Hi there. You might have heard a thing or two about being the Financial Independence Retire Early movement (FIRE). Financial Independence seems to be all the rage these days (that and fidget spinners!).
With rising housing costs and a volatile job market, one could be forgiven for thinking that it’s just simply too hard to achieve Financial Independence these days.
Now, don’t get me wrong, I’m not convinced that this isn’t the case. However, I’ve come to realise that I’ve got some pretty bloody stupid spending habits resulting from financial complacency.
As a result, I don’t make sure that my private health plan is up-to-date, with the best claim rates, or check that I’ve been paid right.
Additionally, I take at least one overseas holiday each year (even if it’s not somewhere I really want to go) just for the sake of going overseas!
The problem, like a lot of people, is that I’ve become accustomed to a certain lifestyle; which in my mind I can “afford”. This is because, I have a job that pays around $50k a year net, and don’t struggle to do the things I want to do.
However, my net wealth isn’t very good. And, I’ve come to realise that if I have to put an item on a personal loan or credit card, then I can’t actually afford it.
If I keep going the way I have been, I’m going to be working 5 days a week in a full time job for the next 35 years just to be able to retire for a few years at 65. I’ll then probably be on a pension which will require me to be frugal like nothing else. And, that’s if I even make it to 65!
Now, I figure… Screw that! I’m going to try and change the way I view money. Change the way I view debt. Change the way I view fun. And, change the way I view happiness.
I know there are a lot of other financial independence/frugality/early retirement blogs out there; some of which have inspired me. However, I have also noticed is that there’s very few blogs for people like me…
The everyday person who wasn’t smart enough to work towards early retirement in their 20’s. Someone who doesn’t want to live in a small house in the middle of nowhere to live a self-sustained lifestyle. Just someone who is working full-time and trying to make some simple adjustments to make life a bit easier.
My Financial Independence Goals
Furthermore, I’ve worked out that I currently only save around 5% of my income (yes, I know, that is just stupid). However, I aim to get this savings percentage to 50% of my current annual income over the next 5 years.
That’s an increase from $2500 a year to $25,000 a year within five years. “Naive”, you say? “Impossible”, you say? “Good luck failing”, you say? Well, you could be right. But, I do love a good challenge. And, most of all, I like to prove doubters wrong!
It is my intention to learn a shitload about how to achieve Financial Independence whilst maintaining a somewhat “normal” 21st Century Australian lifestyle.
And, most importantly, it is my intention to bring you along for the ride with me. To provide you with easy things you can implement to save money, get out of debt, and have some fun along the way.
I invite you to join me for this Australian Financial Independence journey. Hopefully that we can share plenty of wisdom and a good few laughs along the way.
The Flawed Consumer (TFC).