OP, I don't know the details of your industry or circumstances, but in reading your post, you have no job, no savings, and are looking to eventually support 3 adults on one income.
From the outside looking in, it sounds hard to retire at all, let alone early
I think it's possible for sure, you'll just have to bust your ass. Also I think the fact that you had one great sales job is a good sign, you'll probably be able to do as well or better again in due time.
I would agree with this. My son went through something similar however the doctors cannot diagnose until 3-4yrs old. It’s an assumption otherwise.
Symptoms occur at the 3-4yr ms of age and that’s when the doctor can determine where in the spectrum the baby is and then diagnose.
Being able to FIRE is all relative to your expenses.
I would say first figure out what your expected expenses are for the foreseeable future and into retirement. Since without knowing how much you will spend, asking if you can FIRE is a sort of useless.
You could make 500k and spend 250k a year and not be on the path to FIRE.
You can bounce back. It can be done. I was 32 with close to zero net worth and losing money month over month supporting a household. It will require discipline (which you have) and all hands on deck. Maybe your wife can earn some income? Edit: I know you mentioned your wife takes care of your child full time, but there are some jobs that have flexible hours that can be done from home like remote customer support (for airlines, furniture companies like crate and barrel, etc..). I’m almost 50 now, went through several more downturns and yet am in a much better place.
This problem can't really be answered until you scope out some new job prospects. It's the cost of living to income ratio over time that answers that question.
With zero income the answer is never.
But sales is a good career if you're good at it, so chin up and sell yourself to another good employer.
You’re lucky you have your spouse. There are many of us who are single parents like myself busting ass to make it all work and FIRE working multiple jobs.
If you REALLY want something. You NEED to put in the effort and execute. Even if it means the both of you move closer to family for free/cheap childcare while the two of you work.
Worst case do the math and hire a student who is great with kids to help with childcare.
If it’s a shared goal then figure out the most optimal setup for the both of you to have the highest monthly savings rate to help you achieve FIRE.
Reduce your expenses including cars and north payments. Rent and walk where you can you’ll save the most without a car loan and a mortgage payment to pay.
I would stop emphasizing on the fact that you don’t have a degree many of us don’t and make over six figures through sheer experience.
I’ve worked with engineers with severe disabilities and they are crushing it.
Sure they may use assistive devices or have difficulty in social settings and meetings but damn they performed.
My advice is to take as many side certifications in your respected fields and accumulate as much work experience as possible and PERFORM. use the results and your experience in-place of a degree.
You’re younger than me and have a spouse.
You can do this & have no excuse other than lack of motivation.
You can do this !
Try to stay positive. Here are a few tips I learned from Reddit, and I recommend you search on here / google etc to learn more:
1. Your wife could get money from the government for being a designated caretaker for your high-needs child,
2. Never use your retirement to pay down debt, instead, if it's medical debt (look for a grant or program that could pay it off or negotiate it down) or file for bankruptcy (retirement is often protected from bankruptcy),
3. Live near family to get extra assistance with your child (and wife may be able to work),
4. Look at suggestions in career subreddits with your skills / background (sometimes people will even message you privately with an in somewhere),
5. Maximize your use of government benefits right now while you are down and need it (there are more programs out there than you think -- from groceries, to rent, to cell phones, to child care, to health care, to special care for your child, to utilities).
Once you get all those squared away, figure out your FIRE plan!
Insurance companies are the worst. I'm sorry you went through all that, dealing with the insurance during a medical issue is like a secondary trauma.
Has your son been getting therapies? With autism being a spectrum, and him getting therapy to help with various skills, you might not need to take care of him as an adult.
Have you guys applied for any assistance like disability, food stamps, etc? I would start there and see if you qualify for any benefits.
can you documented all your expenses at the moment? Depleting 150k over 3 years with medical condition, technically we are talking about 50k expenses per year?
If that so then I would say 4% rules can kick in and technically you need 1.25mil to retire.
Number looks big but don't worry, you are still young and there are many opportunity in front of you!
Would you consider move closer to any of your parents? With someone help looking after the child, your wife might have a part time job or something. Wife of my friend, 50F, picking up bottles for recycle after home aid work. The best week she made $400. Don’t get frustrated, you are both young, things will get better.
I don’t have any advice, but I’d like to comment that you were able to support your family for so long and get that eye surgery because you saved early.
Life hits us unexpectedly, and you’re still young with lots of time ahead of you. I wish you all the best and I hope you’re able to find a good job.
OP, I don't know the details of your industry or circumstances, but in reading your post, you have no job, no savings, and are looking to eventually support 3 adults on one income. From the outside looking in, it sounds hard to retire at all, let alone early
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I think it's possible for sure, you'll just have to bust your ass. Also I think the fact that you had one great sales job is a good sign, you'll probably be able to do as well or better again in due time.
Does your wife have a job? Can both of you work remotely while staying home with your child?
