Comments on: Reader Case Study: Approaching 40 and Hoping to Retire by 55

By: Jock

Jock — Sat, 30 Jun 2018 07:58:27 +0000

Hi SMM,
Yes, when we move to Oz our primary income will go down, but then so will a lot of our expenses (groceries, school/nursery fees, transportation, travel). As others have said, Zach has done a really fantastic job at visualising the journey my wife and I are on and what we can focus on to reach our goals as fast as possible – thanks again Zach!
I plan to reach out to Zach again once we are settled in Oz, so we can visualise the changed circumstances and what that means for our F.I.R.R.E. journey! It would be great if, in time, this post can become a place for others comment on and share their own journeys toward a better way of life.
Cheers,
Jock

By: My Early Retirement Journey

My Early Retirement Journey — Fri, 29 Jun 2018 20:51:36 +0000

Did not expect the different hypotheticals with matching visualizations. Wow! Agree that the high income can definitely accelerate their RRE with plenty of room for budget optimization.

By: Lin@GenYFinanceGuy

Lin@GenYFinanceGuy — Thu, 28 Jun 2018 19:53:58 +0000

Zach, you did a great job! Perhaps another couple of things to consider: as the kids get older, both parents may choose to work and amp up the income. But…here comes college for those kids, too. I do see the 529, so that’s great.

By: Tom @ Dividends Diversify

Tom @ Dividends Diversify — Thu, 28 Jun 2018 17:50:52 +0000

In reply to Jock. Thanks Jock. I'm jealous. Income taxes have always been one of our largest expenses over the years here in the states. Best wishes to you and your family. I like to say, if you can envision it, you can achieve it! And you will. Tom

By: Simple Money Man

Simple Money Man — Thu, 28 Jun 2018 16:23:22 +0000

In reply to Simple Money Man. I may have missed it; will any of the expense variables change from the move to Australia?

By: Simple Money Man

Simple Money Man — Thu, 28 Jun 2018 16:15:47 +0000

Nicely put together! The key is the high income earned. This allows the potential for an increased savings rate, which translates to a bigger pot at the end of 15 years. Hopefully, the income will continue to increase over the years and strategies to decrease expenses (e.g., residence, transportation changes, etc.) combined can help propel this goal! 🙂

By: Mr. Robot

Mr. Robot — Thu, 28 Jun 2018 15:17:42 +0000

Thats an awesome case study and very informative on how you play with numbers. Thanks to you and Jock for sharing!

By: Jock

Jock — Thu, 28 Jun 2018 15:08:12 +0000

In reply to Tom @ Dividends Diversify.

Hi Tom, Jock here.
No income tax in the Middle East, although we pay extortionate rent so I guess that’s how they ‘tax’ us!

By: Tom @ Dividends Diversify

Tom @ Dividends Diversify — Thu, 28 Jun 2018 14:28:42 +0000

Very solid well thought financial review Zach (are you sure your are only 24)?

One comment and one question:

Comment: Love the projection spreadsheets. I built one for myself and used it in my 30s and 40s for the same purpose you use here. I called it my “quit now” spreadsheet. I use to play with it every weekend when I was exhausted from working and commuting 60-70 hours a week.

Question: Where in the expenses are income taxes? They are always one of my highest expenses pre and post FIRE. I find many do not consider them in their planning for some reason. If they are not included in expenses, they should be taken out of income to get to an after tax “take home” income. Thoughts?

Tom