I've got a great many motivations for this - all the ones that are normal, plus some that are probably stupid, plus some that are unique to my individual situation - but the TL;DR: is that I can't fucking stand working a standard sort of job, even when the one I have is pretty fuckin nice.
Big questions:
* would getting my home re-appraised remove my PMI? That would free up like $400/month
* what's the absolute earliest that I can quit 'the rat race' and do 'baristaFIRE' or something?
* if I could turn a hobby into a proper income, how much would it need to generate before I can quit?
Details currently:
*
Family
* Self
* generally good health, need more dental work than most
* Wife
* chronic issues that make insurance an absolute necessity
* with insurance, prescriptions are ~$100 easy
* without insurance, prescriptions are probably $1000/month or more
* 2 Kids
* good private school, only paying about ~$100/month after gov't assist programs
* Job:
*
$84k/year (~$1600/week)
*
Minus a bunch in taxes and insurance, etc.
*
Take home is about $1100/week, so yearly takehome is about $57k
* Home:
* perfect for my family for the foreseeable future
* Mortgage started in 2020
* $165k
* 2.9% apr
* since 2020, it's gained easily ~$120k in value
* monthly payment including PMI, etc. is $1300
* replaced nearly all the major devices (furnace, water heater, etc) in the last few years
* (yes I know I'm really fucking lucky)
* Debt:
* ~$40k in student loans
* $50/month on one
* the rest not paying currently, because I'm on an income based repayment plan that lets me effectively ignore them
* ~$4k borrowed from 401(k) for sudden medical expenses
* paying $70/month, going to pay it off fast early. I think it's at 5%.
* Credit card: $1700
* this is the priority to pay off, as it's like 11 or 14% or something.
*
Assets:
* Home
* If zillow is accurate, then I owe ~150k on a ~285k property
* 401(k)
* $57k (fully vested)
* minus loan (see debts)
* currently contributing only 2% (normally 6%), matched by employer
* (needed room in the monthly budget to handle sudden bills)
* 2 cars
* both paid in full, both aging (06/07 toyotas)
* a ton of woodworking tools (probably worth $15k or so at this point)
Living in a low cost of living area (central ohio), but it's a rising cost of living after some major companies are moving major operations to columbus.
I'm not sure what other details anyone might need to know to answer my questions.
I suppose I'm just really frustrated with the entire idea of not spending all day with my kids and hobbies, and really want to separate my life from the need to have a job. I'd like some help to formulate some basic steps to get to that point as fast as possible. I just can't stand this shit. submitted by /u/superkp
[link] [comments]
Big questions:
* would getting my home re-appraised remove my PMI? That would free up like $400/month
* what's the absolute earliest that I can quit 'the rat race' and do 'baristaFIRE' or something?
* if I could turn a hobby into a proper income, how much would it need to generate before I can quit?
Details currently:
*
Family
* Self
* generally good health, need more dental work than most
* Wife
* chronic issues that make insurance an absolute necessity
* with insurance, prescriptions are ~$100 easy
* without insurance, prescriptions are probably $1000/month or more
* 2 Kids
* good private school, only paying about ~$100/month after gov't assist programs
* Job:
*
$84k/year (~$1600/week)
*
Minus a bunch in taxes and insurance, etc.
*
Take home is about $1100/week, so yearly takehome is about $57k
* Home:
* perfect for my family for the foreseeable future
* Mortgage started in 2020
* $165k
* 2.9% apr
* since 2020, it's gained easily ~$120k in value
* monthly payment including PMI, etc. is $1300
* replaced nearly all the major devices (furnace, water heater, etc) in the last few years
* (yes I know I'm really fucking lucky)
* Debt:
* ~$40k in student loans
* $50/month on one
* the rest not paying currently, because I'm on an income based repayment plan that lets me effectively ignore them
* ~$4k borrowed from 401(k) for sudden medical expenses
* paying $70/month, going to pay it off fast early. I think it's at 5%.
* Credit card: $1700
* this is the priority to pay off, as it's like 11 or 14% or something.
*
Assets:
* Home
* If zillow is accurate, then I owe ~150k on a ~285k property
* 401(k)
* $57k (fully vested)
* minus loan (see debts)
* currently contributing only 2% (normally 6%), matched by employer
* (needed room in the monthly budget to handle sudden bills)
* 2 cars
* both paid in full, both aging (06/07 toyotas)
* a ton of woodworking tools (probably worth $15k or so at this point)
Living in a low cost of living area (central ohio), but it's a rising cost of living after some major companies are moving major operations to columbus.
I'm not sure what other details anyone might need to know to answer my questions.
I suppose I'm just really frustrated with the entire idea of not spending all day with my kids and hobbies, and really want to separate my life from the need to have a job. I'd like some help to formulate some basic steps to get to that point as fast as possible. I just can't stand this shit. submitted by /u/superkp
[link] [comments]