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Bain & Company Can someone recommend a good starting point on how to go around solving case interviews? What frameworks should I follow? I am kinda new to case interview and want to develop skills to solve them. Any books, online sources would be really appreciable. Deloitte EY-Parthenon Strategy& McKinsey & Company Boston Consulting Group Bain & Company
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We’re at about $20k per month. Mortgage and housing relating takes up $8k. Childcare another $2k. And I love nice cars.
My FIRE journey is income driven and I’m very fortunate my wife is a total rockstar.
Salary: $20k/month. Expenses:about $3,000 per month. about $300 to utilities. $1,000 goes towards vacations. $1300 goes to eating out/groceries. $200 for life insurance policies. $200 for ubers/public transport. No other expenses. no rent, no mortgage, no car. just living a basic good life. retirement planned for 2030 at age 45. estimate about $8M in liquid assets by 2030.
No family?
Your monthly expenses match mine almost perfectly. We're also spending $6.5k to $7k monthly including $600 on groceries, $500 on entertainment and going out with friends
I ran the numbers and confidently FIREd last year on a $2.8M (now $3M+) portfolio.
In my case kids are grown and on their own but I have a $400k mortgage with 25 years remaining.
Bowl Leader
Also very similar expenses to mine, all the way to the mortgage! Your FIRE number is closely aligned to mine as well.
Experienced any lifestyle inflation post-FIRE?
Are you planning to have kids? Bc kids are extremely expensive. Between lessons, clothing, food, activities…easily $2-$3k a month, not including funding 529 plan. My point is, if you do decide to have children, you need to factor in a huge amount of cushion.
My monthly spend is probably $10-$15k, and I don’t even have a mortgage, although property/school tax alone is $3k.
There’s a way to make kids less expensive. For sure when under 5 and need private preschool costs are high- but the rest honestly is manageable with second hand, and living simply. Kids don’t need every toy. We don’t throw a big birthday party every year. We don’t buy them new clothes expect for school year or do big boxes of used on marketplace. Activities- when young why try to kill youself when they just want your attention- you play soccer with them, go to the park, get paint supplies. Outside of childcare I don’t spend over 100-200 extra a month on kids. Mine are both under five.
For 529, I heavy funded these the year born. So just letting it ride next 18 years. Will not pay for private college, expectation is state school.
Just like you do in live- i weigh value where spend, the value of new clothes and spending 60 dollars or second hand for 5 dollars is easy. You make a bunch of those small decisions with kids and you don’t need to spend 3k a month (preschool is something I valued to spend more on and know in the hole until turn 4)
This sounds fake ! Your broke you cannot afford that mortgage or to eat out for 300 dollars every montb
Subject Expert
We should do a poll on this at some point.
What is your job titles? Also what did you do to work your way to your current job position? Because I'm doing great in the wonderful state of Louisiana to barely make 3 months of your income income in one year's time..
$0now, was $290k/year before I quit in Q3 of last year.
About 18 years from when we crossed the $200k threshold and started tracking until we crossed $2.8M.
Our HHI jumped from $150k to $200+k when I joined KPMG 8 years ago. My wife quit her job about 4 yers ago to help care for her elderly parents which fortunately coincided with me getting promoted.
Over $20k/month. Mortgage plus student loans plus childcare adds up fast before you even get into all the other stuff. My FIRE journey is income driven.
Same. It’s wild how fast the boring basic small stuff adds up.
~15k a month. 6k housing 4k childcare (nanny) 5k everything else. Live in hcol area. We are dual income, and try to max 401k and after tax for both earners each year.
$15k/mo. $3k prop tax, insurance, bills, home/car maintenance. $2k food, dining, household. $5k private school, camps, and kid activities. $1k charity. $4k travel, entertainment, clothes, gifts, other discretionary.
$20k a month combined - Mortgage ($3700), Groceries for family of 4 ($1600) vacation ($700), car note, credit cards ($1,300). Utilities etc ($660). Eating out $500. We send about $1000 a month to relatives in Zanzibar and the rest is sent to our emergency fund account.
Over the past 5 years our FIRE number averaged ~ 100k a year, but we budgeted 120k to give us some leeway. Family of 3 living in Los Angeles, CA
in our most expensive year (with 2 kids in the Midwest) we spent $165k and that included $50k for a nanny, $10k in their 529s, $10k for hospital bill (childbirth).. so this spending for a couple with no kids seems reasonable to me... the key is to keep growing income as you grow your family (if you plan to)
Your expenses sound reasonable, try to cut off as much as possible from the miscellaneous, you can land at $5.5 to $6K and have more savings that can help you (for emergencies, invest, travel, payoff your mortgage/loans earlier, etc.).
Our spend is about ~75K per year.
About $9k per month, not including retirement savings and income taxes. 2 kids and also in Texas. A long ways from FIRE
In our 40s with two kids in Texas: 8k for household expenses (mortgage, food, car, insurance, kids activities, leisure) 4K personal spending each for husband and me, 25k for vacations
I spend $7.5k-8k a month or so (single) on housing, food, travel, entertainment, and misc.
Max 401k, put 10% in ESPP which I sell and reinvest in index funds, and usually end up with $4-5k a month leftover for additional investing or saving.
Goal is to retire at 50 and well on track for it. Probably could spend more but just already spend on whatever I want to.
I live in a small town and work remotely. I have a $900 mortgage+tax+insurance bill for housing, ~300 in utilities, and spend lavishly on groceries, about $1300/mo for extremely clean no-processed groceries because health is wealth. I pay $150/mo for a concierge/DPC doc and and $120/mo for a co-working space so I can get out of the house to work. No more than $200/mo eating out most of the time. I could just pay the mortgage off but at 2.25% I can earn more putting that money in a regular high-interest savings account. I drive a 2009 used compact car I paid cash for and plan to get it to at least 350k miles before buying another if I can (and when I'm forced to, I will buy used again with cash). I will never ever live in a big city again, I love the small town life because of the slow pace, friendly people, and low cost of living. Total monthly expenses: $3500 max in retirement, factoring in extra for private health insurance.
That’s awesome. Curious where you live, do you mind sharing?