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Retirement Discussions / FIRE Wannabees
|Subject: Re: When did you realize and where are you now?||Date: 8/6/2003 4:17 PM|
|Author: 96hokies||Number: 55 of 5139|
So when did the rest of you realize you wanted to be FIRE? What steps have you taken, and where are you now?
I'll be 29 this year, DH will be 30. We've always contributed to our 401k and even a smidge to a Roth. But we were interested in "things" cars, trips, electronics, big houses, furniture and even a boat. So beyond the 401k there wasn't much of an eFund or investment accounts.
November of last year was our wake up call regarding finances... DH was laid off and we needed to move and couldn't sell our home. We had 2 houses for 6 months and lost a bundle of money when we finally were able to sell house #1. After seeing how well we actually could manage with money that tight I really started thinking about trying to save aggressively (without acting "broke.") Joined the fool and started reading.
July was our first month of only 1 house and we decided to refi our current home so the "plan" for aggressive saving isn't in place... YET!
Our situation is this:
- DINK (No kids but 4 pets -- two cats, two dogs)
- $0 recurring CC debt. (although we do use it for most of our monthly expenses and pay it off every month)
- $0 car payments (96 Tahoe and 02 Suzuki motorcycle and company minivan)
- new ING account with about $300 (soon to be efund destination)
- retirement savings of about $110k
- investment acct of about 18k (VG, of course)
- One LBOM house ($165k with 20% equity sub 5% rate for 15yrs)
I'm trying to determine the balance between saving for FIRE and saving for "other." Other defined as trips, new motorcycle, new replacement windows, fun stuff, etc.
The BEST thing is that DH is on board with the concept. I even heard him say "that would push out retirement by at least 6 months" when contemplating a big purchase... I BEAMED I was so happy.
So, that's where we are... still in the planning stages and will likely start Jan 04. (I have ~$7k of dental work to do this year so much of our free money is going to eFund and teeth until then.)
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