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Are investment properties good for retirement?
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Is retiring with 1.15M net worth enough though? I guess it is depending on the lifestyle after retirement. But if you are married with kids, you will definitely need more and probably wouldn’t be able to save $50k a year with $100k salary.
I’m not sure I have being a partner in me, but think I could ride this role for about 5 years and probably make it to $2.5M. At that point I don’t think want to retire, but could potentially make a career switch into something a little more low stress.
Well -2 kids, house, cars, 5 star vacations, business class flights don’t come cheap. 1.5M is not going to cut it. There is no way to sock away 50% of after tax $ anyway.
There’s no typical FIRE age. It depends on your life style and earning potential
+1 👏
But once you make partner you’re making so much why retire then? The problem!
Lol fair. I plan to exit long before then anyway, I guess that part of the q is irrelevant
I mean I have that NW but it's not enough to retire. Now I have a kid.
Life leaks ..
The more I think about it idk wtf the point of this post was smh I guess I just randomly got excited about compound interest
Only way to FIRE at that $ would be to retire in Mexico, Thailand, India, etc. I’ve know people who’ve done that successfully and are 👍.
PWC1, can I join you?
If you make 100k a year you aren’t taking home 50k. 1.15M is not even half of what one person needs. Have one accident or contract one chronic health problem and triple it.
Math does not check out.
Why do people keep saying "this isn't possible" about living on 50K less taxes as a 1-person household?
~1.2M isn't my FI/RE number. I'm still calculating one for myself as I know some spending increases with life. Thanks for giving your perspective, EY1. I hope you're hitting your goals at a rate that makes sense for you. 🎉
You’re probably looking at a bit less per year bc taxes, health insurance, etc. Then house, cars, kids, lifestyle inflation.
Plan for $20k in health/yr, plus home improvement If you own.
$20k in what?
I think I have the FIRE mentality after I hit $1 M. I still work but I don’t care much about the boss’s views.