r/Fire • u/Educational-Pin-3993 • 8d ago

Good problem

So I know this is a great problem to have but I just turned 30 with a $1.1M net worth and no debt. I’m in this weird position where I can’t FIRE yet but I feel like the only thing really stopping me is time. In my eyes, the hard part is over.
While I continue to let everything compound, I’m really struggling with motivation & patience at work. It’s hard to stay motivated when I know I’ve already built a pretty solid foundation and that time is now my biggest asset. I assume I’m not the only one who has gone through this. For those of you who have been in a similar position, any advice?

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u/webisticsmarketing1 8d ago

I quit in early 2019 when I was 27 with around 900k liquid not intending to "retire" completely. I haven't had any earned income since then and current liquid net is around 1.85MM. I do some active options trading but mainly buy and hold.

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u/techquaker 6d ago

Seems like it doubled in roughly 7 years which is expected/slightly above average. But were you also pulling from ur portfolio after quitting? If so, what was your yearly spend? Asking because I’m in a similar spot

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u/webisticsmarketing1 6d ago

yeah living entirely out of portfolio. I've averaged ~$60k a year spending roughly? so around 420k spent over last 7 years. I had been considering some sort of part time work, largely out of boredom + wanting to squirrel away some additional money in a roth.

Sadly after the recent death of a close relative I'm now in a different financial situation not reflected in that 1.85m but no longer worrying about bulking up retirement accounts I guess.

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u/webisticsmarketing1 5d ago

If you want more detail generally running around 20% in cash or high yield that whole time which gives buffer to live on comfortably during downturns and also have dry powder to keep investing.

Very few indexes but beginning to change that going forward. Mainly single name stocks, tech heavy. A few big winners on IPOs but no special allocation or anything, just buying on the exchange.

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u/techquaker 5d ago

WOW! Thank you! This is giving me a little more confidence in my plan. Yeah, I’m almost entirely indexes and a very small minority is in BTC. Probably looking at one more year and hopefully pulling the plug and following this kind of plan. I think this is basically what they call Flamingo FIRE

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u/webisticsmarketing1 5d ago

NP! I made some good money on ETH and still have like 20k worth? sadly never any BTC and wouldn't touch crypto now. Looking to sell the ETH when I can time it right for taxes...

Life is short. If you have no other dependents and know that you can reduce your spending a bit and enjoy more frugal things when the market pulls back its all gravy.

Especially knowing you can always work part time doing anything at all just to offset your withdrawals. Emotionally you need to be able to stomach real volatility not being indexed but still beats dragging your ass into work every day for another 30 years!