Few years ago we started with the FIRE goal of 2M Net worth. Today we have hit that number and my spouse wants that to now be 5M (no timeline associated with it). We still have 1M in loan on our house which is not our forever home. What is your FIRE number and what's the age by which you want to achieve it? Do you keep changing your FIRE number as well? TC 500k Family of 4 (2 young kids) Age: late 30s Location: Bay Area #FIRE #retirement
I want 1M for every decade I need to support myself to enjoy. 3M at 60, 4M to retire at 50, 5M to retire at 40 and 6M to retire at 30
I like this approach. Do you have kids?
You plan to reach 90?
Are you planning to stay in Bay Area?
No but will not rule out the possibility of living here.
Literally same. We hit 2.7 recently and we’re like we’re still young let’s push for 5
I hear you, how old are you guys? Do you have kids?
30 no kids
Looks like your initial plan failed?
Yeah, makes sense. If work isn't killing you, why not. Our definition of FIRE is to have more freedom to do whatever we want with out lives without worrying about the money. May I know what's your target that you met? And how old you are?
Wowow! You hit your 20M target, damn impressed. I totally think you should live the lifestyle you are having, if not better. YOLO :)
40, 5M, 2 kids. Not in the Bay Area but HCOL. I’m there right now and working on figuring out what’s next.
Is your house paid off? I feel $5M is not enough in case of emergency like someone getting really sick or if a family member needs help.
Mortgage is part of my net worth calculation… and family members are all doing well enough to be able to take care of themselves. Also factored in college savings.
3M by 2025
Where are you at right now? Has 3M always been your number or has it changed?
At 1.6M right now. Was 2M earlier. I bumped it to 3 as it looks achievable now.
7M. I have expensive taste.
I had 3.2M when I was single. My spouse and I changed it to 4.2M. Now we believe we’ll be between 4.5 and 5M in 2 years when planning for our RE decisions.
That's awesome, congrats. How old are you guys? Is 5M your FIRE number?
Thank you. We’re in our 40s. At this point we’re not changing our number from 4.2M, we’ve switched to time left. 4.2M gives us the lifestyle we want and we won’t run out of money. One of us could quit now and we’d still be on track for this, but we’re both having fun. We’ll hit our number then anything over that is bonus. We’ve started our RE planning and discussions and will continue to assess as we get closer. We’ve started exploring and setting up our activities and opportunities for RE life…things like networking for volunteering and side hustles that we want to do, learning languages, discussing what our daily lives will look like, getting work lined up on our house so we can enjoy our home instead of being in construction, etc.
When is enough enough for you?