[USER]

I’m curious how you guys determine when enough is enough? I’m 32 self employed with 329k in retirement, 125k in cash, 8k in crypto, and then maybe 5k in various other accounts.

I owe 20k on my car that’s worth right about that at 2.99%. Owe 213k on my home worth about 400k (just bought it two years ago). So far this year I’ve contributed 28k to my retirement and 20k toward the principal on my home.

I did this all while enjoying life as pretty much as I normally would. My goal is to have house paid by the time I’m 40 but I may do it even sooner than that.

Reality has started to set in for me that I’m doing pretty okay in life.

How did you determine your end goal for retirement? Are you working until a certain age?

A certain amount? Just going to work until you no longer can?

My financial strategy is kind of interesting as I don’t really have one.

[Sarah]

I plan to work until my kids start having kids. At that point I’ll be a free babysitter. But I’ve been “able” to fire for four years.

Every situation is personal.

If I didn’t have kids, I’d of retired as soon as I could and lived out of a camper van lol

[Elliot]

When I was a senior in college, my dad got diagnosed with terminal cancer. I graduated in May and took over his small business that I had worked in my whole life.

It was his “retirement (from the fire department) job” but he kept at it seven days a week; and then he died having never fully retired.

If you don’t have perspective, it makes it difficult to set correct goals.

I’m not there. I have to remind myself that our assets are significant, especially compared to the rest of the world.

I’m raising 4 amazing children.

I have a great relationship with my wife of 15 years. I travel often which is one of my passions – recently to see a strongman show, another passion.

Figure out what you enjoy. Then if you have the means to enjoy it, enjoy it.

Besides my experience with my dad, I saw people traveling who really were no longer capable of enjoying the trip due to mobility, sensory, and/or cognitive issues that come about simply with age.

[Bella]

That is not enough in my opinion. I wouldn’t even think about retiring unless I have 4 mil in cash at HYSA so I can live off the 5% interest only early.

The 401k and other retirements you can’t even touch till 65 or so

thus, I only contribute the company match to that.

I like having control of my money.

[Golden]

When I have 30x living expenses. 25x is minimum. It’s all based on your living expenses.

[Bunny]

We have two goals that run parallel:
1) 25x our annual spend in savings (not equity)

2) get both kids through college debt free (and if they get enough scholarships, help with a downpayment on a first home).

[Lisa]

You probably want to look at your future and be clear about your life goal. And then set a financial strategy that helps to achieve said goal.

Like everything else, don’t pour your energy to something that is not a part of your life goals.

I’ve seen in various FIRE communities where they felt like the goals didn’t match how they wanted to live their life.

That’s sad.

[Ashley]

I’m a 34 year old with roughly the same trajectory as yourself. For me, I want to have enough money to fully retire by about 50-55 years of age, with 25x my yearly expenses.

I’m not sure exactly what I want my life to look like when I’m in the 40–50-year-old range but expect to have enough money saved to ease off the gas pedal and either move to part time, take mini retirements regularly, or coast FI if I need to. For now,

I enjoy my work and make way more than I need to, and am happy with my lifestyle and hobbies outside of work, so I’m just shoveling as much as possible into investments/retirement and enjoy the satisfaction that I am winning the game of finances

[Damon]

I have been working for legacy for years, but I recognize that’s likely a byproduct of being an entrepreneur and building the life I wanted around that.

So generally I’d say a number but I have many times reached a “goal” to just extend the goal post because I want to challenge myself.

I think it’s normal, if you just work to live, to set a number or age and say I’m done at that number and I’ll go do what I enjoy.

[Allison]

Dollar amount not age. 2 million. Take your annual expenses and multiple by 25.

[Author]

Posts