I'm married, in my mid-30s with 1 kid. We won’t be having anymore. I live in a very low-cost-of-living area in the States with cheap housing. That lets us invest heavily in equities and real estate. Here are our numbers and the plan.
Income
Household income: $200k gross (W-2)
Rental income: ~$18k net from 4 properties
Spending and investing
Monthly expenses: $2,000-2,500 (does not include rental mortgages)
Annual investments: $105k-130k
Current liquid net worth: $890k
The plan
Phase 1: My wife and I work full-time until we reach roughly $1.75-2M. Based on online calculators, that should take 3-5 years.
Phase 2: We drop to part-time (1-3 days a week). Both of our careers allow this easily, and the income would more than cover our expenses. We stay here until our accounts reach $3.25-3.5M.
Phase 3: We stop working and sell 1-2 rental properties a year to live off the proceeds. I don't expect big profits from the sales, likely $30-40k each.
End goal: "GregFIRE" at $5M. That's far more than we need, but it would give us significant security, let me help family, and let me pursue interests I otherwise couldn't.
I know many of you are far more knowledgeable than I am. Please poke holes in this plan and point out anything I might be missing.
(I wrote this, but used AI to clean it up)