FIRE Progress Report through July 2020

FIRE Progress Report through July 2020 (Vacation or Birthday Edition)

What Happened and What Is Happening

Before the pandemic, we had a vacation planned to Myrtle Beach. Not exactly the best place to go at the moment, but we figured we could easily turn around and come home if we didn’t feel like we could keep ourselves safe while we were there. We ended up staying the whole week.

We wore masks when we weren’t in the car, hotel room, or on the beach. We avoided busy areas and always got food to-go or through the drive thru. We also found that the beach was must less busy at around 4-4:30PM. Not only that, but the sand was a lot cooler around that time and the water was probably at it’s warmest.

We’re not sure that we’ll go back to Myrtle Beach, but it was a nice break from being at home all summer long, especially with the kids doing their last quarter of school at home.

In addition to vacation spending, we had some planned expenses like property taxes and the remainder of dining room table. We also had some unexpected items such as pest treatment around the house and garage door repair when the spring broke.

Finally, it’s important that with July marks another birthday, and another year closer to our FI date. You’ll see below that we have 96 months left or 8 years!

How did this affect us?

  • Property taxes – $1097
  • Vacation – $642
  • Dining Room Table – $500
  • Pest Treatment – $268
  • Garage Door Repair – $190
  • New Drill (for my birthday) – $105
  • Our youngest’s birthday – priceless

The Money Related Numbers

38.39% to target number (previously 36.46%)

This is our invested assets/target number. Our invested assets span across a variety of investment vehicles such as 401k, HSA, IRA, Roth IRA, ESPP (Employee Stock Purchase Program) and standard taxable mutual funds.

96 months (previously 97)

The number of months until my 45th birthday and our finish date.

71.20 months (previously 74.86)

The number of expected months until we reach our target number based on our current expected monthly contributions, assuming a 10% annual return.

The Expense Related Numbers

10.84 times annual spending (previously 10.63)

This is how many multiples of our annual spending we have saved up towards our goal. For example, if this value was 9.1 and we spent $10,000 annually, we would have $91,000 saved up.

43.35% to minimum FIRE (previously 42.52%)

The minimum number to achieve FIRE is 25 times our annual spending. This number shows how close we are to the absolute minimum.

28.23 times annual spending at goal number (previously 29.16)

We have a goal amount that we’d like to reach. Given our current annual spending, this is how many times our annual spending we’ll have saved when we reach our goal number.

How Much We Invested

42.98% of 6 Month Average Gross Income Invested (previously 42.11%)

The amount we invested in things like 401k, Roth IRA, taxable accounts, and Employee Stock Purchase Program divided by income from our main employment.

53.52% of 6 Month Average Net Income Invested (previously 52.48%)

The amount we invested in things like 401k, Roth IRA, taxable accounts, and Employee Stock Purchase Program divided by income from our main employment, but with taxes subtracted.

46.35% of 6 Month Average Gross Income Invested with Employer Contributions (previously 46.10%)

The amount we invested in things like 401k including employer contributions, Roth IRA, taxable accounts, and Employee Stock Purchase Program divided by income from our main employment.

57.73% of 6 Month Average Net Income Invested With Employer Contributions (previously 57.45%)

The amount we invested in things like 401k including employer contributions, Roth IRA, taxable accounts, and Employee Stock Purchase Program divided by income from our main employment, but with taxes subtracted.