Last Update on: 07/21/2018
My FIRE journey started in 2014…07/21/2014 to be exact is when I write the About section of this blog. It has been almost 4 years now on the FIRE journey and it does feel good to reach almost $1000 per month in passive income in 2017.
But, the bigger feeling is that FI is still a long way to go. The days of big capital infusions are over…there is only so many times I can steal from the home down payment fund 🙂 Waiting for the dividend snowball to get bigger is it for now. I read often Dividend Mantra’s snowball post because it motivates me to stay patient and wait for the snowball to build up. Hope it is useful for readers of this blog also.
For those readers who think that FI takes a long time, I do agree….but here is my timeline which should give some hope! I went from accidentally learning about FI to earning the following Passive Income per month from 2014 to 2011. So, FI is possible….keep plodding…I will be with ya!!
- 2014: $171.02
- 2015: $705.80 …..dumped most of my home down payment here 🙂
- 2016: $840.80
- 2017: $1040.13
- 2018: Expected is slightly better than 2017….touch wood!
FIRE Target: The end-goal Financial Independence criterion for me are:
|Passive Income Streams||$4000 per month ($1040 pm for 2017)|
|Roof for our Family||$750k…HCOL area|
|Medical Fund||$100k….via HSA|
|Life Insurance||To protect my earning years…..done|
2018: For 2018, I have thought about the following goals to get me closer to the financial independence targets listed in the previous table.
Financial Goals for 2018
- Keep scouting for a possible home/multi-family residence/rental real estate
- 03/31/2018 Visited 7 open houses…not worth the years of slavery …
- 06/30/2018 Visited 3 open houses…how can people afford the money 😦
- Contribute $30000 towards Home Down payment Fund
- 03/31/2018 -$1281….took some money out for investments 😉
- 06/30/2018 -$48K….got disgusted with high prices and invested instead •`_´•
- Contribute $4800 to 529 College Fund 1
- 03/31/2018 $1,811.00……amount remaining is $2989
- 06/30/2018 $1000.00……amount remaining is $1989
- Contribute $2400 to 529 College Fund 2
- 03/31/2018 $850.00…….amount remaining is $1550
- 06/30/2018 $500.00…….amount remaining is $1050
Contribute $12k to Passive Income Streams(stretch goal of $24k)
- 03/31/2018 $8,722.07…..amount remaining is $3277.93 (stretch $15277.93)
- 06/30/2018 Done
- Max out 401k contributions ($37K total for me and wife)
- 03/31/2018 $12,399….amount remaining is $24,601
- 06/30/2018 $21,876….amount remaining is $15,124
- Max out HSA contributions ($6900)
- 03/31/2018 $3549……amount remaining is $3351
- 06/30/2018 $4245……amount remaining is $2655
- Keep eating out expenses under $200 pm
- 03/31/2018 Not yet….
- 06/30/2018 Not yet….
- Estate Planning (Will, POD beneficiaries, Caretaker for children)
- 03/31/2018 Not yet
- 06/30/2018 Not yet