20 years to go. . . . .

[Finally Frugal]

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]

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]

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]

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?

 

[Rivrider]

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]

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.

 

[dumpster56]

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]

Leonardo,

So how did the Brazilian judgeship test work out?

 

[Leonardo]

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]

I gotta good memory.

Glad to hear you're doing well.