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Retirement Discussions / FIRE Wannabees
|Subject: Re: I am such a Wannabee!||Date: 2/16/2004 4:17 PM|
|Author: decath||Number: 1937 of 5016|
Congratulations on your wannabee dream and your current foresight of FIRE planning!
FIRE for a one earner family is a challenge to be sure. Most would say it is impossible unless the one who works makes a high 5 figure income or more. However, LBYM is the magic ingredient that makes it possible and as the person who stays home and monitors the daily spending, you are in the perfect position to control it.
I would discourage you from working outside the home on weekends and instead look for home-based businesses that you can apply your talent and traits to. The extra income can be applied to SEP-IRAs and SEP-401ks. What can you do? I don't know and would suggest looking in the library for ideas as to what to do. Can you teach music? Karate? Individual Sports training? Are you good with a computer? These are the questions you need to search for. It has been awhile so I don't remember any of the names or books but there is a lot of home-schoolers that have done this for years. It may take some time before your 1st profit but it is worth it. You also get to teach your children entrepreneurial skills along the way.
My SAHW home-schooled our 1st 2 for almost 10 years before calling it quits before putting them into public school (big mistake in hindsight). During that time, we put about 20-25% of our income into investments. I averaged around 40k per year back in those early days (88-98). I make about twice that now and put in 30-35% into FIRE investments.
I plan on FIRE'ing at my 50th birthday. If my wife had done a home-business at least part time, I think I could have FIRE'd at 45.
Good luck and God speed!
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