42 with an awesome wife (and business partner)
2 kids ~ 17 yr old (he is in 1st yr TradeSchool) and 15yr old (she is in Gr10)
I currently have a full time technical sales job but as part of my FIRE journey I moved across the country and convinced my employer to allow me to work remotely from home. I have downsized this job this past year to half the work but also took a 50% pay cut. The money is still extremely generous in size but I feel disconnected from the work and don’t really care about it anymore.
Back in the Prairies we still have 2 locations for our Lifestyle/Boardshop which my wife runs and I have been co-owner and operator as well with her for the last 15 years starting it from nothing. The oil recession is crushing us out there and sales have dried up , we are looking to transition out of these this year and close them out. This financial planning is harder than any personal finance math you could ever do…being a small biz/entrepeneur is hard.
Out here in the PNW of Canada where we are now, we opened a new store as the locals had nothing selling produces that allowed them to support local or walk down to and visit. Its that cool little shop that sells local brands and some cool big brands, focusing on quality and being a part of the community. This business is thriving, the wife pulls a fair wage every 2 weeks and will be our focus for growth when we shut down the other stores.
Lastly I have worked very hard on my blog for the last three years building up my image and brand, I am extremely well known in the outdoor community on Vancouver Island which has served me well. I have gotten several “Side Hustle” gigs over the last year which further solidify my goal to leave my career this year (well as soon as safely possible) via writing and photography (tourism and outdoor landscape focused)
I have enough to live a very simple life and FIRE right now but it doesn’t allow enough buffer for the future. I plan to leave work this year , try to grow my blog and generate that side hustle cash flow while helping the wife expand our Island business.
I have my money well invested in Vanguard Index Funds via self-traded brokerage which has been an extremely sound choice with solid returns. I have a rental property I bought 5 years ago instead of RRSPs (I think stocks would have been simpler now) . I have no debt other than my personal mortgage which I have no plans to pay off and then my rental condo mortgage.
My SWR amount right now is $27,000/yr which will be supplemented with PT work and side hustle as I don’t plan to fully FIRE this year. I want to take a year off, generate a bit of freelance income and see how the whole early retirement thing feels. I plan to sell our personal home in 3 years and downsize (kids will be gone) which will bump my SWR up to well over $34,000/yr.
These numbers are fairly safe and conservative as my wife doesn’t want to sell our local store anytime soon. She loves working the store and is fine with me quitting my job to give this PT retirement thing a go.
The best case scenario is , which would leave my FIRE savings intact are…
We are able to pull some extra cash out of our eastern stores when they close out
House continues to grow at 10% equity per year like it has since we bought it (Hot market)
My blog grows and I get more freelance writing and photography gigs
This store continues to grow and increase wife’s wage and maybe sell for “golden egg” in 5yrs
Whew, I like typing all this out as a reminder of how much work I have yet to do but how much work I have accomplished in the past.
I dont dig into the finances too much on my blog but the mindset that goes with it I often share.