money is my goal. Hit FI at 33.
Got 7.5M NW today. I think I'll work until my kids are in college. It's not like we can really go anywhere for a long span before then.
I would say resist the urge to splurge on depreciating assets when you are young. This means stopping yourself from getting that $60k+ Tesla model 3 and instead investing in stocks and/or real estate. If you must get that expensive car, wait until you've reached a few million so that money has a chance to grow off a large base.
I don’t completely agree @microsoft , I got my model 3 in 2018 and it completely blew my mind and had the same experience of using iPhone for the first time and went all in on Tesla stock . I wouldn’t have gone all in if I had never got the car
When you are young you will come up with all sorts of reasons to spend your hard earned money on depreciating assets when it does not make financial sense.
I am aiming for 50M retire late 40s with a hard stop at 50.
What kind of plans do you have for the 50M? Spending much of it or planning to pass it on?
What would you actually do with your time? I have more than your target, but have no desire to quit not least because I would only do the same stuff as a hobby / unpaid anyway.
I would probably continue to work, but would like to have more freedom to choose what I work on and I want to stop having to worry about money and stability. I don’t like to have to constantly have to worry about perf, for example, and if taking a vacation is going to affect my calibration rating. Also part of me is uncomfortable with having mortgage debt and I worry what would happen if my income drops. FIRE for me is more about freedom from worry, but it doesn’t necessarily mean I need to stop working altogether.