After allowing the practicalities of saving for FIRE to continue on auto-pilot for three years, I feel like it is time to come back, review where we are, and look at our FIRE goal. A Vague FIRE Goal The first thing to note is that I can’t remember what our old goal was! That has to be a cardinal sin for someone reaching for FIRE. I know we want to retire early, but what age is early to us? I’m 48, and we are following a SlowFIRE path (i.e. still spending a lot with a low savings rate). That is where this blog comes in handy. Going back through my ... Show Me More!
Let me start by acknowledging that this is a post of privilege. I support paying tax. Sometimes I’m a direct beneficiary of what those taxes are spent on (health, education, roads). If not, my taxes go to benefit others who are not as privileged or lucky as I have been (pension, disability, unemployment benefits). Growth We have the majority of our FIRE savings in a Vanguard Managed Fund. As most of you know, last year was extraordinary in terms of market returns – over 20% for our superannuation, for example. Mr. ETT and I were astounded to see we had earned $40,000, of which $31,000 was Capital Gains. The year ... Show Me More!
In 2017, we spent $64,000 on everyday expenses. In 2018 we have the goal to be able to live off one wage, or $60,000. To generate that using passive income and the 4% rule, we’ll still need $1,500,000 invested! Every dollar less we spend is another dollar we don’t have to save up for in retirement. Daily Spending Rate March. Sigh. I knew the health insurance was coming, so I also knew that this was going to be another month we wouldn’t meet our daily spending rate. We are a quarter of the year through, and it’s been normal life expenses that again have pushed us over. I’m feeling discouraged, ... Show Me More!
Last week, I recovered $54.48 of money that I, as the registered owner of a vehicle in NSW, had been overcharged. I was one of 4.2 million people eligible after a change to the CTP Green Slip scheme. If you live in NSW and were the registered owner of a car before 30th November 2017, chances are you may get a CTP Green Slip refund too. What is a CTP Green Slip? A Compulsory Third Party Green Slip is a form of insurance required for all registered vehicles in NSW (aside from trailers). Money collected under this insurance scheme is used to support the recovery of people injured in motor ... Show Me More!
In 2017, we spent $64,000 on everyday expenses. In 2018 we have the goal to be able to live off one wage, or $60,000. To generate that using passive income and the 4% rule, we’ll still need $1,500,000 invested! Every dollar less we spend is another dollar we don’t have to save up for in retirement. Daily Spending Rate I’ve been in avoidance mode all month, because it felt spendy from day 1. This mode is not helpful! We need to calculate our daily spending rate more frequently so we can make course corrections along the way. I will Tweet our DSR once a week as an accountability measure. This month ... Show Me More!