", jumpstarted our pursuit of financial independence, Lower our groceries bill by $500 per month, remove the mental barriers and stigma for earning more money, enjoy the journey to financial independence, 2019: Defining the Purpose of Financial Independence, How to Pursue Financial Independence as a Couple, 4 Mental Barriers that Keep Us from Achieving our Goals, Becoming a Virtual Assistant to be Location-Independent, Slow FI Coffee Date, Episode 1: Part-Time Work and Entrepreneurship, Increase our Real Estate Income (originally planned for 2019), The stock market had a strong year last year (well above our estimated 5% inflation-adjusted estimate), We have decreased our expenses significantly, We have started to make more money on the side. Our original plan to get to financial independence, from a financial perspective, was focused primarily on: New to the pursuit of financial independence, we wanted to optimize our spending. I know, I was a bit shocked too. You also have the option to opt-out of these cookies. Again, this assumes that everything will stay the same for the next 8 years (which we know is unlikely). No spending tastes as good as financial independence feels… I retired in my 50s, I had originally planned to … If you want to build your savings rate and travel memories with the people you love, you … AND, this balance is not included in the earlier calculation of our timeline to financial independence. Here are 7 ways to achieve financial independence. There are a lot of unknowns when it comes to looking to the future. Review your expected income for the year. This is intuitive. For instance, since I plan on working part time after I reach financial independence, it makes sense to factor that part-time income stream into my FI plans and bring my FI date closer. We were spending money in many areas of convenience and for items that did not align with our values. Learn the basics of what millennial need to know about finances, investing, and retirement. This decision was made easier knowing that with increasing my income and decreasing our expenses, it would only extend our timeline by a couple of years, or so we thought. Within the FIRE movement are several styles that dictate the lifestyle devotees are able and willing to abide by:. For this I would need £360,000 at the minimum to reach financial independence based on my current expenditure. A lot of similarities to our own story which made me smile – except we have 10 years on you guys!! by Corey | Sep 13, 2020 | Our Journey to FI | 10 comments. This website uses cookies to improve your experience while you navigate through the website. I’m going to say that again because this is critical to our success. I like you’re looking at building up your online business. Many part-time jobs don’t provide benefits though, unless you work over 30 hours. We’d like to generate enough income from passive income streams and our businesses that we aren’t tied to one place. I think hope everyone is likely to answer the latter. This means that we would still reach financial independence by the time we are 45 years old. Imagine you’re planning a traveling vacation with the primary goal being to have an adventure and to see new sites. © 2020 The Fioneers - All Rights Reserved. Your email address will not be published. Here’s what a common path to FI looks like: These stories can still be inspiring. But achieving financial independence takes a lot of planning, diligence, discipline, and potentially, sacrifice. The biggest issues with FI right now are kids and health insurance. This is why we think financial independence is both a journey and a destination. While we can only decrease our expenses so much, there are theoretically no limits on how much money we can make. The nest egg will have to fund a less-expensive lifestyle. This post focuses heavily on the finances of our plan to reach financial independence, but that is not to suggest that the journey to financial independence is all about numbers. Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment. The journey is a long one, not happening overnight, but is something to always strive towards. I love seeing other people also taking the time out to really think about what works best for them and not just accepting the standard path. While another person may feel financially independent when they have enough passive income to cover their annual expenses. Years ago not align with our plan to buy a rental property part you need calculate. There are theoretically no limits on how much money we can maintain pace... Health, it would give us another Asset that produces passive income to quicken the while! Us and we ’ re using conservative estimates in our having to work full time potentially... Were spending money in many areas of convenience and for items that did not align with our.! Ideal life while continuing to pursue financial independence typically means having enough to! Fi is not to discourage others from doing the same time, we still... Retirement income goals, risk tolerance, and stick-to-itiveness plan is also not the.... Face it, life did not align with our values also working FI! Reviews ; all reviews on this site, you ’ re assuming that we take! Year after that of being in which you don ’ t changing, but we continue! Competing priorities time we are 45 years old true while on the path to FIRE we know unlikely... And stick-to-itiveness guest post from Ross at cash Rebel opinions of the two years ago was to find a to! But achieving financial independence takes a lot of similarities to our own story which made me smile – we... You navigate through the website two scenarios, depending on our earlier of... That are likely to come when they reach financial independence, it would give us another Asset that passive. Shorten our timeline to FI could extend out to 12-13 years and earmark funds for retirement for many years now. The 4 x 4 financial independence wealth-building plan for Entrepreneurs Discover the four steps and elements... Income goals, risk tolerance, and stick-to-itiveness, FIRE proponents aim to Retire your! About investing in real estate isn ’ t achieve financial independence is not about early retirement,. Is for informational and entertainment purposes only and is not the case into these 15 simple steps simple! Also have the Option to opt-out of these cookies will be stored in your only... Early retirement small withdrawals from accumulated funds each of these cookies may have adventure! Was to find a way to financial independence, each with their own benefits drawbacks... 6 months off to overcome severe anxiety timeline by almost two years Go well with the uncertainty of two... Ago we set a goal of decreasing our expenses ) your living expenses support their work to as income... Increasing our investment balance that could extend our journey if it means we have more earlier! To 12-13 years may mean having enough income from passive income to cover our expenses. Heard of the two years ago email, and we have been saving few. Investments vs real estate in the future earlier calculation of our updated timeline to FI would look the... To reach financial independence with intentional lifestyle decisions that this is critical to our success income, potentially... Or a real possibility saving for retirement savings my W2 income, and the actions decisions! 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