FI/RE Diaries: A 35 year old army officer living in Fort Bragg, NC and FAT FI/RE-ing in 7 years with $5m
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Occupation: Army Officer
Industry: Military
Location: Fort Bragg, NC
Age: 35
Salary: ~$100K year
Ethnicity: White
Education: Bachelors
Current financial situation: Single, still working, rent.
What was your first job? Why did you get it? How much did you get paid?
I commissioned into the Army straight out of college. The starting salary was $40K year.
Growing up how did you learn about personal finance? Was money talked about openly? How did it make you feel?
We were broke! My father worked as a painter and my mother was a secretary. They struggled and lived paycheck to paycheck with no end in sight. I knew I never wanted to live like that & swore to myself to learn everything I could about money.
What was the moment or event that made you realize you needed to start getting your money together?
After I started working, I went to the library and checked out every book they had on money, investing, and business. Started a brokerage account and got to work.
Let’s Talk Money
Net Worth: $1.3 million; Roth IRA: $1.1M; Roth TSP: $70K; Brokerage: $100K; Bitcoin: $130K
Debt: Debt free
Monthly Expenses: Rent: $1300 (Author note: I think the rest may have got cut off!)
Savings Rate: About 40%
Investing strategy: This year, I STOPPED contributing to retirement account and will focus all investing into brokerage as I will need to access money from age of 43-59. My plan is to buy a house in cash at retirement.
Your FI/RE Story
FI/RE number: $5 million + pension by age 43
FI/RE type: Fat FI/RE (> $100k/yr spend)
Years until FI/RE: I hit FI in 2020 but still working and love my job. Will work another 7 years and retire at FAT FIRE.
FI/RE location: Some place warm with an airport.
How did you first hear about FI/RE?
Mr. Money Mustache! His blog sent me down the FIRE rabbit hole and made me realize it was possible. P.S. Millennial Money Honey is my favorite insta FIRE account
Why do you want to reach Financial Independence/Retire Early? What keeps you motivated on this long journey?
Freedom, generational wealth, & the ability to affect the world in a positive way.
In what ways have you cut back your spending? In what ways have you started mindfully spending more?
Stopped buying sh*t I didn’t need after reading Mr. Money Mustache. I was very disciplined in the early days, but am much more relaxed now in my spending after building some wealth.
What do friends and family have to say when you tell them your plan to achieve FI/RE? Are they supportive?
They don’t know 😊
Are you doing anything to achieve FI/RE faster?
I have always only ever bought index funds...until recently. In 2018, I began investing in strong single stocks (Tesla, Amazon, Apple, Google). Began buying Bitcoin last year.
What does retiring early (or financial independence) mean to you? What will you do once you FI/RE?
I have always wanted to have FU money. I’m a bit of a rebel & value the freedom to go off & do what I want, when I want. I will travel the world and want to visit all the cool spots I see on Insta.
Above all that, I would love to be able to give life changing gifts to people & make a positive dent in the universe some day.
FI/RE Tips
Any advice you'd give to someone who wants to pursue FI/RE, especially if it seemed hard or unattainable?
Live on less than you make & don’t owe people money.
What is the biggest thing you learned about money on this journey?
Anyone can do it these days. The internet is the most amazing tool....go learn & just start!
Have you made any money mistakes or learned any lessons on the way that you wish you knew before?
Yes, I bought two houses in cities that I moved away from. 👎
What are your favorite FI/RE resources that you'd recommend to someone just getting started?
Clubhouse is my new favorite resource! Tons of money/investing rooms full of smart people sharing ideas. Read books. Watch YouTube. Stay curious.
Instagram: @corybates1895
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