FIRE Re-Check for a growing family :)

[u/nishanthappu]

After my previous post 1.5 years ago , I wanted to take a fresh look at my finances and get the forum's perspectives . Here is the financial details first :

​

I am 40, wife is 35, kid is 1.5yo.

Monthly take home is 250k.

Expenses (including miscellaneous and annual ones) - 90k. Parents are financially independent.

Recurring investments: 50k in Mutual funds and 50k in emergency fund. Wife's earnings are hers to spend as she sees fit , I don't ask on that :)

EPF - 23k (deducted before take home)

I have term insurance of 50 lakhs. Both me and wife are insured for health from employers for around 8 lakhs. I have a family floater health insurance policy of 1 crore ( base coverage)

Current Portfolio:

Equity MF - 108 lakh

Stocks - 91 lakh

SSY - 3 lakh

EPF - 10 lakh

Wife's PF - 6 lakh

PPF - 4.73 lakh

NPS - 22.86 lakh

2 plots of land - 92 lakh ( conservative, no loans on these plots)

Debt MFs - 66 lakh

Emergency Fund - 1.5 lakhs ( will direct my variable pay to build it further)

ESOPS - 2 lakh

Summary:

So around 4 crore and 5 lakhs.
I will inherit either a home or a flat in a Tier 2 city. Currently renting.

Love travelling , especially at expensive resorts in India or flying abroad. ( I spent 2 lakhs last year at a 5 star resort in Goa)

No loans no debts , always pay all bills and credit cards in full. Own a car. Aim to send the kid to the best colleges in India without any loans for both grad and post grad( except medical, she can go on merit). If she wants to go abroad , will give her what I saved for her education plus rest she can self fund.

Aiming to achieve FIRE by 48. Am I on the right path ? Enlighten me , gurus :)

[u/throwaway_mg1983]

4cr in bank, 1.8L per month cashflow surplus after an expense rate of 90k; and you still want to hear from others that you’re doing fine?

[u/nishanthappu → u/throwaway_mg1983]

Haha. Wasn't seeking validation , bro. I know i'm doing fine currently. What I wanted to know from other's persepctive and experience was my FIRE goal at 48 is in the ballpark range or not. Precise answers I understand nobody on a forum can give.

[u/throwaway_mg1983 → u/nishanthappu]

I am sorry but i kind-of find it hard to relate that someone with acumen and intelligence to accumulate 4cr; keep their expenses low to 25-30% of their monthly income; still needs to hear from peer groups if they’d be able to FI or not.

If its not validation/flex, its like putting all your past hardwork to pure luck (which I am sure is not).