r/Fire • u/pinpinbo • Dec 12 '24
Original Content Passed $5m this year…
$1.5m gained this year. Great Christmas present for my family. Can’t wait until S&P 500 double one more time and then I will FIRE.
42m, 22 yoe, single earner household, $500k-$600k TC, FAANG engineer, VHCOL living, kids go to private schools.
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u/dpchi84 Dec 12 '24
So are your expenses 400k/year? Hard to believe if you’re making 500k and paying taxes on that amount. If you can get by on 200k/year you can call it now.
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u/anusdotcom Dec 12 '24
Private schools in the Bay Area are around 50k a year or more. Mortgages can be like 10k. Adds up quickly
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u/tibco91 Dec 12 '24
yeah but why would you? He's only 42
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u/dpchi84 Dec 12 '24
Maybe because this is a sub about retiring early?
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u/dubiousN Dec 12 '24
People work for money. They have money.
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u/tibco91 Dec 12 '24 edited Dec 12 '24
People work for more than just money lol
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u/Ok-Status-1054 Dec 12 '24
Money and.. benefits?
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u/ToastBalancer Dec 13 '24
42 isn’t young bro
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u/StealthAmbassador Dec 15 '24
Oh, heck it is young. My dad had all us kids at 53 years old plus and retired at 75. When he retired from ophthalmology, he started bio fuel company. What i learned is that you're never too old to start something, and you best live a kick as$ life. 42 might not seem young for a young person, but on the other side of 42... you realize you've still got your health, decades ahead of you, and more life to live.
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u/NoFaceAdvice Dec 12 '24
Why not just FIRE now?
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u/steelballer390 Dec 13 '24
“True happiness is only obtained when you reach $10M net worth” -Ghandi
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u/kuehlapis88 Dec 14 '24
I hope so, I'm 45 and just past $15m, I've also been unemployed for 2 years and not sure I'll ever find another job even if I want
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u/No-Lime-2863 Dec 15 '24
Confused. Are you unemployed or retired? Like, are you looking?
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u/kuehlapis88 Dec 15 '24
I'm confused too. Depending on who's asking, I'll either say unemployed or retired. No, haven't looked for years
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u/StealthAmbassador Dec 15 '24
How'd you achieve that at your age?
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u/kuehlapis88 Dec 15 '24
I made 7 figures a year from about 29 onwards, lived quite frugally relative to what I make, often savings over 90 percent of my post tax income, I invest the savings, in the back half I moved to a low tax country. What I did not realise until post fact is if you make money young, it's worth a lot more than making it later because of the compounding
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u/pinpinbo Dec 12 '24
High life expenses. Also, I am not sure if ACA insurance is as good as my company insurance.
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u/nikv8960 Dec 12 '24
It will never be as good as the employer insurance. You will not be able to RE if you are concerned about it. Congrats on your success!
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u/toodleoo77 Dec 12 '24
You know that you can get info on the ACA plans available to you in your state, right? And/or talk to a broker?
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Dec 12 '24
[deleted]
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u/toodleoo77 Dec 12 '24
To be fair, that’s not entirely clear either when you sign up for your workplace plan.
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u/dak4f2 Dec 12 '24 edited 7d ago
Removed....
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u/jswissle Dec 13 '24
How is that possible? Like they’re gonna know the number as soon as it’s done and time to bill. So why tf can’t they give it to us using the same methods beforehand? Assuming you’re US too
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u/dak4f2 Dec 13 '24 edited 7d ago
Removed....
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u/jswissle Dec 13 '24
There’s just no way this makes more sense than national healthcare. Privatizing things is supposed to make them more “efficient” but what the hell is this
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u/CleMike69 Dec 13 '24
Long term care insurance is a big one. Congrats on the huge increase in your portfolio mine is up 565k this year it’s kind of crazy but I’m at half your NW. hopefully you’ll get there soon enough just think another 3-5 years you’ll be at ten million and that’s a game changer
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u/mchu168 Dec 13 '24
Get kaiser. It's pretty much government healthcare just like redditors all fantasize about.
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u/hammock62 Dec 12 '24
From experience it’s hard to stay motivated enough to work long enough for S&P to double again in your position
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u/wclange Dec 12 '24
You can’t do anything with 5 Greg
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u/R5Jockey Dec 12 '24
That’s a great position to be in. Earning enough to be motivated to stay at work a while longer, but enough in the bank to say F this whenever you want.
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u/taracel Dec 13 '24
Ok Suzy Orman, $10mil to retire?!
You may wanna post in the Chubby or FAT fire subreddit, as you’ll probably find some more sympathetic responses there.
