Working my way to
Financial FREEDOM

I am a frugal Irish guy working towards financial independence through a combination of property investing, living a frugal/minimalist lifestyle, DIY and learning.

From the FINANCIALLY FREE Blog

MY FINANCIAL INDEPENDENCE GOALS

Below are the six goals I started with when I began my FIRE journey in 2017. A huge part of my motivation is developing the lifestyle I want. My vision is to make work something I chose to do some of the time rather than something I have to do all of the time. Personally, I place a high value on my free time and I always try to remind myself that time is precious. I like to use it to learn new skills, be productive, travel and enjoy connecting with my friends and family. 

Financial Goal 1

Pay Off my Mortgage

I am planning to be mortgage free in 2025 (by age 42)

Financial Goal 2

Add Value to My House

I blog about the projects I do in my house and garden to add value. (Do try this at home?)

Financial Goal 3

Be Minimalist & Frugal

Living well within my means by spending less than I earn and finding ways to save money

Financial Goal 4

Grow the Gap

Find ways to increase my income both actively through work and passively through investments.

Financial Goal5

Save a Deposit

Save enough money for a deposit on an investment property that will pay me passive income.

Financial Goal 6

Make Work Optional

I love my jobs(s) but not everyday. I want to get to a place where I work because I really want to, not because I have to.

I periodically review my financial goals as my circumstances change and I learn more about FIRE. I have achieved some goals already, other goals have changed and some have even been set aside as I gain more experience or made mistakes. Since I progressed with my goals, I realised that it is better to make them much more defined and measurable than the six above. 

  • Reduce credit card debt to zero DONE
  • Save an emergency fund of €3,000 DONE
  • Set up my own company DONE (read more about setting up a company in Ireland)
  • Buy an investment property DONE (read more about buying an investment property in Ireland)
  • Pay off my 1st mortgage by making regular over-payments.
  • Start a director’s pension
  • Bring my emergency fund up to €5,000 DONE
  • Bring my emergency fund up to €10,000 DONE
  •  Invest a total of  €10,000 in the stock market, primarily in investment trust with good ESG ratings
  • Save a €20,000  deposit for my forever home.
  • Get my 1st investment property up to rentable standard and start generating an income from it eh…HALF-DONE
PAYING OFF MY Mortgage Early

Over paying your mortgage is a very motivating action to take that can save you thousands in interest. When I started overpaying my first mortgage, I was on a variable rate. Because the term of the mortgage didn't change, each overpayment I made came with a letter showing a reduction in my monthly repayment. I went from paying €750 pm to under €450 pm. 

52% Paid Off

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