Firstly, hi everyone. I was referred here from a post on Reddit. I'm devoted to the idea of working as little as possible, and I'm really excited to find this forum. I'd like to introduce myself by asking for a little feedback on my goal: to semi-retire in New York City by 40. Here are my stats:
Personal stats: 31 yrs old, 30yr old wife, no kids (we're planning to have one in the next 6 years)
Current Salary: ~$95,000 gross per annum; wife's salary is ~$25,000
Savings: ~$25,000 in money market accounts and foreign CDs
Debts: $79,000 mortgage
Mandatory outgoings: $600 monthly maintenance fee for my co-op apartment
I figure that I need maybe $400 for my half of the monthly expenses, plus $300 for the apartment maintenance. This would bring my monthly expense requirements to $700. This would mean I need 280k before retiring, which is going to translate to ~$2580/mo. in savings for the next 9 years, excluding money needed to pay off the mortgage (since my wife will pay for half of the mortgage and the $25k in savings is technically mine, I'm assuming this and a few bonuses here and there will cover my half of the current mortgage debt).
Do you think this plan is reasonable?