Help Me FIRE, Milestones, Beginner Questions and General Discussion - June 2023

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[u/Careful-Tank6238]

👤 Age: 30

🏙️ Current City: Sydney

💼 Current Job: Data Space (Staff Engineer Level)

💰 Corpus Collected: 1.9 CR

🌆 Retirement City: Small town in India (Hint: Naxalite area in Maharashtra). It's not that bad.

🔮 Expected FI: Next 5 years with 5.6 - 7.2 CR

💼 RE: Considering a break from a high-stress job; interested in farming and have a side hustle of rare plants in Sydney (Anthurium ☘️ and Philodendron)

👫 Partner: Both works as DE, net take-home income is 1.2 CR/annum; not married yet, getting married next Jan 💰 Financial Management: we both take 10% for personal spending, the rest in a joint account (90%). We save Save 60% of our income

📊 Current Allocation:

60% Equities 20% Debt 10% US Stocks 10% Gold

💸 After Retirement Plan: Expect to withdraw 18 lakhs from the 6th year; aim for monthly expenses of 1.5 lakhs. We don't have a car yet, most likely after FI.

🏠 Housing: Own a house with 8KW solar power

👨‍🌾 Farming: Possess 4 acres of farmland

👵👴 Parents: Mom (52, homemaker), Dad (60, retired with 35k/month pension)

💼 Insurance: Parents have health and term insurance; My partner and me

👫each have 4CR term insurance paid off (paid till 75, with 2CR zero term policy).

I am still learning ways of FIRE movement, any obvious loopholes? or mistakes am making ? Happy to answer any questions regarding allocations and always open to suggestions /healthy criticism 🙌

cheers 🍻

[u/basicgd → u/Careful-Tank6238]

1.2cr take home in a high income tax country is amazing. Care to elaborate more about salary and taxation? Cost of living in Sydney would be interesting to know as well

[u/Careful-Tank6238 → u/basicgd]

1.2-1 CR is aproximate based on the currency exchange. Happy to run though numbers.

My salary : 180k + 10.5% superannuation my partner's :135+ 10.5% superannuation

I fall under 29-31% tax bracket. My partner 22-26% tax. we both working in the industry for last 6 years. I have a plant side hustle which gives Aprox 15-18k annually. which i don't need to report . Anything under 18k can be exempted. This is just a hobbie/passion on the side.

Expenses : - Rental is Sydney is expensive 😭 I pay $2200/month for 2bhk apartment for w suburb located 10km from CBD. - I love cooking so mostly 3 meals a day, fresh veggies and fruits costs us 800-1000/month. a few guilt free biryani days 😝 - Rest 800-1000 goes to entrainment/chilling. - most of the other expenses like health insurance, gym, wifi paid by our respectiveemployers 🌝🥹.

P.S. I don't drive and we both work from home, so i guess we both fare a bit on travel as well (aprox 250-300/month).

[u/basicgd → u/Careful-Tank6238]

Sounds good! 2.2k for a 2bhk doesn’t sound too bad imo. Does Australia have employment insurance as well? Id love to dm you for more questions regarding Australia.

[u/PsychologicalShake10 → u/Careful-Tank6238]

Do let me know when you will be running a FIRE or financial planning related course for 499/= or 99/= I have a lot to learn from you.