In my early 40s. Never had a chance to practice FIRE because of many family responsibilities (parents, siblings, etc). Never a big spender though but saving only about $1000 a month despite $200k+ pay.

Current asset:
Houses - close to paid off
401k - $200k
Investment - $50k
No other debt left

Going to have about $100k extra post tax income. What are the best way to start FIRE assuming I won’t increase my spending? And what’s a realistic target to retire at this point?

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$100k buys 1 to 3 rental properties that all should cashflow. Over time, that cashflow should increase as rents increase. You could also leverage some of your home equity to buy more properties.

There’s also options to buy dividend-paying stocks, but I think you would stand to have more consistent and predictable income from the rental properties

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I would research a property manager independent of the turnkey provider. If a turnkey provider asks to be the property management, it makes me question the quality of any repairs. In general, I would encourage trying to find a turnkey provider that a few investors have used and would refer via bigger pockets or another group like that.

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Just to clarify. $100k/yr post tax.

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Is the $1k/month excluding max 401k, IRA, and HSA? Around $70k I started maxing mine out, but now with triple the salary and family responsibilities I still invest additional thousands per month in 529/brokerage. Family still goes on trips, etc.

I would look into index funds or specific tech company you like! Start dollar cost averaging and investing frequently and watch the compound interest grow!!

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Do you mind sharing why you had to take care of your siblings and what that looked like?

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SM1, i agree. That is amazing. Huge leaps for future generations.

My parents and grandparents were immigrants, but their work was manual labor/restaurant work and lots of skimping and paycheck to paycheck. Same as many others in my generation. Supporting and Housing super extended families together (aunts, uncles, cousins, etc.)

OP and this current generation has power to accelerate that many times with today's knowledge in addition to jobs and opportunities. Great work ethic and family loyalty!

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For any real estate investors

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