Very generalized title for the sake of brevity. I’ve been able to save this much due to building my own home debt free, having a modest lifestyle, and owning my own small landscaping business. I’ve run the numbers and allegedly I should have enough to retire a bit early if I can save a thousand or so a month until my 50’s. However I’m nervous because 1) my job is very physically demanding and I’m not sure how long I’ll be able to do it, assuming my business doesn’t fail for other reasons, and 2) I have a baby daughter on the way and have no idea how to account for the cost of raising her.
My wife also works but doesn’t make a ton, we could probably scrape by on her income alone if we absolutely had to but it would be very tough and we wouldn’t be able to save anything once we have our daughter.
I know I’m sort of asking people to tell me what I could work out with a calculator, but I’m nervous that there’s something I’m missing I guess. I’m just trying to figure out what my wife and I should be saving at the minimum to have a modest income in retirement knowing that it’s very possible I won’t be able to maintain my current income until then. Or, just generally, does anyone have any advice for how I should be thinking about this and how to plan for the costs of raising my girl. Thanks for any assistance