35M BLR - Married - Planning to have a kid - when can I FIRE?
Im 35M from BLR working in BigTech. Wife is 34F not working. We are planning to have a kid within the next 12-15months.
This is our current financial situation:
Salary: 5L/M
MFs: 55L
Gold bonds(SGB): 80L
RSUs: $600K (at current market price)(will vest completely in 2 more years)
Home Loan: 1cr
House in city: 2.5cr (paid around 1.5cr cash in parts over the years)
Liquid Cash: 42L (saving up for expenses post possession of house)
PF: 95L (heavily utilised VPF throughout my career)
We bought a premium house 3.5 years ago and are slated to get possession by end of this year. Living in rent due to that(hence a higher monthly expense). Paying for the house did deplete a lot of my liquid cash hence the lower savings.
Our current monthly expense is around 2.5-3L with 1L going towards home loan. I take care of both my family and my in-laws in terms of monthly expenses and medicare so spend around 50K monthly on that.
Have currently paused my SIPs since the possession of the house is coming closer and I want to hold on to cash.
My question: We plan to start a family and have one kid - my job is pretty stressfull and not sure how much longer I can continue this. Assuming the current expenses do not change and a kid joins our family next year, how much should I comfortably have saved up in-order to maintain the lifestyle and setup the best possible future for the kid without holding an active job?
EDIT: I have no lumpsum inheritance in the forseeable future.