20 years to go. . . . .

Finally Frugal · 03-25-2008, 02:03 PM

I'm just starting the journey (well, I'm about five months in) toward early retirement. First, I'm paying off the credit card debt (ETR=October of this year) then working on the student loan debt, then the mortgage. . . . . okay, I've got a ways to go. I'm working two jobs and pursuing a second master's degree (on my employer's dime)---after the cc debt is gone, I'm thinking of starting a ROTH IRA to supplement my pseudo-pension.

I'm glad I found this site, as my family and friends just give me the "are you KIDDING?" look when I talk about wanting to be debt-free and having the time and freedom to pursue my interests. I want to be able to work if I want to (or not), travel extensively, and make choices based on what works for me, rather than how I'm going to pay the bills.

I'll be lurking here frequently, hoping to glean some good information from the FIRE veterans and newbies alike!

brewer12345 · 03-25-2008, 02:13 PM

Welcome, FF. I think you have found the right place.

Opinions differ, but I would suggest that you concentrate on building assets once you pay off the CCs. If the student loans are at low rates, I would just leave them alone.

ziggy29 · 03-25-2008, 02:43 PM

Welcome aboard.

While we all probably agree on the need to both invest and pay off debt, you may see some difference in how each of us approach it from the start and some difference in the order in which we'd attack it all.

Personally, I'd focus on paying down high interest debt first. If you have a 401K/403B plan with an employer match, I'd at least capture that match and use the rest of my free cash flow to pay down the credit card debt. With the credit card debt gone, I'd start adding to what I invest, perhaps with Roth IRA funding to the mix. Depending on the interest rate of the student loans, I might either pay the minimum or it pay it off a bit more aggressively. Most likely, I'd build an emergency fund before I went "all in" to paying down student loans since they usually have relatively benign interest rates.

bambambam · 03-25-2008, 03:50 PM

I'm curious - why a second masters degree? Will this improve your employment prospects even though you already have a masters in (presumably) another field?

rachael24 · 03-31-2008, 12:49 PM

A second masters should improve employee prospects...Good luck with everything!

Rivrider · 03-31-2008, 01:55 PM

Welcome aboard. You've made the most important decision, which is to start working towards FIRE. Being debt free will give you lots of flexibility on what you want to do.

Best of luck on your journey

.

Leonardo · 04-05-2008, 03:32 PM

Welcome aboard, my friend. This will surely be a very, very long road for us, but it will pay ten-fold in the end. Even though having more than one decade to go, I cant stop but dream about the "WTF?" face that everyone will have when I say I'm retired at 40.

newguy88 · 04-05-2008, 05:43 PM

I would live my life to the fullest as possible!! You have no idea what might happen in the next 20 years really dude do not worry about retirement!!!

Live Love and enjoy!

TickTock · 04-06-2008, 08:18 PM

Leonardo,

So how did the Brazilian judgeship test work out?

Leonardo · 04-06-2008, 08:58 PM

Quote:

Originally Posted by TickTock

Leonardo,

So how did the Brazilian judgeship test work out?

Jesus Christ TickTock, how the hell did you remember that

I'm surprised that you remembered me to say the least.

Well, actually I will only do the judgeship test a few years from now. The test that I did a few months ago was to work in a federal court, and thankfully I did great!

I'm also working as a lawyer for a firm and the salary is ok for someone who graduated just 2 years ago like me (50k). I'm finally saving for retirement and it is just great to look at your bank account and say "this money is mine, I do whatever the hell I want with it and no one can touch it"... a big difference compared to when I was with my ex. I'm finally investing in stocks and so far the ROI has been insane (3% a month!).

TickTock · 04-07-2008, 06:10 PM

I gotta good memory.

Glad to hear you're doing well.

