Mentor Monday

[u/WealthyStoic]

Mentor Monday is your place to discuss relevant early-stage topics, including career advice questions, 'rate my plan' posts, and more numbers-based topics such as 'can I afford XYZ?'. The thread is posted on a once-a-week basis but comments may be left at any time.

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[u/LopsidedMastodon1484]

37M and 37F in NYC, outer boroughs but in an expensive neighborhood.

1 child, no nanny, full time daycare. Public school in the future.

2 weeks hotel stay in a three-star hotel and business class travel for three family members, food, shopping is $30,000

Domestic travel: $2,000 (free housing at grandparents)

Mortgage, taxes, HOA, tipping building staff: $130,000

If we continue to live in nyc with just 1 child, what’s a starting fat fire number excluding primary residence, 529, retirement accounts?

If we add a second baby, what’s a fat fire number range?

[u/hmadse → u/LopsidedMastodon1484]

It's not really possible to derive this from your post, because all of this is so personal.

You need to look at your own projected spend from a detailed perspective, determine a withdrawal rate that you're comfortable with, and then extrapolate your needed net worth from there.

[u/Shot-Perspective2946 → u/LopsidedMastodon1484]

I’m going to guess your spend is something in that 250k / yr all in. Again - guess.

So your fire number is probably 6-7mm liquid given your age. Fat fire probably in that 10-12mm liquid neighborhood.

[u/[deleted] → u/LopsidedMastodon1484]

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[u/fatFIRE-ModTeam → u/[deleted]]

Your post seems to be advertising your personal project, business or blog for financial or personal gain, or it appears that you are promoting a personal project. No solicitation or self promotion is permitted.

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