Author Topic: Checking your finances / updating your FIRE plan  (Read 1066 times)

Calimerostache

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Checking your finances / updating your FIRE plan
« on: July 04, 2019, 08:36:15 AM »
Okay, I feel completely addicted to the challenge that represent the concept of FIRe.
I ve always followed my finances pretty closely but this is taking another level (which I enjoy)
So how how often do you check your finances?
I have to admit : checking my mint / PC twice a day (which is in fact useless since my expense and income are very predictable .... but i can’t help it)
And updating my fire plan about once a month.

Hoping to find some mustachian more obsessed than me !

JoJoP

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Re: Checking your finances / updating your FIRE plan
« Reply #1 on: July 04, 2019, 09:26:25 AM »
Go for it!  Nothing will take you by surprise. 

RWD

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Re: Checking your finances / updating your FIRE plan
« Reply #2 on: July 04, 2019, 09:54:56 AM »
I add all our transactions to GnuCash every other week. I haven't really revised our core FIRE plan since I made it, but I do check that our progress is on track at least once per year.

KathrinS

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Re: Checking your finances / updating your FIRE plan
« Reply #3 on: July 04, 2019, 03:06:49 PM »
I've recently updated my FIRE plan. It used to be much more vague, but now I've set an exact date for when I want to go very part time/ semi-RE. This will happen no matter whether I've reached my target number - I figure that my expenses are so low that I can sustain myself even with 40% work, so the portfolio can just keep growing.

In terms of accounts, I check my investments about twice a month and make a detailed list of my net worth once a month (at the moment on the 'Race to 50k' thread). My current account I check every day because, being self employed, I usually get payments coming in 3-5 days a week.

ItsALongStory

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Re: Checking your finances / updating your FIRE plan
« Reply #4 on: July 04, 2019, 03:51:00 PM »
I apply the same logic, as time goes on the plan gets more specific and detailed.

We are currently planning for a break in 2026 but hoping for 2024. As time goes on I will probably tweak the timelines based on the size of the stash and our spending patterns.

As time goes on my SO's age is more of a factor than my stashe to be honest, I could always go back to work for a bit if absolutely necessary and I'm skeptical I would not make any money at all once 'retired'.

lollylegs

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Re: Checking your finances / updating your FIRE plan
« Reply #5 on: July 04, 2019, 07:34:26 PM »
I check my bank accounts every morning & I check my investment accounts every week.

Gail2000

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Re: Checking your finances / updating your FIRE plan
« Reply #6 on: July 04, 2019, 07:58:58 PM »
While FIRE isn’t a possibility for me. I do obsess. Checking my records and budget religiously. It drives the partner nuts. Too bad. His finances are healthy and growing thanks to me ;)