20 years to go. . .

[Finally Frugal]

Oops! I posted this in Young Dreamers, but realize it should really have gone here:

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!
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finallyfrugal.blogspot.com

 

[Coach]

Finally Frugal, you're among friends here. Welcome aboard!

Coach

 

[aworkingrachel]

Welcome! I'm just getting started, too.

 

[Rivrider]

Welcome aboard. 20 years seems like a long time. But, you've made the most important decision, which is to start towards ER.

Wish you the best of luck on your journey.

 

[packrat44]

Greetings Finally Frugal,

As the saying goes - people don't plan to fail, they just fail to plan. By setting your target now and keeping your eye on it you will hit the mark. Your friends will probably have a more difficult time.

 

[retire48in2018]

Are you following a particular path to get your finances set?

Why 20 years?

 

[Sarah in SC]

Finally frugal, I like your blog, thanks for sharing! Those are good tips about "spending" the weekend with a shopper! Keep up the good work and welcome to the forum!

I tend to need a refresher course on minimalist lifestyle every now and again--so I'm re-reading Your Money or Your Life this week to keep the frugal saw sharp!
Sarah

 

[Bryan Barnfellow]

Welcome -- the time will go by before you know it

My wife and I embarked on "the plan" 16 years ago. We are close to meeting our goal now and it hardly seems possible. Stay focused but enjoy your life now as well! Good luck.

-BB

 

[trixs]

Welcome to the board! Good luck dealing with the random people in your life and this decision. It is something that most people simply do not understand. I suppose they will when your calling them in the middle of the afternoon asking if they want to go golfing! Can see the conversation now lol

 

[BunsGettingFirm]

The people who tell you it's not possible really are saying that it's not possible for them, so why should be possible for you? You'd be surprised how many people in their 20s and 30s are still clueless about most of the things we take for granted on this board, so if I were you, I would just implement my plan and keep it hush-hush. There is not shortage of people who are envious, so why incite it?

 

[Finally Frugal]

Why 20 years. . . .

Hi all! I'm so happy to see so many encouraging responses! Well, my 20 year timeframe came from a few variables:

1. In 20 years, I'll be 'almost' 59, and therefore eligible to dip into my 403b and/or my pseudo pension. So maybe 21 years. . . .
2. I work in the field of education, so I'm not earning much money---I do work a second job, and use that money to pay down my debt, and will then use the extra to ramp up my retirement savings, but I don't anticipate my income will increase anytime soon.
3. I'm single, so it's just me and my salary paying the bills. Always looking for ways to save money/increase earnings, though, so who knows?

I would love to "retire" earlier than 20 years---not to stop working, but to work for the joy of it, not just for the money. I enjoy reading success stories on this forum and others, because it helps me stay motivated, and realize that although no one in my family has gotten there, it really IS possible to be financially secure and independent!