Need advice on deciding if ready to FIRE
Hi All,
We are a family of 4, both in mid 30s working in tech and recently moved back to India via internal transfer. Kids are of age 4 and 1.5 and are US citizens.
Current networth is around 20cr with 1.2-1.3 million usd in VUAA, 450k in 401k tracking the SnP500, 3.8cr in debt funds, 50lacs invested in indian index funds (30% nifty 50, 30% next 50, 20% mid cap and 20% small cap).
One of us wants to leave the job to take care of kids as work for both is becoming really hectic. Spouse income will be sufficient to cover daily expenses.
Main question is are we ready to FIRE completely or should we work more (given kids are too young and we are in mid 30s) and how much corpus should we target for? Current expenses are 3lpm roughly but want to budget for 5lpm (to account for travel and big expenses) and also want to fund undergraduate studies for both the kids in the US. (How much corpus for this or this can be achieved from current corpus)
We do not own a house but parents in hometown do(tier-2 city). I prefer renting in tier1 city instead of buying an apartment at such high prices. Plan to stay in tier-1 city until kids complete schooling.
Currently have term plan and health insurance from work but will soon buy them from outside as well.