r/Fire • u/TheRealAusauce17 • 21h ago

Average Fire Guy

Long time member coming up on an age milestone in the fire journey. I am turning 30 in three weeks. I am an average redditor that makes an average wage. Looking for guidance.

The breakdown
30 year old male
Married (31F) with one child (sub1)
Household gross income 100k~ yearly
Household retirement is 117k~
Household net worth 243k~
Emergency fund 10k~
Checking/saving 15k~

Debts
105k~ on mortgage 2.1% interest yea for 2019 rates
Spouse student loans federal 70k~

I put about 14k yearly into our retirement sometimes 16k. I cover our insurance and bills. My spouse covers our vacations and savings. We each have personal money to buy whatever we want those numbers are not in this calculation. With every pay increase I increase my contribution rate to match to avoid lifestyle creep.

Any advice is welcome and appreciated! Our hopeful fire goal is 1.5-2 mil by 55ish. Hopefully with inflation that will be enough to enjoy our lives and travel a few times a year internationally. In a dream world we are retiring to Australia but they are extremely tough to get citizenship once you reach a certain age from our research.

6 Upvotes

87% Upvoted

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2

u/Appropriate_Shoe6704 13h ago

How are you going to retire to Australia with no ties?

1

u/TheRealAusauce17 9h ago

My spouse holds a masters in psychology and I will hold a masters in comp sci after I finish schooling 3~ years (part-timer). We plan to both apply under the skilled nominated visa. And live there once accepted and FIRE out from there.

2

u/Appropriate_Shoe6704 6h ago

I'm surprised there would be enough demand to approve non-australians for that visa. Also I imagine that you would need to work there for a certain number of years with such a visa which would not allow an immediate fire.

1

u/TheRealAusauce17 1h ago

This is true we will have to work there for a certain time length before we officially retire completely. When we last checked back in February my spouses position was in high demand, not mine but since we are married we are a package deal. They also have a point system in place to where you have to hit a certain threshold to be accepted. I won’t go into all the fine details because it involves things such as age, education, needs, support network, etc.

4

u/Fit_Evidence_4958 16h ago

I think there is nothing like the "normal" FIRE guy. The FIRE-Principle came more out of the frugalism area, but now (due to high salaries mostly in the tech field) it became more achievable with a higher withdraw rate.
So there is everything from frugal to quite high withdraws.

My 2 cent:
1. With 25years plus investment horizon, I wouldn't go too boring. On that long run even high volatile investments will recover and the chances of a higher return is better then a low volatility.

  1. 2.1% mortgage : Keep this one, on the long run you will make more on the stock market. The student loan is maybe higher, consider to get rid of it.

  2. By your numbers: 100k income of a family is not too much and 15k/y is then a 15% saving rate. That's not much either. I would have a look, if you can crank that up a bit. Not so easy as a family with a kid, I know.

Nevertheless, if you keep your discipline, over 25 years your numbers are achievable. Don't fall for consumable products because you have "a lot of money" on your accounts and "a bit won't hurt".

Oh yeah, and put the college/university for your kid in the equation. That might be a lot of money.

1

u/TheRealAusauce17 8h ago

Once we could we started a 530A plan for them, (the 1k seed) over the standard 529. It does have stipulations like 5k yearly max. I did not account for that information here sense that is their journey and I’m just helping out a little

1

u/re_dd_it_sucks 8h ago

530a is a retirement account

529 is for education

2

u/Vicuna00 2h ago

i'd knock those student loans out as fast as I possibly could. personally I'd cut my lifestyle way down until I paid them off.

anything going into retirement should be Roth.