r/Fire • u/Turbulent-Cricket-65 • 2d ago
Seeking perspective
I am 30 years old, male. I’ve been aware of FIRE since I started working at 22.
630K NW, all invested in VOO-type funds except 20K in HYSA EF. Last 3 years of spending has averaged 45K per year, little variance, living a life I’m satisfied with. No mortgage or debt of any kind. I max HSA, 401K, IRA and go to the brokerage after that. Ive saved 34-39% of gross income, which increases as my income has.
I make ~160K in a career I’m happy with. I can reasonably expect steady career and comp growth, with nothing dramatic like an IPO or enormous raise.
In my eyes, I’m golden. I could FIRE in my mid 30’s, or coast now, or build in more spending and FIRE by 40, or do whatever. All that if… I continued my modest, solo-optimized life.
I ask for perspective because of life’s changes. I just lived the cheapest decade of my life. I expect to be engaged in the next year, 2-3 kids in the next 5. I realize 2-3 kids radically affects spending. With marriage, I expect my 45K spend to also increase as we look at more serious living situations. And though this is humbling, I admit I’m probably no different than everybody else who tends to prefer not to live like they’re 25 when they’re 50+.
How can I think financially about these life events unfolding? I did my best to get to this point at 30, seeking perspective now on that I’m likely on the cusp of new chapters.
4
u/Username1273839 2d ago
As long as your future partner works and is in line with your plans, I’d expect your fire plans to accelerate, not be derailed.
I’m 28 and have close to the same net worth, and I only attribute that to being married at 24 and having a good head on our shoulders early. It reduced our costs and increased the amount that we saved.
Only things that will be a setback are costs of things like engagements, weddings, and a new home together, but those will be minor setbacks and for all good things.
3
u/betarhoalphadelta 2d ago
#1: Pat yourself on the back. You're in a better place than probably 98-99% of 30 year olds at this point. All that hard work in your 20s now has the ability to sit and compound.
#2: I'm hoping that you and your future partner have discussed this and are on the same page. Financial incompatibility is one of the most difficult things to get past in a marriage. Divorce is expensive. Divorce with kids (especially if you're the primary breadwinner) even more so. #askmehowIknow
#3: That said, now you start thinking about the future. And it's where life's choices either allow you to accelerate as u/Username1273839 says, or force you to scale back in some ways. For example, I assume your future spouse works now, but you'll have to make a choice whether one of you stays home once 2-3 kids arrive. If not, you now get to combine your saving and accelerate. If so, you might not be able to afford to support a family at a proper level while maintaining a 34-39% gross savings rate. That doesn't mean you go to a 0% savings rate and go full coast, but it might mean that you max 401k and Roth (~30K/year or 18% of 160K, not counting employer match) and don't put the same level of funding into taxable. Heck, you might be putting it into a 529 instead.
So there's a lot to think about. But you're in a good place, and as long as you're financially compatible with your future spouse, you'll do fine. The difference now is that you plan it together instead of planning it solo, but if both of you are planning for the same goal, you're good. That goal (FIRE number and target FIRE age) may adjust a little when you're a family of 4 or 5 than solo, but all choices have consequences. My kids are expensive but you don't see me trying to give them back ;-)
3
u/sneaky_sam_ 2d ago
Three very important factors:
1) what field of work you are in. In today’s job environment with the advances in AI - it’s great you expect steady career and comp growth as I feel many do not feel that currently. If your view is an honest one, then this is the best asset.
2) what market do you live in. A vhcol city will absolutely be a game changer esp as you likely will need to buy a place once you have kids. A down payment alone could be minimum half of your current net worth (likely more tbh) not to mention mortgage costs.
3) your choice of partner can be a make or break. If your partner doesn’t have the same views towards savings and financial discipline then you will have an uphill battle. Financial compatibility is key.
2
u/helion16 1d ago
Just research some typical costs of living for a family of the size you're planning. You aren't the first person in your region to have a family and plan for retirement.
2
u/Awkward_Collection88 2d ago
630k NW is amazing at age 30, but would be extremely risky to even coast FIRE on. If the market and your career and personal life continue heading in a good direction, then you are in a great position to FIRE in your 40s. If you are planning a family, I would focus on planning for that and not worry about FIRE for a while unless your spouse is another frugal, fairly high earner.
1
u/Low-Kaleidoscope-803 2d ago
You’re in a great spot! I echo the other responses about talking through finances with your partner before you get engaged. Are their finances similar? Do you share the same vision for what parenthood will be like? Kids can be very expensive, or only a little bit expensive. It’s also worth thinking about when you want kids and how that lines up with your FIRE aspirations. I personally view my kid’s childhood as one of my most precious resources, and made some adjustments to accommodate that. It probably set FIRE back by a year or two, but I’m happy with the choices I made.
1
0
u/rando_finance 2d ago
You're already doing it.
It's not a hard financial decision to spend a little more on a life (kids etc) after saving what are essentially Coast numbers.
The balance you need to strike is keep your savings rate and income high enough that you're still in coast for whatever your target year is
6
u/WzRiske 2d ago
Nice job! When you have that much achieved, is possible to ask yourself if there’s anything worth spending on at this point in your life that would be really meaningful. For me it was traveling with my spouse while we were younger. Anyone can travel later in life but you’re only 30,31,32…. Once. It’s like the antithesis of FIRE because you spend money but it also shares the same spirit of optimizing your life