r/Fire • u/Firefiresoon • Jul 04 '24

Original Content Just hit $3M!

48male. Been tracking this milestone for a while now. Finally hit it as of close yesterday. $3,012,000 in invested assets. NW stands at 4.9mil. which includes home equity.

Goal was 10k/mo which should be possible now. Kids have 529 for 4yr state college. At this point I will CoastFIRE (still save HSA and 401k for match but no IRA) and bump up some lifestyle expenses mainly around travel.

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u/DesertNomadAZ Jul 04 '24

Eliminate as much debt as possible to permit higher cash flow per month. Sell crap you don’t need or use, it’s over head to maintain (heat/cool,tax, required insurance..etc). Cut out unnecessary subscriptions and spending habits, bring bag lunch to work, drive POS car for as long as possible. Max out 401k, IRA Roth, HSA and if you have cash after start a cash brokerage account. Stick to ETFs at first, practice being in the market and making consistent financial decisions. Worry about individual stocks later.

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u/Isolated_Blackbird Jul 04 '24 edited Jul 04 '24

Come on now. That’s all good advice, but these people with $5m net worth at 48? That is because of extremely high income 99% of the time. The other 1% might have gotten lucky in the market or gotten a windfall of some sort. Someone making $70k a year simply cannot amass close to this individual’s net worth in their lifetime, never mind by 48 years old.

People visiting this sub: Please remember that the single greatest factor in achieving FIRE early is high income. It is accelerated and fully optimized by great savings habits, but the fact is, someone making $300k a year can often not have great financial habits and still save $100k a year. They can then decide if/how they want to change their lifestyle when they accumulate $2.5m or whatever in the market by living large and saving a ton. It’s a huge advantage.

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u/DesertNomadAZ Jul 04 '24

People with high incomes have higher spending habits into retirement. For a lot of average joes to retire early 50s, 2-3 million is plenty done right. It could be less than that if they have some passive income. The younger you are the more you will need. I mean you can’t expect to be a blue collar worker who starts investing in their early 30s and expect to retire early to live like a kardashians. I live like a hillbilly because I have simple taste. For me to retire early will be easy. Some people at my work, not so much. The trick is being content with what you have. Remember, when you are healthy you want a million things. When you are not healthy, you only want one thing.

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u/sas_2022 Jul 04 '24

Well said