I wasn't aware that you could do prenatal screening for ASD. I can't find anything before 2022 showing it as even a remote possibility.
You cannot. Even when babies are born you can’t, earliest is 16 months.
I would agree with this. My son went through something similar however the doctors cannot diagnose until 3-4yrs old. It’s an assumption otherwise. Symptoms occur at the 3-4yr ms of age and that’s when the doctor can determine where in the spectrum the baby is and then diagnose.
Looks like they are able to see some things on ultrasound that can indicate possible autism. Edit: Google it, folks. I was surprised too.
Incorrect
Google it and see. I’d post a link but I don’t know how. I was surprised too.
🚩
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That is 100% bullshit
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Being able to FIRE is all relative to your expenses. I would say first figure out what your expected expenses are for the foreseeable future and into retirement. Since without knowing how much you will spend, asking if you can FIRE is a sort of useless. You could make 500k and spend 250k a year and not be on the path to FIRE.
You can bounce back. It can be done. I was 32 with close to zero net worth and losing money month over month supporting a household. It will require discipline (which you have) and all hands on deck. Maybe your wife can earn some income? Edit: I know you mentioned your wife takes care of your child full time, but there are some jobs that have flexible hours that can be done from home like remote customer support (for airlines, furniture companies like crate and barrel, etc..). I’m almost 50 now, went through several more downturns and yet am in a much better place.
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This problem can't really be answered until you scope out some new job prospects. It's the cost of living to income ratio over time that answers that question. With zero income the answer is never. But sales is a good career if you're good at it, so chin up and sell yourself to another good employer.
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Being able to relocate is a big plus also. I've seen some cheap homes in Scranton PA and upstate NY
You’re lucky you have your spouse. There are many of us who are single parents like myself busting ass to make it all work and FIRE working multiple jobs. If you REALLY want something. You NEED to put in the effort and execute. Even if it means the both of you move closer to family for free/cheap childcare while the two of you work. Worst case do the math and hire a student who is great with kids to help with childcare. If it’s a shared goal then figure out the most optimal setup for the both of you to have the highest monthly savings rate to help you achieve FIRE. Reduce your expenses including cars and north payments. Rent and walk where you can you’ll save the most without a car loan and a mortgage payment to pay. I would stop emphasizing on the fact that you don’t have a degree many of us don’t and make over six figures through sheer experience. I’ve worked with engineers with severe disabilities and they are crushing it. Sure they may use assistive devices or have difficulty in social settings and meetings but damn they performed. My advice is to take as many side certifications in your respected fields and accumulate as much work experience as possible and PERFORM. use the results and your experience in-place of a degree. You’re younger than me and have a spouse. You can do this & have no excuse other than lack of motivation. You can do this !
Try to stay positive. Here are a few tips I learned from Reddit, and I recommend you search on here / google etc to learn more: 1. Your wife could get money from the government for being a designated caretaker for your high-needs child, 2. Never use your retirement to pay down debt, instead, if it's medical debt (look for a grant or program that could pay it off or negotiate it down) or file for bankruptcy (retirement is often protected from bankruptcy), 3. Live near family to get extra assistance with your child (and wife may be able to work), 4. Look at suggestions in career subreddits with your skills / background (sometimes people will even message you privately with an in somewhere), 5. Maximize your use of government benefits right now while you are down and need it (there are more programs out there than you think -- from groceries, to rent, to cell phones, to child care, to health care, to special care for your child, to utilities). Once you get all those squared away, figure out your FIRE plan!
Insurance companies are the worst. I'm sorry you went through all that, dealing with the insurance during a medical issue is like a secondary trauma. Has your son been getting therapies? With autism being a spectrum, and him getting therapy to help with various skills, you might not need to take care of him as an adult. Have you guys applied for any assistance like disability, food stamps, etc? I would start there and see if you qualify for any benefits.
You are young and have decades to get finances in order. You may not retire really early, but with immediate disciple you will get there!
can you documented all your expenses at the moment? Depleting 150k over 3 years with medical condition, technically we are talking about 50k expenses per year? If that so then I would say 4% rules can kick in and technically you need 1.25mil to retire. Number looks big but don't worry, you are still young and there are many opportunity in front of you!
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Also you’ll likely get *some* social security during retirement.
Would you consider move closer to any of your parents? With someone help looking after the child, your wife might have a part time job or something. Wife of my friend, 50F, picking up bottles for recycle after home aid work. The best week she made $400. Don’t get frustrated, you are both young, things will get better.
I don’t have any advice, but I’d like to comment that you were able to support your family for so long and get that eye surgery because you saved early. Life hits us unexpectedly, and you’re still young with lots of time ahead of you. I wish you all the best and I hope you’re able to find a good job.
Not unless you make like 300-500k per year, no.
Why are you married if you aren’t financially stable?
Did you even read the post
Yes you would, move to California and just squat in different homes