Strengths
• You are doing an impressive job of saving and investing a significant portion of your income. Maxing out retirement accounts and investing an additional $100k per year is an excellent strategy that will help you reach your $8-10 million goal by age 60.
Areas to Focus
• Consider tracking your net worth and date started investing to better understand your progress. You could also explore opportunities to reduce your work hours or transition to part-time work as you get closer to retirement.
This couple is doing an excellent job of saving and investing for their future retirement. They have a high combined income, maxing out retirement accounts, and investing an additional $100k per year in a brokerage account. Their approach is focused on long-term growth through index funds, which is a smart and low-maintenance strategy.
Strengths
• You have done an excellent job building up your retirement savings, which puts you in a strong position to pursue a Coast FIRE strategy. Your current net worth and income levels suggest you are on the right track to achieving your goal of retiring at 60.
Areas to Focus
• To ensure a smooth transition to your lower-paying job, it would be helpful to further analyze the tax implications and healthcare coverage options. Additionally, considering the anxieties of your spouse, it may be beneficial to have an open discussion and create a detailed plan that addresses their concerns.
This individual has a strong financial foundation, with a high net worth and significant retirement savings. They are considering transitioning to a lower-paying job to achieve a better work-life balance, which is a positive step towards their goal of financial independence and early retirement.
Strengths
• You have done an excellent job of building your wealth steadily over the years without a high income. Your dedication to saving, investing, and paying off your mortgage early is commendable. You are well on your way to achieving your goal of $1 million in liquid assets by age 50 and $2 million in assets by age 60.
Areas to Focus
• As you continue on your FIRE journey, consider diversifying your investment portfolio to include more growth-oriented assets in addition to your real estate and fixed-income investments. This can help ensure your wealth continues to grow and compound over time.
This individual has achieved a remarkable feat of reaching a $1 million net worth while never earning more than $85,000 per year. Through disciplined saving, smart investments, and responsible financial management, they have built a solid financial foundation that will serve them well on their path to early retirement.
Started Investing:
2005
Strengths
• You are in a strong financial position with a high income, significant retirement and investment accounts, and low debt. Paying down a portion of your mortgage with the SBA loan funds could help reduce your monthly expenses and interest payments, providing more flexibility if your income changes in the future.
Areas to Focus
• Consider diversifying your investment portfolio to include a mix of stocks, bonds, and other assets to help manage market volatility. Additionally, you may want to explore options for lowering your mortgage interest rate, such as refinancing, to further optimize your financial situation.
This individual has a high income, significant assets, and is considering FIRE in the next 10 years. They are in a good financial position and have the resources to handle the recent setback of losing their home in a wildfire. With careful planning and prudent financial decisions, they are well on their way to achieving their FIRE goals.
Started Investing:
2019
Strengths
• You are doing an excellent job of saving and investing, with a 50% savings rate and a well-diversified portfolio. Keeping a large emergency fund is also a prudent move given your job uncertainty.
Areas to Focus
• Consider working with a therapist who specializes in FIRE-related anxiety to help you manage your mental health challenges. This will be crucial in ensuring you can stay focused on your long-term financial goals. Additionally, explore ways to build a side business or passive income streams to diversify your income sources.
You have built an impressive net worth of $750,000 at the age of 36, which is a great accomplishment. However, your struggle with anxiety and job instability are understandable concerns. With your strong savings rate and diversified investment portfolio, you are well on your way to financial independence, but addressing your mental health should be a priority to ensure you can fully enjoy your FIRE journey.
Strengths
• You're doing an excellent job maximizing your retirement accounts and building a substantial investment portfolio. Keeping your living expenses low and avoiding debt are also great strategies.
Areas to Focus
• Consider calculating your target retirement number and timeline to ensure you're on track. Also, evaluate the tradeoffs of buying a home versus continuing to rent, as that decision can significantly impact your path to FIRE.
You're off to an impressive start at 29 with a $298,917 net worth. Your diligent savings and debt-free status put you in a strong position to achieve financial independence and retire early. With careful planning and continued discipline, you can likely reach your goal of retiring by 55.
Strengths
• You have done an excellent job saving and investing aggressively, which has put you in a great position to achieve financial independence. Your focus on living a low-cost lifestyle and maximizing your savings rate is commendable.
