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Decided to payoff my mortgage.
What are the best cities to live in for FIRE?
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This forum attracts the top savers / those that wanna brag
Btw im 18 with a 10m nw.
Rookie numbers. By 18 I was already at 20
Don't compare yourself to others, it honestly sounds like you're doing really well and sometimes slow and steady wins the race. You may not retire at 52, but I think you'll have a solid retirement with what you have started here.
Coach
Agree. Also it grows faster once you have more earning returns.
For us, it was a hockey stick that turned at about age 40. 54 now with 7M NW but hit $1M at 42. Put 3 kids through college, own 2 houses no debt. The middle years are a grind. Hang in there and keep stacking. Stock market helped a lot obviously
Coach
This. Most people earn more in their 40s and 50s and you get more compounding returns. What happens in those decades can be more critical than the preceding.
By the standards of most Americans you've got it made. Enjoy knowing that, and don't get distracted by looking at what others are doing. Everyone has their own circumstances to deal with. It sounds like things are working for you, so there's no reason to be hard on yourself.
If it will make you feel better, I’m not going to RE, but we will have FI. Just keep doing what you’re doing.
Mentor
Comparison is a very human thing but if you can be inspired instead of getting into a funk (I know, easier said than done!) ...that could lead to change.
1.4M at 40? Yeah you’re in the top 95%
Well yes I’m 40 but my souse is almost 50 so that actually makes a big difference.
Move to S.Dakota once you retire
This rat race is completely unnecessary, as the most valuable thing you have is time. If you’re 40, plan out the next 25 years: calculate the expenses you have per year + 20% cushion, assume annual distribution of assets (decreasing per year, yet compounding some interest nevertheless), and see how many years you can sustain yourself. Say, given your expenses as of today, you can last for about 12 years if both stopped working today… it doesn’t mean you have to stop working today, but it helps to draw a line in the sand. Under that simplistic assumption, between the 2 of you, you would need to work “only” 13 years (anytime before YOU are at that imaginary cutoff of 65, while you can you bring the extra bacon). Obviously the math and calculating years left to work is a bit more complex, as you can add your husband’s retirement income due to eligibility for SS and Medicare, access to optional retirement funds (if any, like 401k/457b) after 59.5, the growth of nest egg during the ~13 years you’d be working, inflation, unexpected expenses and financial windfalls (one can always hope☺️)…
It’s okay. I am 45 barely … 800k in net worth and lost over 300k in the market. Family of 3 with one person working.