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Not sure if the question makes sense - but what is it that you want to do and when would you pursue it (i.e. at a certain age, once you achieve a net worth of X etc)? For me, I catch myself dreaming about walking away from a salaried job and related 401k/insurance etc. to take the chance of starting my own business in a related professional services field (not IT). I know a guy who did it and instead of making 100k-250k that the rest of us are making in our salaried jobs in our field, he's bringing in more like 750k+/yr. That being said, of course it was a huge risk and I'm in a tight industry where it's hard to get jobs - so if you quit one to start a business and it doesn't work out, it will be very hard if not impossible to get a job back. So when would I do it - I have no idea. I'm so risk averse - doesn't help that I'm single and also living in east coast cities with a high COL. I keep telling myself to make a net worth goal and then walk away when I hit it . . . .
Our goal is financial independence and we're actively working towards it. I don't necessarily anticipate this being the case, but if somehow we maintained the same momentum we've had for the last 5-7 years (a considerable part of that being just plain old luck) we could be there in as little as 10 years. Objectively, I could see it going either way though...
Our plan is simply based on us living the Mr. Money Mustache/Frugalwoods lifestyle model. MMM wrote a blog post about how someone saving and investing 62% of their income could become financially independent in about 10 years. We recently positioned ourselves to save about 65-70% (on average) after paying off our mortgage and rebuilding our emergency fund. So theoretically we could get there sooner, but realistically variables are different. Past performance doesn't guarantee future results. Markets could shift and we end up in another recession. We choose different investments. We have college educations coming on the not-entirely-distant horizon.
10 years seems a little too optimistic while 20 years a little too conservative.
I am working toward early retirement at 55, about 8 years from now. Then I will increase my volunteer time at the Humane Society and grow my own vegetables. On track so far - fingers crossed!
Not sure if the question makes sense - but what is it that you want to do and when would you pursue it (i.e. at a certain age, once you achieve a net worth of X etc)? For me, I catch myself dreaming about walking away from a salaried job and related 401k/insurance etc. to take the chance of starting my own business in a related professional services field (not IT). I know a guy who did it and instead of making 100k-250k that the rest of us are making in our salaried jobs in our field, he's bringing in more like 750k+/yr. That being said, of course it was a huge risk and I'm in a tight industry where it's hard to get jobs - so if you quit one to start a business and it doesn't work out, it will be very hard if not impossible to get a job back. So when would I do it - I have no idea. I'm so risk averse - doesn't help that I'm single and also living in east coast cities with a high COL. I keep telling myself to make a net worth goal and then walk away when I hit it . . . .
What are your goals?
Plan to retire from police work in about 15 years and move to the southwest.
Goals: Own a coop/condo in both NYC and Tokyo and live between the two, never having to obtain Japanese citizenship. Basically live between my two favorite cities in the world.
Goals: Own a coop/condo in both NYC and Tokyo and live between the two, never having to obtain Japanese citizenship. Basically live between my two favorite cities in the world.
We're trying to retire with homes near the beach in LA and Central Park in NYC. We're halfway there.
I want to buy a condo in my target neighborhood. I am shooting for the end of 2019. We will see.
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