F.I.R.E – Finances

Money-Fire

Boy did I ever think that I would be financially independent.

For those of you who do not know what FIRE stands for, it is Financially Independent, Retire Early. Notice the comma there. The first part leads to the second part. I used to be constrained by loans on loans on loans. Now, I have almost accomplished all of my financial goals. One last one to achieve: home ownership.

When thinking about where I have come, it amazes me. I started with roughly 75K of debt University of Utah debt and have brought that down to 0. I had a 13K car that I paid off in less than 6 years. I had family loans that I paid off immediately (well, within a few weeks). Now, the only tie downs are my annual renter insurance, bi-annual car insurance, and monthly lease payments for rent. If you don’t call that financially independent, then I don’t know what you would.

The reason I have put off home buying is because of my current situation. I live across the street from work, so the commute is heavenly. I am currently obtaining my CPA, so all my attention and time is on grasping that title. Lastly, the market is at a max, so I want it to die down before I make the big call. The last point I just mentioned is the most important for me. I want to buy something when it is down, so that I can have appreciation in value…similar concept to the stock market. Buy low, sell high.

According to all of the recent articles/videos/news stations, it seems as if another recession is going to occur in the next year to year-and-a-half. I will wait it out until then.

One food for thought to leave you all with: what are your financial goals, do you have them mapped out, and when will you consider yourself to be financially independent? If you are already there: congrats! Now what are you going to do to retire early?