My journey to FIRE

[upadhis]

Hi All,

I wish to chronicle my journey (success and mistakes) to FIRE in this thread.

I welcome everyone to be a part of my journey in guiding and inspiring me.

A little bit about myself, I am currently living in one of the most beautiful country on earth - Australia. I migrated to Australia in the midst of GFC during in early 2009 from one of the developing nations in the world when I was 24 years old. Needless to say - I am a proud to an Aussie now. I completed my engineering (Computer Science) in the year 2007 and work in IT industry. It is suffice to say that I have committed plethora of  financial blunders during my income earning years which is evident from the financial numbers listed below.

I am blessed with a loving wife and a little one, which of course are the centre of my universe.

As said earlier, my plan is document my journey probably spanning over decades if not many years in this thread on a monthly basis. Every month I will share the latest numbers (in AUD) and provide some commentary.

Admin, please let me know if this is not the right place to create this topic.

Age: 30
Household Credit Card Debt: $47,404/-
HouseHold Personal loan: $25,500/-
Total consumer (bad) debt: $72,904/-
Mortgage: $426,000/-
Household Income: $110,000/-
Household Superannuation: $56,000/-
Other savings: $580/-

Note: The above numbers are as of 5th Feb 2016. All numbers are in AUD.

My current focus is on paying down consumer debt with as much vigour as possible. Last month (Jan 2016), I contributed approximately $1,500/- across of the my consumer debt. Since, then I have moved on to interest only loan on my mortgage to allow me to pay credit cards off more aggressively.

I realise that it is not a good position to start from but as they say - The journey of a thousand miles begins from a step.

Thank you all for your support in advance.

[ohmylookatthat]

looks good

[andystkilda]

Can you refinance your home loan to a lender that allows PPOR on Interest Only and then pay more onto your unsecured debt rather than off your low interest home loan?

[Rosy]

Welcome to the forum:) Yup, I guess you just might be what we call around here "a hair on fire" situation. Good thing you found MMM then.

I'll leave the financials to the more money savvy people on this board, but I'll check back in later. As far as where this thread belongs - I'd say in the journal section - that is where many of us journal about our financial progress.
When you are ready, you can then fill out the spreadsheets for a financial case study to get even more detailed advice. Good luck on your journey!

[upadhis]

As per the advice, moved to http://forum.mrmoneymustache.com/journals/my-journey-to-fire-50972/

Thanks.