Areas to Focus
• As you contemplate your next steps, consider how a travel break or temporary relocation could fit into your long-term plans, especially if you are interested in starting a family in the future. Maintaining flexibility and balance will be key as you navigate this transition.
This individual has a strong financial foundation, with a high net worth and a well-diversified investment portfolio. They are considering their next steps, weighing options like taking a travel break or continuing to build their wealth. The positive approach and thoughtfulness shown in their post indicate they are well-positioned to make the best decision for their long-term goals.
Started Investing:
2013
Strengths
• You have done an excellent job of saving and investing over the years, and now have a sizable portfolio that will provide you with financial security in retirement. Your decision to convert a portion of your traditional IRA to a Roth IRA is a smart move that can help you manage your tax liability in the future.
Areas to Focus
• As you continue to plan for retirement, consider tracking the date you started investing to better understand your investment timeline. Additionally, you may want to explore options for your wife's retirement savings to ensure you are both on track for a comfortable retirement.
This individual has a substantial net worth and is considering strategies to minimize their tax burden in retirement. They have a good understanding of financial concepts and are taking proactive steps to plan for the future.
Strengths
• You have done an excellent job of building a substantial net worth and living a lean lifestyle. Your financial situation is very strong, and you are well-positioned to achieve financial independence.
Areas to Focus
• To overcome the survival mindset, focus on reframing your perspective. Remind yourself that you have built a secure financial foundation and can now transition to a more peaceful and enjoyable lifestyle. Consider speaking with a financial planner or therapist to help you work through these psychological barriers and embrace the freedom that your hard work has earned you.
The poster is a 45-year-old married individual with two young children. They have accumulated a substantial net worth of around $2.1 million, including $1.5 million in liquid investments, a paid-off house with $600,000 in equity, and an additional $300,000 inheritance in progress. Despite this strong financial position, the poster is struggling to let go of the survival mindset and feel truly secure in their FIRE journey.
Strengths
• You are doing an excellent job growing your net worth through a combination of high-income employment, real estate investments, and a well-diversified investment portfolio. Maintaining a moderate, dividend-heavy approach has put you in a very secure financial position.
Areas to Focus
• Consider formalizing your retirement planning and timeline, as you mentioned feeling unsure about how to fill your time if you were to retire. Additionally, evaluate ways to optimize your real estate portfolio for more consistent year-round income.
This individual has made impressive financial progress over the past 4 years, growing their net worth to over $2.1 million and maintaining a successful real estate investment portfolio. They are in a strong position to potentially retire at any time, but are also considering a new, higher-paying role. With their diverse income streams and conservative investment strategy, they are well on their way to achieving their financial independence goals.
Strengths
• You have done an impressive job of building your net worth through disciplined saving and investing. Maxing out your retirement accounts and diversifying your investments are great strategies that are serving you well.
Areas to Focus
• Consider taking some time to enjoy the journey and not get too caught up in comparing yourself to your peers. Maintaining a healthy work-life balance will be important as you continue on your FIRE path.
This individual has overcome a challenging childhood and financial obstacles to build a substantial net worth of $515,000 by age 31. They have diligently saved and invested, maxing out various retirement accounts, and are on a positive trajectory to reach their goal of $4-5 million in the future.
Started Investing:
2016
Strengths
• This couple has done an excellent job of accumulating wealth through disciplined saving and investing. Their focus on high-paying careers, avoiding unnecessary expenses, and maximizing the benefits of compound growth have allowed them to reach their FIRE goal much earlier than anticipated.
Areas to Focus
• While they have achieved their initial FIRE number, it may be prudent to consider waiting a few more years before retiring to ensure their portfolio can withstand potential market corrections. Additionally, determining a thoughtful withdrawal strategy and tax planning could help optimize their long-term financial security.
This couple has achieved an impressive $5 million net worth through prudent financial decisions, high-paying careers, and a commitment to saving and investing. They come from humble backgrounds but have built substantial wealth by living frugally, avoiding lavish spending, and maximizing their earning potential.
