[USER]

What I have done so far:

1. Maxed 401K (mix of roth/traditional)
2. Maxed Roth IRA
3. Initiated Mega backdoor Roth IRA (will contribute about $300 per paycheck initially and see how that works)
4. Maxed HSA
5. Funnel all leftover money into a brokerage account. (Partner works for retirement accounts, so no help needed in picking investments)

My partner and I are 28 with a savings rate of about 50%. We bring in $190K per year in our main jobs and also have a side job that brings in some small spending money. Our spread sheet says we will hit our FIRE number in 2032, but I want to be constantly bringing that time closer to the present.

Things to know: We are both happy with our jobs and would prefer to keep them. Our side job is not scalable. I’m mainly looking for more tax advantaged accounts to consider.

Things I will look into in the future but am not considering now:

1. 529
2. UTMA/UGMA
3. Real estate

Please don’t make me feel bad for posting anonymously, I’m just a private person.

NOTE: we don’t sacrifice quality of life, we just sacrifice what doesn’t bring us joy:

We use our side job money for travel/events/going out.

Our savings rate is probably high because we bought a below budget home and we don’t purchase a lot of material items (we joined our local buy nothing group and our community is awesome).

For real examples we have gone to NZ, England, Ireland, Spain, Italy, Turkey, Egypt, Mexico, Canada, Virginia Islands, Netherlands, Belgium, and Hawaii. These are just the big trips, we are also avid campers and have been to 15 National Parks, and plan to do them all! We are also very big sports fans, and concert goers, but we are realistic about the cost of these things, and rarely buy expensive tickets.

[Robert]

Something to consider, as my wife and I are doing this.

We opened 529s as us as beneficiaries. We get a really good tax deduction. With the new tax laws and the secure act 2.0 in 15 years we’re going to move the 35k into our Roth’s in accordance to the rules, and the rest we’re going to give to our future children.

Finally, in the event you don’t have kids, if your employer pays for you to take classes you can WD money from the 529 up to the amount they paid. Check with your CPA on those rules. It won’t be tax free but there’s no penalty.

[Christopher]

Over 10 years or less, your returns will be dominated by savings rate (income – expenses) more than market returns or taxes. So I’d focus there. Your money just doesn’t have much time to work or compound over such a short time frame.

Mega backdoor Roth can be a huge benefit, I used that the last few years I worked. See if you can convert frequently, and if so, do so and put in as much as you can.

Also, check out: Backdoor Roth conversion question: What do I do with that?

[张扬]

I think you’re doing everything that you can. I would spend the rest of your free time maximizing your physical health and building relationships so that you’re fit enough to do whatever you want to do after you FIRE, with whoever you want to do it with. Listen to the Mad Fientist and stop overly obsessing about money.

[Cody]

You’re doing so well!

At this point, I would reevaluate your spending to ensure you aren’t deferring life with your aggressive savings rate.

Also consider the flexibility and favorable tax treatment with additional taxable brokerage savings. Don’t let tax deferral control your entire strategy.

Don’t miss: I’m negotiating my raise next week and want some info on employers tax liability

[Rick]

Create an investment policy statement. Include a section for comments and diligently add them during market extremes, up and downs. All of this will help you immensely from having a plan, to knowing quickly and easily what to do when extra money happens, to help ignoring investing fads, and so much more. This is a huge way long term FI journey people stay on track with minimal effort over the years.

[Author]

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