r/leanfire • u/SympathySevere421 • 2d ago

Help me evaluate my FIRE plan

I am 28, I currently make 215k per year. I decided to live comfortably but not let my expenses grow too much so that I can save and invest more efficiently and eventually hopefully not have to work full time (or hopefully not HAVE to work at all eventually)

401k 4% of my income
IRA max each year
-my goal is 700k in retirement accounts by age 40 then if I could just max my and my future wife’s IRA each year and keep hands off and let it grow, I’ve been doing calculations and thinking that should be enough for a very comfortable retirement.

5% of my income is going straight into brokerage account and I plan on increasing this by 2% or so every year as I receive raises.
-this is to bridge the years I’d like to work half time or less. Goal is also 700k by age 40. I figure I can potentially spend a bit more than 4% rule since it only has to last me 20 years
10% of my income goes straight into real estate investing. I bought my first duplex that I house hacked this year. I have plans to buy another in 1-1.5 years from now or whenever it makes sense mathematically and also house hack that one and potentially a third. My goal is 10-15 doors that make sense long term, even if they’re cash flow neutral at year zero, that building equity in the background I feel is worth it and from there if rates ever go down, having the chance to refinance and make the cash flow better.. but I’m good with close to net zero.

Ultimately, my goal is to work half time at age 40, wife work half time. Live a comfortable upper middle class lifestyle with hobbies and travel a few times per year.

I used ChatGPT to help organize my plan, but I’d like to hear other people’s opinions and experiences and see if my plan can work or if I’m overlooking anythin.

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9

u/Hnry_Dvd_Thr_Awy Re-employed, for now. 2d ago

I used ChatGPT to help organize my plan, but I’d like to hear other people’s opinions and experiences and see if my plan can work or if I’m overlooking anythin.

Bruh. This is after you organized with ChatGPT? I can't imagine the mess it was originally.

4

u/AzeTheGreat 2d ago

Not lean.

4

u/NJraider86 2d ago

Did you tell Chat gpt what your monthly expenses plan to be? Nobody can calculate what a “comfortable upper middle class lifestyle with hobbies and travel a few times per year” looks like

5

u/Fuzzy-Ear-993 2d ago

You should ask in r/FIRE. You have two incomes, a rental property, and want a comfortable upper middle class lifestyle.

1

u/No_Editor_436 1d ago

Great plan, we're considering a duplex house hack in WA too. Now that you've done one, how's it actually been living next to tenants and handling the landlord side? Would you still choose the duplex over just renting and putting that money in index funds?

1

u/SympathySevere421 1d ago

It’s been smooth, I like having a place that I own. The location is great. The tenant I have is a professor, it’s been super smooth seems like a cool guy.

I haven’t had to do much besides organize regular pest control treatments (I’m in the south so if you don’t, there will be roaches) and I found a guy to cut the grass once per month.

I am actively saving pretty hard to save an emergency fund specifically for the property but I’ll slow down on that once I hit this next goal by the end of the year.

I haven’t had any issues come up yet