03-25-2008, 02:03 PM	#1
Finally Frugal Confused about dryer sheets Join Date: Mar 2008 Posts: 7	20 years to go. . . . . I'm just starting the journey (well, I'm about five months in) toward early retirement. First, I'm paying off the credit card debt (ETR=October of this year) then working on the student loan debt, then the mortgage. . . . . okay, I've got a ways to go. I'm working two jobs and pursuing a second master's degree (on my employer's dime)---after the cc debt is gone, I'm thinking of starting a ROTH IRA to supplement my pseudo-pension. I'm glad I found this site, as my family and friends just give me the "are you KIDDING?" look when I talk about wanting to be debt-free and having the time and freedom to pursue my interests. I want to be able to work if I want to (or not), travel extensively, and make choices based on what works for me, rather than how I'm going to pay the bills. I'll be lurking here frequently, hoping to glean some good information from the FIRE veterans and newbies alike! __________________ finallyfrugal.blogspot.com

03-25-2008, 02:13 PM	#2
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,226	Welcome, FF. I think you have found the right place. Opinions differ, but I would suggest that you concentrate on building assets once you pay off the CCs. If the student loans are at low rates, I would just leave them alone. __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

03-25-2008, 02:43 PM	#3
ziggy29 Thinks s/he gets paid by the post Join Date: Oct 2005 Location: Texas Hill Country Posts: 2,328	Welcome aboard. While we all probably agree on the need to both invest and pay off debt, you may see some difference in how each of us approach it from the start and some difference in the order in which we'd attack it all. Personally, I'd focus on paying down high interest debt first. If you have a 401K/403B plan with an employer match, I'd at least capture that match and use the rest of my free cash flow to pay down the credit card debt. With the credit card debt gone, I'd start adding to what I invest, perhaps with Roth IRA funding to the mix. Depending on the interest rate of the student loans, I might either pay the minimum or it pay it off a bit more aggressively. Most likely, I'd build an emergency fund before I went "all in" to paying down student loans since they usually have relatively benign interest rates. __________________ FIRE Clock: Retired. Since it feels like I'll never be now. waiting for the government to privatize the gains and socialize my losses in my 401K...

03-31-2008, 12:49 PM	#5
rachael24 Dryer sheet aficionado Join Date: Mar 2008 Location: Binghamton, NY Posts: 47	A second masters should improve employee prospects...Good luck with everything! __________________ Recent college graduate searching for business opportunities.

03-31-2008, 01:55 PM	#6
Rivrider Recycles dryer sheets Join Date: Jan 2008 Location: Bloomington Posts: 127	Welcome aboard. You've made the most important decision, which is to start working towards FIRE. Being debt free will give you lots of flexibility on what you want to do. Best of luck on your journey. __________________ Relax your mind.

03-25-2008, 03:50 PM	#4
bambambam Dryer sheet wannabe Join Date: Dec 2005 Posts: 12	I'm curious - why a second masters degree? Will this improve your employment prospects even though you already have a masters in (presumably) another field?

04-05-2008, 03:32 PM	#7
Leonardo Recycles dryer sheets Join Date: Jan 2006 Posts: 53	Welcome aboard, my friend. This will surely be a very, very long road for us, but it will pay ten-fold in the end. Even though having more than one decade to go, I cant stop but dream about the "WTF?" face that everyone will have when I say I'm retired at 40. __________________ http://img.photobucket.com/albums/v1...2/outdoor2.jpg

04-05-2008, 05:43 PM	#8
newguy88 Thinks s/he gets paid by the post Join Date: Nov 2005 Posts: 2,119	I would live my life to the fullest as possible!! You have no idea what might happen in the next 20 years really dude do not worry about retirement!!! Live Love and enjoy!

04-06-2008, 08:18 PM	#9
TickTock Recycles dryer sheets Join Date: Oct 2007 Posts: 463	Leonardo, So how did the Brazilian judgeship test work out? __________________ TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future "I've traded love for pennies, sold my soul for less" -Jim Croce, Age

04-07-2008, 06:10 PM	#11
TickTock Recycles dryer sheets Join Date: Oct 2007 Posts: 463	I gotta good memory. Glad to hear you're doing well. __________________ TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future "I've traded love for pennies, sold my soul for less" -Jim Croce, Age

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