FIRE Crossroads 035: Saving $50,000 a Month to Reach FI

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Along the way to this success, our intrepid respondent starts a practice, discovers the perils of significant business debt during a crippling pandemic, and acquaints himself with the possibility of blocking calls from patients — but only once that FI number is reached. And what is that magic number? Read on to find out.

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Getting to Know You

Where are you on your financial independence journey? Have you crossed the halfway point in terms of net worth and/or passive income?

We are in the early stage of our financial independence journey. We didn’t plan well the first years when my spouse started working, and we would be in a better position today if we had done things differently.

In retrospect, we should have maxed out tax-advantaged accounts and not left money on the table from the 403(b) match. My wife also took a little less than a year off while I was in residency to take care of our child, and we didn’t make much progress at that time.

Tell us about your household. How many people and at what ages? Are you supporting anyone outside of your home?

We are a family of four. I am 38 years old, my wife is 42 years old, and we have two children ages 7 and 10. We don’t support anyone outside of our immediate family.

SWIPE UP NOW TO READ MORE

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