How to plan FIRE with partner who doesn’t want FIRE?
Hi,
I only recently discovered the FIRE community.
Here are my key stats:
36, Female, 150k salary VHCOL
NW 650k of which 300 in 401k&Roth; 350k currently in savings account
Question 1: How to transfer those 350k into the market? Which index funds? I have been super afraid that market goes down but feel I missed the biggest moments, so helpful for good advice.
Question 2: I am currently saving/investing 60k/year (mega backdoor Roth and 401k) and want to keep that up until we have kids, so probably another year or so. Would I be able to Coast FIRE from then on if I want to retire by 60? I love to travel internationally and would also like to buy a home eventually. Most childcare expenses would probably come from my paycheck (see below).
Partner is 43, 100k salary and until recently saved 50$/month in 401k. His total NW is 270k in brokerage SP500, most of which gifted from parents. He expects 500k inheritance in 10-15 years (today’s value).
His (non)savings habits have been a major issue and the reason we held off marriage. He recently started contributing more to 401k but would be unable to contribute significantly to childcare expenses.
In this financial setup, I would only get married and have kids with iron-clad prenup (no shared finances; common account where each contributes exact same $ amount; rest completely separate).
Question 3: Is that prenup plan a good idea? How have you worked toward aFIRE goals if partner deprioritizes retirement and prefers to eat out every other day? For now, I am thinking I can accept that if it comes all out of his pocket. But any perspective appreciated.
Question 4: Related to question 3, does it make sense to buy home together where I pay (and own) 2/3 of the house?
Thanks!