FIRE thoughts and targets
I have been reading a lot and excited about FIRE (Financial Independence and Retire Early) but curious to hear other’s thoughts and targets (if any). Please introduce yourself using below template and share your thoughts and risks/fears: Age and current status: Location: TNW (Total Net Worth): Sources of NW: FIRE target age: FIRE target NW: Target annual income at FIRE: Thoughts/risks/fears? My stats: 38 married Seattle $2.6M Stocks $2M, 401k $600k, bank ~50k FIRE target age: 50 FIRE NW: $5M Target annual income: $250k I feel at $5M we will be at a good spot to retire (or take work easy) and relax but I am sure i am overlooking risks and curious to hear from others.
33 Married ( single earner), Seattle NW: 2.4M. 401K- 350K, Stocks- 1M, Cash- 50K, rental home equity: 500K, primary home equity: 500K Fire target Age :45 Fire NW: 6M Target annual income:250-300K Current Tc-350K
That’s impressive as a single earner. May I ask how did you get there?
Yes. How did you get there as a single earner working with MS ?
That's fat-fire for sure. Growing up in the south, income over 100k is rolling in it. 26 single 500k Stocks 400k, 401k 50k, BTC 40k, bank the rest FIRE NW: 2M I think everyone, especially west coast tech workers, could benefit from going lean on budgets for a year and see how they can give back instead of consuming. Having a new 100k Tesla looks more like a ball and chain to me.
How'd you get up to $500k so early ?
The main trick is to make 150+ a year and not spend it. I have roommates, an old cheap car, and inexpensive hobbies.
Age and current status: 26 single Location: seattle TNW (Total Net Worth): 400k Sources of NW: worked at non FAANG and saved normally FIRE NW: 5M
Congratulations on paying off your student loans!!!
Why will it take you 12 years to add 2.4M?
Being conservative here and accounting for any family changes like kids, house etc
39 single Bay area $6.1M (Stocks, index funds, RSUs, 401k, IRA, Roth IRA, emergency fund in cash) Expenses are low (under $100k per year, including $40k in rent). I was thinking of walking away earlier this year (to do God knows what), but found another team / project I was excited about. I very much agree with folks saying that tech workers have a warped sense of what it takes to survive financially. Drive a used car and rent. Even with a family... I went to public schools all my life. I turned out fine, and my parents have no debt.
That’s impressive how did you get to $6.1M? Totally agree on tech workers warping financial requirements. I follow the FIRE thread on Reddit and most folks there have a target of $2M and target income of $80k/year
I've always saved aggressively and done my best to invest intelligently. I was privileged to have a few things working in my favor: - no student debt (parents paid for undergrad, and I got an RA-ship for graduate school) - parents emphasized saving (they actually opened the Roth IRA for me when I was 17 and got my first job, and they matched anything I deposited) - I've invested mostly in diversified index funds + held some GOOG RSUs and other FAANGs Have been working at Google for 10+ years. My TC has gone up during that time, but my lifestyle hasn't changed much.
Early 40s married SF Bay Area Target net worth: over $5 million - Stocks and bonds, over $5 million - 401k - over $300,000 - Bank ~ $10,000 - Real estate - fully paid off house, not included in net worth Sources: worked at non-FAANG and saved aggressively. Also had a few successful investments along the way FIRE target age: 35 FIRE NW: $5 million Target passive income: $200,000/yr Actual passive income: over $200,000/yr for at least the past 5 years Retired early once and got bored after about 6 months. Went back to work with a more confident attitude and enjoyed it more.
hahahaha 10k in the bank and 5m in stocks is just hilarious to me. Why such little cash? Also congrats!!
Having more than 10k in cash is useless unless you actually expect a large expense very soon. If you have good access to credit you should basically never need a large amount of cash as an emergency.
38, Married Mid-West Negative NW (~$3.8M) Sources: Rental Units, 401K, IRA, Pension (already retired once) Retirement target age: 70 Retired NW: ~$8M (already adjusted for inflation) Target Annual Income: $70K equivalent
Age: 32 Married, single earner, waiting for her employment authorization. Location: Boston TC: 170k Savings including everything: 60k Stocks: 90k Fire target age: 50 Fire target nw: $5M Fire income: 200k/yr, this might change with time tough. How are you guys doing it? Feels soooo difficult :(
Hasn’t way fair quadrupled? How are you making so little?
Stocks were allocated at higher price.
In 12 years 5m won’t be enough
It stays invested and ladders down to combat inflation. The run rate is typically under 4% of NW each year.