tag:blogger.com,1999:blog-2980246226076317453.post5607340563005791476..comments2024-03-19T04:28:05.042-07:00Comments on Done by Forty: Are We on Track to Retire by Forty?Done By Fortyhttp://www.blogger.com/profile/06246597867355460723noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-2980246226076317453.post-31130920186256939652016-09-27T23:06:55.642-07:002016-09-27T23:06:55.642-07:00"remember to eat a bunch of cake while your f..."remember to eat a bunch of cake while your friends and loved ones sing for you, pay for your life insurance policy" - Your loved ones pay for your life insurance policy? That's an interesting present! ;) (That's how I read it at first anyway haha)<br /><br />On the serious stuff: "Our true net worth is higher, but whatever, we're just being overly cautious." - No, I think you are just doing it correctly. You can't count money tied up in the house as part of your Net Worth when calculating FI date (or Mad FIentist software does it for you) because, I assume it's using the 4% rule to work out the "current hypothetical income that could be generated by our portfolio". You can't generate income out of money tied up in your house! And if you sold you would still need somewhere to live and so the money generated would just generate income to pay your rent so it's a wash. I'm sure there are special cases where this wouldn't be the case though but I think that's the best way to count those figures for most people, when it comes to something like the FI tool MF has made.<br /><br />And what an awesome tool it is!!! I will have to have a play around with it at some point even though I have a spreadsheet which calculates my "Years to FI" (and it is quite a lot of years unfortunately at this point in time!) it will be good to see it in graphical form.<br /><br />Cheers and good luck in the final sprint ;)theFIREstarter.co.ukhttps://www.blogger.com/profile/11161550795321520113noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-1405916370061085752016-08-15T13:45:31.381-07:002016-08-15T13:45:31.381-07:00That's fantastic advice, Maverick. Thank you. ...That's fantastic advice, Maverick. Thank you. Healhcare is the bugaboo...I think I may go onto the Obamacare site just to get an understanding of what we might expect.<br /><br />Thanks again. Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-61259531331485374962016-08-15T11:35:57.946-07:002016-08-15T11:35:57.946-07:00After working for decades, seeing coworkers get ta...After working for decades, seeing coworkers get tapped on the shoulder for layoffs, I got interested in personal finance. Being naturally frugal, a DIY person, and no kids, saving a high percentage wasn't too hard. My calculations were we could retire early even in my high tax state. My biggest concern for you is child rearing cost and healthcare cost for you. We are looking at $2K per month for pre-retire healthcare! This is from a Fortune 50 company for salaried types. Deductible is $3k/yr for family and coverage in network is 85℅. Not as good as a union plan, but acceptable over other bare bones plans. I'm choking on the monthly fee, as I was planning on a maximum of $1.5k per month. I'm sharing this to alert you of what you can expect to come. Good luck on your journey to FIRE.Mavericknoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-80016948413128338202016-08-04T18:20:43.182-07:002016-08-04T18:20:43.182-07:00Meh. It's worth it! :)Meh. It's worth it! :)Anonymoushttps://www.blogger.com/profile/17344483376849442717noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-33817398891621281592016-08-04T18:20:34.186-07:002016-08-04T18:20:34.186-07:00Meh. It's worth it! :)Meh. It's worth it! :)Anonymoushttps://www.blogger.com/profile/17344483376849442717noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-54133136901047729612016-08-03T14:50:07.009-07:002016-08-03T14:50:07.009-07:00Hey, Latoya! Thanks for the congrats.
He has a fa...Hey, Latoya! Thanks for the congrats.<br /><br />He has a fantastic blog and podcast. If you're someone who really likes to get into the analytical/optimization bits of personal finance, Mad Fientist is a must read.<br /><br />Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-70688456040177593692016-08-03T12:31:17.364-07:002016-08-03T12:31:17.364-07:00I've never heard of Mad Fientist, but it sound...I've never heard of Mad Fientist, but it sounds like a pretty neat tool. I'll have to check it out. And congrats on being closer to your goal!latoya @ femme frugalityhttp://www.femmefrugality.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-111101573000587922016-08-03T08:54:50.821-07:002016-08-03T08:54:50.821-07:00I like your approach, Mrs. Pop. If we're think...I like your approach, Mrs. Pop. If we're thinking of pulling the trigger on early retirement, then it's definitely a good idea to get those big ticket items and experiences out of the way first.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-77967403921676903442016-08-02T16:56:54.591-07:002016-08-02T16:56:54.591-07:00We're kindof in a similar boat in that we'...We're kindof in a similar boat in that we're aiming for a late 2018 FIRE, but last year was spendy with renovations, this year is kindof spendy with travel and next year will likely be spendy as Mr PoP gets the "fun car" he's wanted for quite a while. Mostly I feel like we're subconsciously trying to tick off all the boxes of things we might deny ourselves while looking at a budget and no steady salaried income for the foreseeable future. It does impede our progress a tad in the meantime, but (so far) not so much that our projected date has been impacted. A weird balancing act, either way. Mrs PoP @ Planting Our Pennieshttps://www.blogger.com/profile/03092406694266872975noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-80441169064175723712016-08-02T09:44:21.705-07:002016-08-02T09:44:21.705-07:00I'm really excited to join the FIRE cult, if o...I'm really excited to join the FIRE cult, if only for the burlap sack outfits and the free Kool-Aid.<br /><br />Great to know that slow travel will reduce costs because, man, we are not being thrifty at all with this shit anymore. I think we may top $10k in travel costs this year, somehow by "travel hacking". That process is a red herring, man. We spend more on travel now than we did before. We just travel way more and to way cooler places.