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What can I do better to hit FIRE by 40? Am I on track?
Age: 27
Job: Active Duty Enlisted E7
401k: $72.7k
Roth IRA: $50.6k
Brokerage: $46k
Cash: $10k
Debt: none
Property: noneI will retire from Military at 38 years old and receive roughly $8k/month for life in pension/disability.
I want to increase my NW as much as possible so I don’t rely on that.
Goal: I want to retire early and buy a home. Also, I want to have at least $1M NW.
Thanks for the help! Much appreciated.
JuliettYou’re doing great for 27. If you keep on this trajectory, you’ll probably be in good shape at 40.
However, retiring at 40 is very different than retiring at 65.
$1M isn’t going to be enough to retire at 40 and live comfortably the rest of your life.
Do you have a spouse? Any children?
After you retire at 38, you probably need to look at a second career especially if you’re going to have a mortgage.
JoeyYou’re not sleeping on that TSP ooweee! Good for you. That’s about where I was at. You’ll hit a mil by 40 at this rate in my opinion.
IrisGreat job so far! You’re definitely on track for millionaire status by 40. Especially maxing out your TSP.
You’ll see it compound pretty quickly as the years go on.
BrandenUse your VA loan to buy a multi family home or one with multiple rooms and rent out to your fellow service members?
MikeAll could be great and on track and then you lose half all of a sudden in a divorce. 9/10 millionaire women obtained it through marriage.
Choose wisely, but don’t get legally married even with a prenup.
It is the only legal contract where one party is incentivized for breaking it. The state will control your destiny.
Watch James Sexton interview on Soft White Underbelly YouTube.
Wendi$8k/mo and means you gotta look for a house $500k or below
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