Our 21 year old son, FU#1, has been on his Fire journey for the last 3 years.
I last updated his figures in February ’20 here, so let’s check in on his progress.
Current Target – £650k by age 40 to be able to withdraw £26k/year @ 4%SWR
Strategy – Save 50% of net income. Max out S&S LISA each year @ £4k, Remainder of 50% into S&S ISA. No longer contributing to SIPP as contributing to AE works pension.
Current Investment Vehicles- S&S LISA, ISA, SIPP, Auto-enrolment works pension.
Funds invested in – Vanguard US Equity Index.
June ’20 Net worth £18,034 – LISA £12,814, ISA £3,591, AE pen £1,367, SIPP £262
Feb ’20 Net worth £15,512 – LISA £11,665, ISA £2,535, AE pension £1,030, SIPP £281
Even though the markets have dropped back again in the last few days FU#1’s net worth is £2.5k up on February, and his stock investments remain in positive territory.
Let’s hope his job is safe after Furlough leave ends so he can continue to make contributions and progress towards FIRE.