30 YO, single, TC 150-170K. Currently living in MCOL area. Plan to marry and start a family soon. Is it possible to achieve FI in MCOL on this income (right now at FAANG but honestly tired of WLB).

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It’s possible, but it takes commitment. To be honest, there’s something that’s not adding up on your current NW. seems like you spend a lot of of your income or had a lot of expenses in your 20s. For context, same age, lower TC, live in HCOL through my 20s, and NW is higher. Obviously don’t know everything about you, but I would look into how you are spending your money.

There’s two ways to FI - increase cash flow or lower costs/expenses, ideally both.

likesmart

Possibly, put down pen on paper and do your calculations. It all depends on what you want to do and spend money on. $700k home? one or three kids? Expected income at retirement? all variables that you need to consider.

To be honest, if you want all of the above I have difficult time seeing how you can be FI unless you start your own business and become very successful. 200k/year for 5 years yields at best, $800k. Add that to your $200k, and you have at most $1MM. Up to you to know if that’s enough.

Welcome to the FIRE journey, even if it is in exploration stage!

Income is one part of FIRE, expenses is the other significant part. And saving/investing is the last part.

Are you maxing out your 401(k)? Maxing out HSA? Investing as much as you can in a brokerage account? Your current NW, coupled with your income, would suggest that there might be room to improve.

Are you building up a cash buffer for the impending big expenses - wedding, home - coming up? Have you built up the mental muscles required to cut out unnecessary expenses to be FIRE?

The beauty with FIRE is that there are no hard and fast rules. You are in control. You get to set your finish line, and the only one you're "competing" against is yourself.

I know of people who FIRE-d with less than what you make in MCOL cities. I also know of people who make way more than what you make in lcol places and nowhere close to FIRE.

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Lot of it will depend on your spouse. Will they work? If so, what’s their expected income? What are their expectation for lifestyle level (do they want nice things or are they okay cutting expenses to FI)?

All of those are going to impact your ability and make it a yes or no option for you

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Current NW: 200K (brokerage, 401K, cash)
Important things: saving for kids education, retirement, a decent house (hopefully within 700K)

What's your role at FAANG?

It depends heavily on team, culture, and role. Can’t be generalized.

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