- There is a rule of thumb that you need 20-25x your annual expenses in networth. So if you spend $8k a month, you can retire at a net worth of just between 2 and 2.5 million.
- Whenever I refinanced I always round down to the nearest loan term. A lot of people refinance and start their 30 year mortgage clock over. My goal was to have no debt.
- Because I was saving towards a multiple of my monthly expenses I did some extra things to lower those expenses before quitting like getting solar so I don't have an electric bill and getting a $5k used electric car so eliminate fuel costs.
- If your net worth is in equities you can take ~$80k in capital gains tax free each year. This puts your $80k withdraw closer to $100k in an equivalent salary.
Do you have any more details anywhere (blog, etc.)? I'd love to read about it.
Just as the OP here frustrated me by not explaining their process, others like you really help and make me happy to read about how they do/did it.
It inspires me to make changes in my own life to live more conservatively financially. I already make an effort to do so but its nice to be reminded that there is more you can do. Solar + Electric car should be next on my list.
Do you have a recommendation for a good used electric car?
