Life Update – FI Number
It’s July 2017.
In May 2017, I was promoted and moved to a new team. More money, more stress.
Remember how I said we were thinking about buying a house? Scratch that. The last couple months have made me realize I can’t keep doing this until I’m 65. And my husband has wanted to retire since forever ago. The whole climbing the corporate ladder is also not looking enticing at all.
In a moment of desperation, I sat down, opened an excel sheet, and started figuring out how much money we needed to get to FI.
Yes, after saying that I didn’t want to figure out a number because I have to worry about my parents, I still calculated it.
We spend about $40K a year. I want to add another $10K of buffer, just in case. If I multiply $50K x 33 = $1,650,000.
I would like to have additional buffer, so I’m aiming for us to hit $2,000,000 on the safe side. I estimated we can get to $2M in 15 years.
And that’s how I came up with a number to get to FI. 15 years seems like a long time…But I’m hoping the more money we start front loading, the more money will snowball (compound interest) and we will get there sooner, rather than later.