Why do I want FI? Pretty simple. I want to:
- Have enough F.U.* money to not have to chain myself to a job I don’t particularly like in order to pay the bills
- Be able to travel around the world on extended trips (3+ months) without worrying about how I will afford it or having to get approval to take more than 1 week of annual leave
- Focus all my time and energy on doing things that I love and value. I don’t want to spend years doing work I don’t love to get to do the level to do work I might like.
How am I going to do this? I’ve pin-pointed three ways I am going to work towards to achieve FI, from least to most difficult:
- Minimise expenses
- Invest with a focus on passive income
- Build income from a side business
What is my time frame? I’m aiming for:
- $1 million dollars by the year 2025.
Using a 4% withdrawal rate, this would give me a total yearly living allowance of $40,000. Not glitzy but pretty comfortable. Nine years to go… the countdown begins!
I would love to hear from you – are pursing FI? How are you doing it?
xx Miss Piggy
*F.U. Money is having enough money to literally say bugger off to a job, boss, working the 9-5, status quo etc and having the financial freedom to make your own choices without turning into a financial hobo (or just a hobo in that instance).