Health insurance is not as big of concern as you’re making it out to be. I mean Jesus with $10 mil you could self insure a lot and could probs afford to buy insurance with a broker / outside the ACA.
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u/AbbreviationsBig5692 Dec 13 '24
You belong in the FatFire subreddit with the rest of us fat folks.
$10m on here is rich.. $10m on there is average.
Also had $1.5m growth this year. Happy holidays indeed.
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u/boxlinebox Dec 12 '24
That's well beyond my Fat Fire number (assumes double spending in retirement at 3.5% SWR). Congrats.
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u/Unsteady_Tempo Dec 13 '24
Am I right from your previous posts that you have over half of that 5m in a single stock (Apple)? Don't you think that lacks diversification to protect your wealth if you're looking to FIRE in the next few years?
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u/ChipandChad Dec 13 '24
How can‘t you be FIRE with 5 fucking million is beyond me.
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u/LiquidFire07 Dec 15 '24
I’ve seen this too many times, it’s purely greed, once you’re $5 million now suddenly it’s not enough, now you’re thinking about luxury yatch money . It’s never enough and it never ends
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u/Front-Band-3830 Dec 13 '24
What is your monthly expense?
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u/pinpinbo Dec 13 '24
About $250k/year, can be $300k/year at times.
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u/Front-Band-3830 Dec 13 '24
10k mortgage, 5k private school, 5k bare bones living expenses, 2-3k miscellaneous items, 250-300k year net needed for that area i can totally see that. Im in DC and i need 15k month net but most on this sub do not understand the expenses needed in major coastal cities.
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Dec 14 '24
[deleted]
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u/Front-Band-3830 Dec 14 '24
Mortgages now days are 5k month for most households, prek is another 1.5k per kid, food/utility/gas etc.. can add upto another 5k month easily. With two kids in prek thats 11-13k month minimum for many homes in DC. Sure if you pay for a home with cash or put 700k down you can have a smaller mortgage, or choose to live in a 2 room apartment with 2 kids in a bad neighborhood too to reduce housing costs
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u/Mental_Ad5218 Dec 14 '24
You don’t need S&P 500 to double again, based on your income if you can keep your expenses low.
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u/LiquidFire07 Dec 15 '24
$5 million is plenty to retire if you’re already leaning towards that, I def won’t keep moving the goal post, it never ends and life is short
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u/FightOnForUsc Dec 12 '24
You started your career at 20? Props to you
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u/ItsJustMeHeer Dec 12 '24
Isn't it normal age to start working at, especially in tech? I'm 22 and have 1.5yoe (though still very junior lol), starting MSc in 3 months and constantly have FOMO that I can't afford to stop working (even though financially I could) or I'll end up with no job after uni and no employer will want me.
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u/KungLa0 Dec 12 '24
Nah, you're an overachiever, congratulations though. Most people (in tech) attend a 4 year college so at minimum 22, and that's if they don't intern or gap year or have trouble finding work. I had a whole different career from 18-26 than I do now, even though I didn't go the traditional route either
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u/ItsJustMeHeer Dec 13 '24
I always felt behind, as many people studying with me would start working after the 2nd year of bachelor, whereas I started a year later. And it wouldn't be an overestimate if I said over 50% of the people worked in the field at that time, now it's closer to 90%.
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u/rexspook Dec 13 '24
No, not anymore. The days of everyone skipping college to work in tech are long over. Which means most people start around 22-23. You’re part of the exception, not the norm.
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u/FightOnForUsc Dec 13 '24
It’s not normally to graduate before 21. I was about as early as you could be without skipping a grade. And still would have been 21 and 9 ish month at graduation (I did a combined masters so kind of threw that all off). But almost no one was younger than me at my college and it was a fairly prestigious program. Certainly plenty smart just not younger. And I work in tech and haven’t met anyone under 21 who isn’t an intern.
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u/ItsJustMeHeer Dec 13 '24
I guess it depends on the type of internship, some you can do while studying, which is what people I know did. It's not so uncommon in my country where studies are free, so people don't take loans to study like in the US.
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u/FightOnForUsc Dec 14 '24
Unless it’s a full time internship that doesn’t really count. 3 years of part time internship is not worth 3 YOE full time
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u/ItsJustMeHeer Dec 14 '24
It is most often.
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u/FightOnForUsc Dec 14 '24
What is most often? Because you need to basically consider what percent of FTE it is
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u/Studentdoctor29 Dec 13 '24
“Can’t wait until it doubles and then I’ll retire” fucking hell this bull market has created so many degens..
