Author Topic: 2/3 the way there  (Read 2320 times)

NearlyThere

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2/3 the way there
« on: February 27, 2016, 03:16:56 AM »
Started the focus on financial independence less than 3 years ago and as of this morning I'm 67% of the way there. This is completely unfathomable but we've doing it and are on our way to FIRE and will be there by next summer.

Another big moment this week, I spoke to my business partner and senior management about the beginning of our succession planning to remove me from the business in 2021 or sooner. As a business founder, I want to ensure that the business I created in the back bedroom of our house, that now employs 15 in-house and 5 people across the country will continue to grow when I'm not there.

It's an exciting period of our life and actually setting the goals with timelines has really taken our plan for FIRE to the very next level.

First up we've got Spain for the month of May, which is only 8 weeks away and it's unbelievable that we began planning for it over 12 months ago now. None of this would have ben possible without this site helping shape our futures.

2Birds1Stone

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Re: 2/3 the way there
« Reply #1 on: February 27, 2016, 04:51:31 AM »
Congrats!! That is extremely quick progress, very impressive.

Is your savings rate 80%+?

arebelspy

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Re: 2/3 the way there
« Reply #2 on: February 27, 2016, 05:58:04 AM »
Well done!  What percent done did you find you already were when you started to focus on FI?
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

NearlyThere

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Re: 2/3 the way there
« Reply #3 on: February 27, 2016, 08:22:49 AM »
I started from 0% investments in April 2013. However I had just paid off my mortgage at that point which would be 35% of my FIRE amount. But I don't count it as my FIRE figure doesn't have a mortgage accounted for.

I didnt know FIRE was a possibility until 2013 and my savings....there were no savings other than the mortgage being paid off.
 
Congrats!! That is extremely quick progress, very impressive.

Is your savings rate 80%+?

Yeah definitely, I don't track too closely but was well over 85% last year, but this is because I had a bumper business year.  I'm certainly loosening the belt on the spending front a little, as even at this stage, we've secured our future (essential costs are covered at 67% FIRE amount)

Sonos

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Re: 2/3 the way there
« Reply #4 on: February 27, 2016, 05:49:19 PM »
Well done!

Although I know we are on our way, sometimes it still feels like FIRE is just a pipe dream. Stories like this are a great reminder that's it's really possible :)

NearlyThere

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Re: 2/3 the way there
« Reply #5 on: February 28, 2016, 01:13:51 AM »
Well done!

Although I know we are on our way, sometimes it still feels like FIRE is just a pipe dream. Stories like this are a great reminder that's it's really possible :)

Firette2020, I remember vividly when we hit 25% and I was about to post here. The next day it was 28% with some more contributions. After 50% it feels things are going quicker, but with the market downturn this isn't the case. I'm just extremely focused on achieving my target FIRE amount.

Today, our basic expenses are completely covered if we chose to draw down from our investments. Our house is paid off and we have zero debt. Of our expenses, over 35% is discretionary spend on the likes of holidays, so there is a huge buffer in it.

I won't FIRE when I hit our 100% amount.

« Last Edit: July 17, 2016, 10:33:13 AM by NearlyThere »