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-67161449077929628262016-08-02T09:40:57.866-07:002016-08-02T09:40:57.866-07:00"last twelve months were particularly spendy ..."last twelve months were particularly spendy due to the trip to Western Europe...So I suspect our true average spend going forward will be less than the forty grand that the last twelve months have shown, but who knows?"<br /><br />Vacations drove up our costs while we were working too, but after we stopped working, travel costs went down A LOT. We no longer had to restrict our travel to 2 weeks and buy flights leaving on Sat and Sundays. It makes a HUGE difference. We somehow spent LESS money travelling the world in retirement than living and working in Toronto.<br /><br />And now the countdown to 2020 begins! You're are only 4 years away from freedom! YAY! Can't wait for you guys to join the FI club! ONE OF US! ONE OF US!Anonymoushttps://www.blogger.com/profile/17344483376849442717noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-21723087002039527272016-08-02T08:10:20.394-07:002016-08-02T08:10:20.394-07:00That's a good point, Aaron. When we were truly...That's a good point, Aaron. When we were truly anonymous, we overshared all the time here on the blog...on like a monthly basis. But then we shared our blog with some friends and family, and had to change course.<br /><br />Overall, I'm happier this way: being transparent and open lets me live in a more integrated way. No second life, or secret writing/plans. But then, we have to self-censor a bit.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-71882847972382836892016-08-02T07:04:20.031-07:002016-08-02T07:04:20.031-07:00Hey Laurie! That's good advice about buckling ...Hey Laurie! That's good advice about buckling down before the kids come along. On the other hand, we really want to see a lot of the world before we have family, so we keep scheduling these international trips, always wanting one more. It's become a habit I think, but also helps us fulfill a goal. The rub is that one goal is cannibalizing the other.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-72243407435219225132016-08-02T06:23:19.039-07:002016-08-02T06:23:19.039-07:00I know how you feel about families being able to s...I know how you feel about families being able to see your personal finances. It's the same thing to me. But it doesn't feel weird with strangers on the internet seeing your numbers because you don't know them hehe. Anyways, being able to track closely like that will keep you focus on your goals which you seem to be doing fine:)Aaron @Incomehonchohttp://www.incomehoncho.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-3844189207561098682016-08-02T05:26:43.092-07:002016-08-02T05:26:43.092-07:00Very cool chart!!! You got this. I'd suggest ...Very cool chart!!! You got this. I'd suggest buckling down now before baby DB40 comes and then you can relax a bit once he/she gets here. If you can spend twelve months really kicking it, you might speed up your FI date really big!! Laurie @thefrugalfarmerhttp://www.thefrugalfarmer.net/noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-50617652803443367662016-08-01T15:28:43.229-07:002016-08-01T15:28:43.229-07:00Thanks for the kind words, Tawcan. I took a look a...Thanks for the kind words, Tawcan. I took a look at your blog and it seems we have some similar goals: trying to get a portfolio of a million, plus maybe some side income to go along with it. Best of luck to you guys, too!Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-26286087789918046382016-08-01T14:29:16.740-07:002016-08-01T14:29:16.740-07:00That's totally cool I haven't seen the cha...That's totally cool I haven't seen the chart before so will have to take a look and plot our own version to see where we are. Retire before 40 would be fantastic! Tawcanhttp://www.tawcan.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-54177058833097256742016-08-01T14:10:22.463-07:002016-08-01T14:10:22.463-07:00Ha, I'm with you, Even Steven. Other than the ...Ha, I'm with you, Even Steven. Other than the occasional run to first base in kickball, I very rarely ever truly sprint.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-87281318345207468822016-08-01T13:51:08.471-07:002016-08-01T13:51:08.471-07:00Definitely with you on the "Sprint" as i...Definitely with you on the "Sprint" as it comes to FI, blogging, etc only thing I don't really sprint at is prob running, lots of irony there of course.Anonymoushttps://www.blogger.com/profile/05804731177800538441noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-88832251077329208682016-08-01T08:42:32.794-07:002016-08-01T08:42:32.794-07:00I'd definitely recommend the Mad Fientist char...I'd definitely recommend the Mad Fientist chart to anyone who's trying to track their net worth in a motivational way, even if you're not trying for an 'early' retirement, or retirement at all. And I'm kind of right there with you about feeling like we're at the beginning -- especially when I read about people who are retiring in their early thirties. There's always someone doing it earlier than you, which is both cool and, you know, not.<br /><br />We used to share our monthly budgets and net worth, as you know, but something changed along the way. I don't know exactly what it is...maybe it's the fact that we're not totally anonymous anymore.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-73956145173190138062016-08-01T07:00:56.637-07:002016-08-01T07:00:56.637-07:00I'll have to check out that chart! I love that...I'll have to check out that chart! I love that kind of stuff because it keeps me motivated. And as far as income and posting what someone's actual net worth is, I'm totally with you. I never liked it very much and I don't find it motivating when someone posts that they make 100k per month or something. I'm so impressed that your on track to retire when you are. I'm 45 and feel like I'm sort of at the beginning (even though I know I'm not). Tonya@Budget and the Beachhttp://www.budgetandthebeach.comnoreply@blogger.com