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Hoping to be FI @ 55 then who knows
09-05-2018, 01:16 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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Hoping to be FI @ 55 then who knows
Hi, been on here for a bit but just became active so thought I would do the Hi, I am routine. Retired Navy fighter/test pilot (retired in 2008). Had a blast and stayed long enough to get a COLA pension and ridiculously affordable health care for life. After I retired, I went to defense megacorp and have been there for 10 years. Married for 30 years (I'm 52, DW is 48), 2 kids (22 and 20); empty nesters now.
Our story is one of living above our means for most of our lives. Our bottom was 2013 when we were making $360k / year and spending $3k more than we made each month. Consumer debt was $150k (multiple credit cards, 4 car loans, horse trailer loan) and mortgage was $450k on a house worth $400k. We were nearly bankrupt. Net worth was negative a lot. No hope of ever retiring.
I signed up on a forum called savingadvice.com in Oct 2013 to ask some questions about whether to pay off the car loans with next year's bonus. That lead to reading The Millionaire Next Door, and that changed everything.
Expenses were slashed, stuff was sold and debt was paid off as fast as possible. Started to increase savings as well. Luckily, my pay kept going up a lot so we were given the opportunity to recover quickly if we stuck to the plan.
Today we have a net worth over $1M and the best part is we are saving 50% of our gross income, which is now in stupid high land. That has set us up to be FI in 2021 and have the option to find a different path.
My life goal is to retire from megacorp and save as many animals (mainly dogs) as possible. I have a dream.
Thanks for letting me participate. Seems like a great crew here.
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Rising like a phoenix from the ashes of overspending
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09-05-2018, 01:32 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
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Rising like a phoenix from the ashes of overspending
Welcome to the forum. Thank you for your service to our country, and I'm delighted that you are on track. Yours is a happy story, and I like happy stories.
Not that controversial ones can't be interesting (I just ducked out of a couple current threads that are getting a bit heated), but sometimes it's nice just to say hello and compliment a fellow FIRE hopeful on having his $h!t together. Good job! I look forward to your future posts.
Also, I share your love of dogs. We have two.
__________________
Paying it forward is the best investment.
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09-05-2018, 02:03 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Dec 2010
Location: Midwest
Posts: 1,796
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Well done with the getting out of debt w/o bankruptcy.
Millionaire next door is one of my fav financial books. Rich Dad, Poor Dad and Automatic Millionaire are two more.
Welcome.
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09-05-2018, 06:54 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,555
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 Quote:
Originally Posted by corn18
That lead to reading The Millionaire Next Door, and that changed everything.
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Welcome, and congrats! Changing one's habits is not necessarily easy, but when you see the carrot at the end... Keep it up!
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09-06-2018, 05:00 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2015
Location: Michigan
Posts: 5,003
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Glad to hear that you turned things around. Well done.
__________________
"The mountains are calling, and I must go." John Muir
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09-06-2018, 01:38 PM
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#6
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Full time employment: Posting here.
Join Date: May 2011
Posts: 873
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Inspiration for many. Welcome to the forum.
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09-06-2018, 01:52 PM
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#7
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Recycles dryer sheets
Join Date: Feb 2018
Posts: 145
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3 years to go! Setting goals is step 1 to getting where you want to be. Congrats!
__________________
Person who will often put his foot in his mouth and not realize it.
2020 or bust!
Or
Perhaps 2021...2022...NVM
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09-13-2018, 06:32 AM
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#8
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Recycles dryer sheets
Join Date: Oct 2006
Posts: 134
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Millionaire next door was life changing for me as well. Made all the difference.
Do you hope to set up a dog sanctuary? Foster? Help at the shelter? Change anti-tethering laws?
__________________
I'm sorry if I ask questions that are too nosy/personal.
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