by As we enter the final month of 2016, I can’t help but feel a surge of excitement. December isn’t just special because of my upcoming birthday and the holidays—it’s a time when we’re tantalizingly close to our financial independence (FI) goal. Let me share our latest progress and reflect on what this journey means to us.
Freedom Fund Update: So Close We Can Taste It!
Our Freedom Fund has now reached 94% of our target—a 3% increase from last month! If we were to retire today, our investments could cover annual expenses of $32,905. We’re just $2,095 shy of our $35,000 annual income goal. It’s almost surreal to think that we might hit our FI target by April 2017, potentially several months ahead of our initial summer 2017 projection.
What Financial Independence Means for Us
Reaching FI doesn’t mean we’ll immediately quit our jobs or reveal our identities. Instead, it represents options and freedom. We could, if we wanted to, break free from corporate America. We might choose to supplement our income with enjoyable side gigs, allowing us to postpone withdrawing from our accounts and save for other goals—like our dream custom home.
The true essence of FI is owning our time completely. It’s about having the freedom to make choices without financial constraints.
Our Current Plan
For now, we’re content with our jobs. We’ve minimized stress by living close to work and avoiding the corporate ladder climb. Our plan is to stay put for a year or two after reaching FI before making any drastic changes.
Reflecting on Our Journey
It’s mind-boggling to realize that we’re on track to achieve early retirement in less than four years of marriage. This journey has taught us that FI isn’t about living a restricted life—it’s about creating a life of “pure awesomeness”!
FI is characterized by:
- A high savings rate
- Smart debt reduction
- Making your money work for you
It’s about finding work you truly enjoy, regardless of the paycheck. It promises fulfillment, passive income, and precious time with loved ones. Most importantly, it offers infinite possibilities for achieving genuine happiness.
A Call to Action
If financial independence resonates with you, know that it’s within your reach too. It may not be the conventional path, but it’s one that can lead to extraordinary rewards.
As we approach the end of 2016, I’m filled with gratitude for how far we’ve come and excitement for what lies ahead. Thank you for being part of our journey. Here’s to a new year filled with progress, purpose, and the pursuit of our dreams!
Congrats! We’re far from as close as you guys but it’s awesome to see someone so close to independence! When you’re there do you plan on quitting your jobs right away or tapering down? I’m in the unusual but fortunate position where I actually really like what I do and don’t plan on necessarily quitting when I’ve hit FI, but I’m curious to hear what you’ll do.
Hi Jackie,
It’s good to be in that situation where you don’t need to quit your job after becoming FI because of dislike.
We just reached our FI goal last month but are staying put for a little longer. Since we’re planning on moving abroad after retirement we can’t just pick up and go due to our obligations in the States. So we’re giving ourselves between now and next fall to clear our plates from these obligations. While that happens, we’ll continue to save to build a house abroad. Thanks for dropping the congratulatory note! 🙂
SO CLOSE!! I’m sure you can taste it right now. You have the right attitude, you don’t have to suddenly stop everything you are doing, but with FF, you have the freedom to do what you want when you want. That’s the ticket right there!
I don’t know if you are a fan of the office, but I picture declaring financial independence much like how he declared bankruptcy (heres the link https://www.youtube.com/watch?v=HuGIgf-ICHM)
Bert
That’s a funny clip! I’d love to do that at one of our departmental meetings!
Hey congrats on reaching 94% of FI. What side hustles will you consider next year when you reach the goal? Will you move after also, when you officially resign? I have a longer way to go to reach my goal, but its good to see others accomplishing it. I think Ill be able to reach FI in 8 years. IF the DOW goes to 100K ill join you sooner. Good Luck.
Thanks! We’re not thinking of resigning next year since we want to save some more for a house in the future and have extra funds to help our parents. I can see us working for another 1-2 years after we become FI. It will depend on our circumstances but it’s a great feeling to know that we can pull the plug anytime after we reach our FI goal and do side hustles if we want to accumulate more for the other priorities listed above.
I’ve been giving a lot of thought of what we would do after we officially resign. I’m trying to stay focused on things that I want to do without money being in the equation. We’ll continue to blog because we enjoy it even if it doesn’t bring a penny in profits. I’ve been getting back to piano lessons (on my own) so maybe I get good enough to play at piano bars! 🙂 Who knows? I might be known as a PF blogger and musician over the next 20 years.
We’ll be moving after we resign since our location is best for work but not for the activities that we truly enjoy.
Congrats on your FI goal as well. 8 years is not bad at all. If the DOW gets to 100k soon, don’t quit your day job!