Targeting $10M NW
I have no one to share my FIRE goals with so here I am. If this is humble bragging, so be it. L6 SWE (15yoe) in VHCOL, no intention of moving TC $600k 40yo married with 2 kids Currently $5.5M NW (including $500k equity in primary residence). Spouse never worked My target number has always been $10M NW because it's a really nice number close to the Top 1% NW in US and a nice achievement I'll be proud of after many years of hard work, living below means and investing wisely consistently. Regardless of whether I continue to work or get laid off, I just need to let the diversified investments do their thing to reach my target in a few years. I won't move my goal post because I really want to enjoy my life and the fruits of my labor and not continue to chase after the next non-raise or promo. Feel free to roast my plan!
How did you make $5.5M? Still seems too high considering you are L6.
It will be easy for you. I think you will hit 10m within 10 years.
15 years for 5.5M and another 10 for 10M? Lol thats not how compounding works my friend.
Agreed, probably 5-7 years
I know it is tempting to just look for a nice round number, but recognize that you may in fact be just attracting to the number to avoid seriously examining your life’s purpose and big picture goals, or at least to kick the can down the road. At $10M are you going to quit your job? Have your seriously considered what this means and discussed it with your spouse? Are you going to live where you do now or move somewhere new? Money is just a tool. Think about what goals you want to achieve. - If you want to quit your job and live outside VHCOL pursuing hobbies - you can do that very comfortably now. Pull the trigger. - If you want to start a new endeavor like starting a business or working in a different lower stress field that interests you, you can do that without worrying what it pays now. Pull the trigger. - If you want to live a super luxurious lifestyle in VHCOL traveling a lot, spending freely, and giving generously, you may need $15-20M - If you want to leave a legacy trust of family generational wealth that provides for you and all your future descendants in perpetuity to live a comfortable middle class lifestyle, you may need $50M Get clear on your goals and then use that to analyze your situation and come to a number. Fixating on $10M is just avoiding asking the tough questions.
Great suggestions to think about, thank you
Tell us about the investments
FAANG stocks and real estate properties
At this rate of market boom, top 1% will be adding another 0.
That's ok. My investments will keep up even if I don't get to join the 1% club
No wife or kids? Gonna be lonely with that big pile of cash.
I wrote married with 2 kids
I was talking about after the divorce.