I wasn't expecting to hit this for a few more months, but friendly trade winds over the past couple of weeks helped push me to a couple of major milestones. Most of the credit for this achievement goes to my dad. Between paying for my college, the car that I still drive to this day, helping with the down payment, bailing us out of home project expenses, and just instilling amazing financial principles on me from a young age, I wouldn't be anywhere near where I am today without him. With that being said, one of my proudest personal moments was declining a large wedding present from my parents because we were officially on track for FI.
Breakdown:
* 34M, married with 2 kids, sole earner, $160k salary with incentive targets around $200k.
* All numbers are after liabilities and estimated taxes.
* $41.5k in various brokerages/CMAs. $30k of this is USFR and the rest are in traditional ETFs.
* $18k in company stock.
* $140.5k between HSA, IRA, and 401k.
* $300k in Home Equity after accounting for 10% selling expenses.
A bit of background, I've always been very frugal. My goal in my 20s was to buy property and I didn't save much beyond that. I maxed my IRA my first two years before pivoting to saving exclusively for a house.
I achieved my goal at 27 with a fixer upper that turned into an almost $200k disaster. At the time I worked a remarkably average job for my HCOL are making $70k and we just found out my wife was pregnant so we lost one income. At 31, I had negative liquidity, with my only savings being the principle and growth of my IRA (~$25k). Over the past 2.5 years, I've been able to avoid any serious lifestyle inflation (there were a couple of big ticket purchases, an SUV for our growing family and a wedding, both paid for in cash) and increase my savings by 10x. I've also (finally) started 529s for the two little ones.
Assuming another year of friendly markets, I can plausibly hit 2x my base salary by this time next year. This is the first time in my life where the real numbers make me feel optimistic on retiring early.
Next steps from here: I'm trying to get back on track for my kids' college funds. I'd like to be at $100k each by the start of their college, so I'm contributing enough to reflect that. I'm considering diversifying into property or buy a small business that my wife can run. I'm hoping to have ~$100-$150k more in my brokerage in the next 1-2 years to support that goal. Beyond that, I just want to stuff as much into the market as I can and hope to hit FI by in the next decade! submitted by /u/ElGrandeQues0
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Breakdown:
* 34M, married with 2 kids, sole earner, $160k salary with incentive targets around $200k.
* All numbers are after liabilities and estimated taxes.
* $41.5k in various brokerages/CMAs. $30k of this is USFR and the rest are in traditional ETFs.
* $18k in company stock.
* $140.5k between HSA, IRA, and 401k.
* $300k in Home Equity after accounting for 10% selling expenses.
A bit of background, I've always been very frugal. My goal in my 20s was to buy property and I didn't save much beyond that. I maxed my IRA my first two years before pivoting to saving exclusively for a house.
I achieved my goal at 27 with a fixer upper that turned into an almost $200k disaster. At the time I worked a remarkably average job for my HCOL are making $70k and we just found out my wife was pregnant so we lost one income. At 31, I had negative liquidity, with my only savings being the principle and growth of my IRA (~$25k). Over the past 2.5 years, I've been able to avoid any serious lifestyle inflation (there were a couple of big ticket purchases, an SUV for our growing family and a wedding, both paid for in cash) and increase my savings by 10x. I've also (finally) started 529s for the two little ones.
Assuming another year of friendly markets, I can plausibly hit 2x my base salary by this time next year. This is the first time in my life where the real numbers make me feel optimistic on retiring early.
Next steps from here: I'm trying to get back on track for my kids' college funds. I'd like to be at $100k each by the start of their college, so I'm contributing enough to reflect that. I'm considering diversifying into property or buy a small business that my wife can run. I'm hoping to have ~$100-$150k more in my brokerage in the next 1-2 years to support that goal. Beyond that, I just want to stuff as much into the market as I can and hope to hit FI by in the next decade! submitted by /u/ElGrandeQues0
[link] [comments]