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Additional Posts in FIRE Financial Independence Retire Early
What do you want to do when you reach FI?
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P.S: If you’re still working a desk job, you’re out of your mind.
Subject Expert
What kind of thoughts are we supposed to have about numbers with no context or associated questions?
Probably doting fans from just hearing that. 🙄
Give it to me.
Seriously, this kind of braggadocio is going to invite some shady "finance guy" to "manage" your assets and steal from you.
The wise person doesn't show his cards, and doesn't brag about how he needs to have help with his money. Hire a proper financial advisor instead, someone who is associated with a large reputable firm.
Um......NO
Subject Expert
I’m genuinely confused why you are on a FIRE bowl when you could easily retire based on your expenses.
Yet you intend to work to 60.
Are you lost?
Subject Expert
I’m not the one working until 60. But good luck
Mentor
You worked too long
Approx 6m liquid and 150k expenses is no brainer if you want to retire. If you are invested well and diversified and have a good withdrawal strategy your nest egg should grow significantly even being retired. I have about 4m liquid and around your expenses and 62 and financial managers tell me I better be working because I love it.
Kudos! $4M in assets on top of the inheritance and real estate is amazing. Depending on what your expenses are and whether you’re fulfilled at work, I’d definitely prioritize meaningful impact, health, and family and friends above all else at this point!YOLO.
Need to know at least yearly expenses before we can think anything besides “op is worth 7m”.
Spend about $150k a year on everything including mortgage
We could give you feedback if you provide more context like HHI, yearly spend, and what your question is.
To answer some questions and provide more perspectives, here is some background. When I was about 30 I became worth $0 because before that I was in debt. I essentially used index funds with low management fees to manage money. I did not try and buy individual stocks and did not ever withdraw money. I maxed out my 401k and gained company matches. I maxed iut my Roth IRA until my income exceeded the limit and then did Traditional IRAs. I took advantage of HSA. I put some funds into a 529. I never had a mortgage and property taxes that exceeded 25% of gross income. It currently is about is about 15%. I live in a MCOL metro area. There are good or even great public schools here. Hence, no private school. Over the years I have benefitted from compounding interest. Other than a mortgage, which I refinanced at 3.25% near the market lows at the time, I have no debt. I have never had a credit card balance beyond the month it is due. When my parents passed away I got 80% of the inheritance and my one child got the other 20%. The 529 I had and his inheritance will pay for his public university education and give him a bit of money post graduation. I own two homes, have a lot of retirement assets and a decent amount of cash. I have still a moderately aggressive portfolio but gradually have decreased the risk tolerance. The market run ups have helped. So has the amount my employer contributes in defined contribution benefits. Inheritance has contributed too, but only to a degree. I like what I do but will retire when 60. Note: I am NOT a Partner-- and am too old to qualify to be one.
I retired at 56. I’m not bored. I could have easily pulled it off with your level of finances. I’m 5 years into retirement with a conservative portfolio and my net worth is basically the same as when I retired. I could have retired earlier. The biggest thing I see when I read your post is “I like what I do”. Assuming that translates into you are not stressed out and you have balance to spend enough time with your family and kids, and you are fit and healthy, then stay the course. I was over-stressed and could sense it, but did it realize the toll it was taking until I retired. You should definitely come up with what your retired life looks like. My spouse and I were able to spend a significant amount of time with our kids activities and traveling with them before they graduated college and got jobs. Priceless.
Share your journey for those trying to get on this track… your biggest challenge and your most valuable resource that got you where you are..
Wasn’t OP’s mistake valuable resource the inheritance?
F
F = following
Congratulations, amazing achievement
i’m thinking i’d share my venmo link
Thoughts?
Lack of context or simply seeking validation for achievement?
For context, am ex-KPMG since late 1990s so likely a bit older than you.
Any ex-colleague who owns a decent landed pty, would already have about S$5mio equity... but the cost of living especially with 2-3children... who are looking at about $200k to 300k to live comfortably if all children head overseas to study...
Although SGD is considerably strong relative to other currencies... with a networth of of S$7mio with a family may only live above average
Thoughts? Yes.
Quit bragging.
You remind me of Don Eduardo (i.e Lalo Salamanca)
That’s Don Hector, Lalo Salamanca is young wild and free just like you my friend!
Have you retired yet? If not, what’s your target number?
Good luck and congrats on the progress so far
Thinking if you are a partner you have 4 more years to stack up assets before you retire. Of course you have enough to retire at any point, but I’m guessing you have a family and high spending habits and a mortgage on the house still. I would try to pay it off and get the kids off the payroll before you retire. I am younger but didn’t buy the big house and had my kids late so was able to stack up a bit as well. I am too far from retirement age to hang it up so decided to down shift to a coast role. If you’re completely fed up with big 4 and don’t see yourself hanging on until 60 you definitely have the assets to do that.
Slow clap 👏. Congrats. Hope you get to do whatever you always wanted to do.