I am 38 and only have 200k in 401k. I started late and made some bad investments and lost about 150k in options in 2021.Is there any hope left for me for FIRE? Now I am doing DCA to VTSAX but markets seem all time high. Looking to buy investment property but feels like I am buying on top of the cycle. Any suggestions on path forward?
Using a calculator, what does it say your current trajectory is? I’m 40 and in similar boat due to entrepreneurship/startup life. For me it’s investing what I have and not being way too risky, and then trying to maximize income via job and doing side gigs/startup ideas. BCG has a very generous contribution to a separate retirement fund at 10% of my total cash comp so that has helped me tremendously.
Some analyst pinged me directly for a bitcoin scam and someone from Accenture found it funny that I lost my family. How can it be funny to someone? Some people are horrible. Hope Karma gets back to them for being so insensitive
I don’t know about FIRE, honestly, but believe it might be possible depending on your income, expenses, and other aspects of your situation. I mainly just want to advise you to select a sound plan and just work it consistently instead of trying more exotic approaches and switching things around — I mention this because your story sounds a bit similar to my own. I would have been much better off just plowing everything into VTSAX blindly than trying any of the other things I have tried. That is not to say you should just plow it all into VTSAX now, though. It may be for you, but you need to know yourself and the situation. Whatever you decide, though, just stick to it.
I am thinking of VTSAX, international fund and a tech fund and let it run till I retire
It’s not to late to start FIRE plans. It’s about the end alone, but about setting consistent practices. Not doing options through habitual and consistent behavior is a start.
That said, FIRE shouldn’t get in the way of living a healthy, full lifestyle. If you need to do things to improve your life or take care of yourself, especially after a major family loss like you’ve had, you should prioritize your mental and physical now - that’s an important investment.
Coach
WSB?
For what it’s worth, ~80% of my portfolio is VTSAX and it’s been easy to sleep at night - keep enough cash on hand so you won’t be tempted (or forced) to sell during times of volatility/drawdown.
Sorry OP, can't imagine how difficult this would have been for you. Very understandable why you had to make such moves. Looking at your income, you're on track to retire well.