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 FI/RE - Financial Independence / Retire Early, Share your experience

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aquaFire P
post Aug 13 2019, 10:18 AM

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Joined: Aug 2019
1st post LY

background: offshore worker, age 40 (married with 1 toddler and another 1 on the way)
FI target 50-55 years old with 4 -5 mil RM (liquid asset), will convert to bond, REIT

current net worth: 1.4 mil including 3 properties (market price modestly ~ 750k RM), remaining were spread in stocks and unit trust, passive income from those properties are reinvested inexpected growth at 8-10% p.a

main reason to get FI is so that I can balance my work-life although with current status i work about 6 month/year, but it's not looking good in oil/gas industry, it looks like they will stretch me to work 9 month/year. after FI, my plan is only work maximum 3 month/year until i'm not fit for offshore, tbh i love this job.

i'm lucky to collect those 3 properties and paid hard cash, so that now our commitment for house mortgage can be kept minimum, although our monthly expenses is around 10-15k (trying to bring this down to below 10k).

wish me luck guys..

*note: spouse is working, and i didn't put her wealth up there
aquaFire P
post Aug 15 2019, 04:08 AM

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Joined: Aug 2019
QUOTE(Jordy @ Aug 14 2019, 12:03 PM)

Why do you need RM4-5 mil worth of assets to FI? Assuming a very modest return of 4%, that equates to a monthly passive income of over RM13k (excluding the potential income from your job after FI). Any particular reasons for coming up with this amount?

Nonetheless, I would like to wish you the best of luck.
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13K in 15 years if we include 3% inflation would make roughly around 8.5K buying power today. with 8.5K today we are living quite decent, with most of our spending went to food and travelling..

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