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Everything always takes me so long to do :/
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Additional Posts in FIRE Financial Independence Retire Early
Decided to payoff my mortgage.
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The first move is to sit down with your husband so you’re both pulling in the same direction. You need a shared target number based on your total household expenses and net worth.
Subject Expert
Yeah, the first step is to do some financial planning and know the key numbers. How much do you make, spend, pay in taxes, and save? How much will you save in retirement? When do you want to retire? How much will you need?
Then you can make projections to see when you would likely be able to retire on current course, which might be good, or you might want to increase or decrease your saving rate, and can run scenarios to mull tradeoffs.
And you need to read a couple good books on investing and get a solid strategic allocation plan that you believe in and can stick to.
Subject Expert
Bogleheads little book of common sense investing.
William Bernstein, Four Pillars of Investing.
Ben Felix's YouTube channel.
A good dive into the subject is Mr Money Mustache. Start from his first posts and then skim through
Yes exactly, it was the inspiration/ spark. As you grow older you start leaning more towards fat fire but yes the basis is there
A huge thank you to everyone. Now I have some homework to do.
Could you be more specific about the $100k in Savigs, 401k, and Robinhood?
Is that $100k combined across all 3? Or is the $100k in liquid cash in a savings acct? The reason it matters is because if you have all of that liquid and you want to retire early you may need to put that money to use in an investment portfolio for better growth to meet your goals. Savings and Investing are two very different animals. If you have a Robinhood account and you don't know what to do with it does that mean that's your primary investing platform and you don't know what you should be investing into? "Flipping" your investments isn't exactly a goal without more context.
But as others have mentioned you want to really drill down on your numbers: what are your current expenses and what do you anticipate your expenses to be in the future (mortgage, college tuition, cars, student loans, healthcare, etc.)
What buckets of income will you have once you are retired? If you're retiring before SS kicks in will you be solely relying on your investment portfolio/savings or do you have other passive income like rental or dividends?
And you should definitely get on the same page with your husband. Does he want to retire early or at a typical age and do you truly want to retire early (which can be relative) or do you just want to reach a better level of financial independence?
$100k in liquid. About $115k in 401k and Robinhood is a lil $500 bucks as I’m trying to learn what I’m doing with it.
I’m the better person with finances so hub’s coins goes primarily to household bills and his debt (I had nothing to do with creating it) and mine goes to saving, kid’s needs and a small things.
I’ll definitely sit down with him and chat it out. But wanted some ideas on making the $100K grow as opposed to just sitting collecting pennies in interest.
This is a great place to start
https://jlcollinsnh.com/stock-series/
Thank you 🙏🏾
Time in the market is always better than timing the market. S&P has averaged close to 10% over its history and has gone up 26% in the last year. Try and put regular savings/investments into a S&P index fund and let compounding work for you. Expectations - you might not FIRE by 40 but you’ll be heading that way.