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I am. My wife and I started in big law and went in house. When we were in big law, we were super frugal but don’t mind my in house job so we’ve stepped off the pedal a bit. But would say fire number is 5M and our expenses are about 120k rn in VHCOL
*Cries as a chronically single person*
Bowl Leader
That’s awesome. I’m the sole earner in my household and only 32, have a long way until retirement and I doubt it’ll be early. But I have very few complaints overall so I’ll survive.
I’m in big law and spouse in in-house. I had been planning to try to pivot in-house and coast for another 5-10 years before retiring, but had no luck when I tried. But crunched the numbers and realized I could retire in two years if I maintain current salary and spouse in five. We’re aiming for $10M, which gives us $300k/year withdrawal (using 3% SWR) including taxes and healthcare. Our current spend is ~$250k, but includes a nanny until our baby turns 3 (coinciding with my retirement), so $300k should give us lots of wiggle room for additional travel and support kids activities. Also, most of our savings are in brokerage, so once we start living off those, it’s only capital gains taxes. We plan to stay in VHCOL.
Making a business sounds like a lot of work and probably would take more than two years to get to a good position (or maybe not—I don’t have a business in mind). My mortgage and property tax make up a significant portion of my expenses, so the only way to really significantly reduce expenses would be to get rid of the nanny. My son adores her, and I don’t think he’s ready for daycare, so I’d rather stick it out for 2 more years (really 1.5 since that calculation includes this year). Also, my spouse is happy with their role, and not in a rush to retire. Five years is just what it would take to get to that position.
I’m in BL, spouse in finance, two kids in daycare, NY suburbs. Hope to retire in 5-10y with house paid off, 529s funded and 7mio liquid NW. I’m updating my spreadsheet monthly and counting down. Might gun for partner to accelerate timeline but would be happy to ”coast” as counsel as well. But also looking at pre-IPO IHC positions that so believe in and could give me nice equity.