Strengths
• You have an excellent start to your FIRE journey, with a diverse investment portfolio, low expenses, and a clear focus on optimizing your finances. Maintaining this disciplined approach will serve you well in the long run.
Areas to Focus
• As you consider the decision to move out, be mindful of the potential impact on your savings rate and continue to weigh the trade-offs carefully. Additionally, you may want to explore strategies to further diversify your investments and potentially reduce the interest rate on your car loan.
This 23-year-old has done an impressive job building a substantial net worth of $160,079 through strategic investing and minimizing expenses by living at home. Their disciplined approach to personal finance and commitment to optimizing their money are admirable. With a strong financial foundation in place, they are now considering the next steps, such as paying off the car loan or moving out, balancing financial efficiency with personal independence.
Started Investing:
2021
Strengths
• You have made impressive financial progress, reaching over $1.5 million in net worth. Your disciplined approach and ability to grow your wealth so quickly is commendable.
Areas to Focus
• Consider prioritizing your health and personal life as you prepare for your transition to FIRE. While it's important to continue growing your nest egg, make sure to also take time for self-care and to explore potential relationships and hobbies that can enrich your life beyond work.
The individual is a 46-year-old single person who has achieved a net worth of over $1.5 million, which is their 'barista FIRE' goal. However, they are not yet ready to retire due to health concerns and a desire to potentially reach $2 million in the next 1.5 years. They are planning to move back to their home country in Europe and are working on rebalancing their portfolio and purchasing a home. The post highlights the individual's hard work and impressive financial progress, while also acknowledging the need to focus on their health and personal life.
Strengths
• You have done an excellent job of building a substantial net worth at a relatively young age. Your frugal lifestyle and ability to save a significant portion of your income have set you up for success on your path to financial independence.
Areas to Focus
• As you consider your future plans, it will be important to carefully evaluate your healthcare options and home purchase strategy to ensure they align with your long-term goals. Additionally, you may want to explore ways to diversify your investment portfolio and ensure a balanced approach to your savings and investments.
This individual has a strong financial foundation, with a net worth of $1.4 million at the age of 37. They have a good handle on their spending and are using this opportunity to pursue further education, which is a positive step. However, they may need to adjust their healthcare and home purchase plans to ensure a smooth transition after graduation.
Strengths
• You have done an excellent job of building a diverse investment portfolio and securing reliable retirement income streams. Your low annual spending is also a key factor in your financial independence.
Areas to Focus
• Consider exploring long-term care insurance options to protect your assets in case of any health-related expenses. Additionally, you may want to consult with a financial advisor to optimize your asset allocation and withdrawal strategy for a smooth retirement.
This couple has a substantial net worth of $1.8 million, including $1.3 million in retirement accounts and $500,000 in fixed income. They also receive a combined monthly income of $8,100 from Social Security and government retirement. With their low annual spending of $70,000, they appear to be in a strong financial position to retire comfortably.
Strengths
• You're doing an excellent job of diversifying your investments, living frugally, and leveraging opportunities like scholarships and parental support. Your consistent investing habits and focus on protecting your income are also great strategies.
Areas to Focus
• As you continue on your FIRE journey, consider exploring ways to optimize your tax efficiency and potentially diversify your income streams further to reduce reliance on your primary job.
This individual has done an impressive job of building a substantial net worth of nearly $2 million by the age of 34 through consistent investing, hard work, and taking advantage of opportunities. They demonstrate a strong commitment to financial independence and a disciplined approach to growing their wealth.
Started Investing:
25
The individual has a substantial net worth of $1.3 million and is considering a phased retirement approach by reducing their work hours to 30 per week. This decision comes after some significant life events, including the loss of their spouse and other loved ones, which has led them to reevaluate their priorities and work-life balance. The individual is seeking to maintain their benefits while working fewer hours, and they are hopeful that their employer will be receptive to this arrangement.
You have a great opportunity to build your financial future with the inheritance of $235,000. By living at home with low expenses and having a stable income of $150,000, you are in a strong position to make smart financial decisions and set yourself up for long-term success.
This individual has achieved a remarkable $2 million net worth by the age of 35 through diligent saving and investing. They are married with two young children and are considering upgrading their home, while continuing to grow their wealth and resources to enjoy a good life.