Summertime – a time for half-baked family trips and fighting kids. I’ve certainly heard that (title) question enough from the back seat. Might as well ask it myself…
We’ve been working hard towards Financial Independence / Retire Early (FIRE) for a long time. Coming up on the goal after these years, are we there?
It’s a split decision.
I think we’ve reached FI and ready for RE. My wife thinks we have more to go. I think she’s crazy; she thinks I’m nuts.
We’re probably both right.
A few years ago, we set the goal of $2.5M of investment assets for FIRE. This would produce roughly $100,000 in spending capacity annually. We thought we’d spend $50,000 each year, excluding taxes & charity. We would have roughly double our core spending amount – a method/goal I adopted from my original favorite FI blog: Brave New Life. Over time, our asset growth should easily outpace spending.
Are we FI Now?
I’d say yes. About a year earlier than even hoped for. But there’s a mess of fine print.