I have been lurking for awhile reading posts and impressed at the quality of the postings around here.
I have thoughts of ER around 3 years ago when I was 27. So I started to educate myself on budgetting, savings and investing. Learning to budget was a sobering process as I got to see how much money I was really spending on clothes, entertainment and meals out. I didn't have too much debt but I didn't have too much savings either.
Fast forward 3 years, I have cleaned up all my debt to the point that the only debt I have is my $100k mortgage on my $150k condo. I have around 48K in retirement savings, and $11K emergency cash. Not much but a lot more than 3 years ago. More importantly now that I am learning to live within my means: I don't buy too many new clothes/books anymore (my weakness before), bring lunch to work everyday and save 30% my gross. I also have realized that I don't need my gym membership to stay trim and pretty and have since cancelled. I opted instead to skate at my community centre, bike on the nearby trail or use the old treadmill in my building's little gym area.
I have yet to determine the date when I am going to retire since I actually like my job (but hate the management of course). Definitely before I turn 55 though. I am not, as of today, married nor with kids so I am quite flexible with RE date.
Btw, I am also a Canadian (if you haven't guessed from my skating and lack of IRA talk)...
Right then, time to go back to the igloo and tend my sled dogs...
Jane
I have thoughts of ER around 3 years ago when I was 27. So I started to educate myself on budgetting, savings and investing. Learning to budget was a sobering process as I got to see how much money I was really spending on clothes, entertainment and meals out. I didn't have too much debt but I didn't have too much savings either.
Fast forward 3 years, I have cleaned up all my debt to the point that the only debt I have is my $100k mortgage on my $150k condo. I have around 48K in retirement savings, and $11K emergency cash. Not much but a lot more than 3 years ago. More importantly now that I am learning to live within my means: I don't buy too many new clothes/books anymore (my weakness before), bring lunch to work everyday and save 30% my gross. I also have realized that I don't need my gym membership to stay trim and pretty and have since cancelled. I opted instead to skate at my community centre, bike on the nearby trail or use the old treadmill in my building's little gym area.
I have yet to determine the date when I am going to retire since I actually like my job (but hate the management of course). Definitely before I turn 55 though. I am not, as of today, married nor with kids so I am quite flexible with RE date.
Btw, I am also a Canadian (if you haven't guessed from my skating and lack of IRA talk)...
Right then, time to go back to the igloo and tend my sled dogs...
Jane