Our Family's Path to Financial Freedom: A Complete FIRE Blueprint

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Introduction

For years, I dreamed of achieving Financial Independence, Retire Early (FIRE)—but I never had a clear plan. I assumed we needed "a lot of money," but without exact numbers, our goals felt vague and unattainable.

Finally, I sat down, crunched the numbers, and created a realistic roadmap to FIRE—one that accounts for my family’s needs, future expense reductions, and investment growth. Here’s my journey and the exact steps that I'll be taking to retire as a family.

My wife do not invest as she don't really care. So i will have to do this alone for investing which will be difficult. However, if i am truly able to achieve F.I.R.E, our total asset will be way more as I did not account for her saving for this calculation other than our joint saving plans. 

Calculating Our Current Expenses

To determine our FIRE number, we first had to understand our annual spending. Here’s our breakdown:

Category

Annual Cost

Notes

Mortgage (CPF)

$16,656

Ends in 11 years

Insurance

$6,000

Health & life coverage

Utilities & Telco

$4,000

Non-negotiable

Groceries & Dining

$27,600

Family of 4 + 1 

Kids’ School Fees

$9,000

Until primary school

Personal Spending

$28,800

For both spouses

Total Annual Spend

$92,056

$7,671/month

Future Expense Reductions

Key Changes

  1. 2035: Mortgage paid off (-$16,656/year)
  2. 2028: Childcare fees end (-$9,000/year)
  3. Inflation Adjustment: +3% annually after 2035

Investment Growth Projections

Scenario 1: Moderate Growth (8% returns)

  • Current Portfolio: 120,000→470,000 by 2041
  • Endowment: 88,000→160,000 by 2041
  • Annual Investment Needed: $45,000

Scenario 2: Aggressive Growth (10% returns)

  • Current Portfolio: 120,000→660,000 by 2041
  • Annual Investment Needed: $32,000

17-Year Action Plan

Phase 1: Wealth Accumulation (2024-2035)

  1. Maximize Investments
    • Target: 40,000−50,000 annual contributions
  2. Reduce Expenses
    • Trim personal spending by 15% (-$4,320/year)
    • Optimize groceries (-$3,000/year)
  3. Increase Income
    • Develop $1,500/month side income
    • Seek 4-6% annual salary increases

Phase 2: Pre-Retirement (2036-2041)

  1. Mortgage-Free Living Begins
  2. Shift to Conservative Investments (60/40 stocks/bonds)
  3. Final Push
    • Consider part-time work if needed
    • Potential downsizing options

Contingency Plans

  1. Market Downturns
    • Maintain 2-year emergency fund
    • Flexible withdrawal strategy
  2. Healthcare Costs
    • Maintain comprehensive insurance
    • Budget additional $10,000/year from 2041
  3. Children's University
    • Separate education fund
    • Consider part-time work if needed

Why We Must FIRE together

The Problem With Retiring Alone

  • If I retire early but my spouse keeps working, it’s not true freedom.

  • Stress imbalance—one person is relaxed while the other is still grinding.

  • Lifestyle mismatch—I can’t fully enjoy retirement if my partner is stuck in the 9-to-5.

Our FIRE Goal: All or Nothing

  • We either BOTH retire, or neither does.

  • This means our FIRE number must cover BOTH of us.

Final Thoughts

Reaching FIRE by 2041 requires discipline, patience, and adaptability. By:
 ✅ Investing consistently ($40k+/year)
 ✅ Optimizing expenses
 ✅ Planning for life changes

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