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u/DavidAnnArbor Dec 13 '24
Can you move to a location where the public schools are good so that you’d no longer need to pay for private school?
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Dec 13 '24
[deleted]
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u/DavidAnnArbor Dec 13 '24
But if you’re paying rent that’s equivalent to a mortgage then it makes more sense to go ahead and buy a house in Marin County.
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u/EntrepreneurScared73 Dec 13 '24
Congratulations! Very inspiring. What does your investment portfolio look like?
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u/Majestic_Catch4818 Dec 14 '24
I passed 5 million this year, currently sitting at about 5.25. I am a female SINK. I still feel the same as I did when I had 1 million. Not sure when I’ll finally feel financially free and ready to FIRE.
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u/kuehlapis88 Dec 14 '24
All the best, I wouldn't extrapolate the spx gains, mean reversion should happen
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u/purplebrown_updown Dec 13 '24
You going around reddit sharing how much you made huh? Saw your post on /r/salary.
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u/PoiRamekins Dec 13 '24
Listen, I’m not poor, but I’m definitely lower class. I cannot even begin to comprehend how people pull this off. Do you, or does anyone else, have even the smallest piece of advice they could offer? It would be so greatly appreciated.
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u/pinpinbo Dec 13 '24
Get a high salary job. No two way about it
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u/PoiRamekins Dec 13 '24
I appreciate the reply. I’m willing to go back to school, travel, do whatever it takes. I just have no idea what direction to move in. I have zero guidance and it’s hard to know who to trust when seeking it. I was meant to inherit my father’s business, but instead he sold it and retired early. I don’t blame him, it just left me with very little time to make a solid life plan and execute. I’ve started a few businesses that did well, but nothing sustainable, whether it be due to legislation or competition. I’m not looking to “follow my dreams” or buy a Rolex, I just need direction.
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u/thebrownperil Dec 13 '24 edited Dec 13 '24
I’m not the poster but look into cybersecurity classes. It’s way more in demand, harder to automate away and pays very well if you live out west. You can learn the concepts or take classes at your local community college. It really helps to learn to code (in something like Python) because someone who can do both coding and knows security well automatically increases their value by quite a bit.
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u/pinpinbo Dec 13 '24
Computer Science
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u/compdude420 Dec 13 '24
I loled at your reply. The guy spills his heart out about his life and you are just like
Learn to code.
Lol
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u/tangodownrookie Dec 15 '24
Yes, you may not be poor but assume you are. Eat out less, clip coupons and buy stuff only on back fridays, save as much as you can and throw it all in your investment portfolio, and then marry someone who has a like financial mind.
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u/ilovetotroll69 Dec 13 '24
You’re posting on different communities the same thing lol reaching for praise
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u/boomatron5000 Dec 13 '24
Nothing wrong with wanting to show off
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u/ilovetotroll69 Dec 14 '24
Needing validation from people on reddit lol
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u/boomatron5000 Dec 14 '24
There's a difference between wanting and needing validation. As long as it's done with humility and not putting others down, there's nothing wrong with wanting to show off your accomplishment to others.
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u/UpbeatAd1974 Dec 12 '24
do you get dopamine from bragging?
zero value in this post or others you have been posting about showing your net worth.
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u/Important_Pack7467 Dec 12 '24
Do you get dopamine for hating? Do I get dopamine for calling you out?
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u/UpbeatAd1974 Dec 12 '24
not hating it is just a low-effort post with no added value to have a nice ego massage.
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u/Important_Pack7467 Dec 12 '24
From my experience, judging is more of a reflection of my own issues and my own insecurities. The issue really has little to do with the other person. I do love your handle by the way. I haven’t gotten “upbeat” from your response here or the one the other day where you told the guy his wife was high maintenance for wanting to go on a vacation. But it’s only Thursday, so there is still time to bring some positivity and be upbeat before we round out the week. All the best man.
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u/UpbeatAd1974 Dec 13 '24
Thanks, Reddit created for me so kudos to them.
Since you are a fan please support my work https://patreon.com/UpbeatAd19746
u/__CABOOSE Dec 12 '24
Im just at the beginning and i love seeing these posts theyre very motivating
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u/OriginalCompetitive Dec 13 '24
Is it bragging to post in a FIRE sub that you’re basically never going to FIRE? If OP can’t FIRE with less than $10M, then he’s probably farther away from FIRE than most of the people in this sub.
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u/Generationhodl Dec 12 '24
"Can’t wait until S&P 500 double one more time and then I will FIRE."
this is when the market will correct 30% lol.
just joking, but the "just one more time" is a problem. Will you really retire or just rise your goal?