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.
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 zeroDONE Save an emergency fund of €3,000DONE Set up my own companyDONE (read more about setting up a company in Ireland) Buy an investment propertyDONE (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 €5,000DONE Bring my emergency fund up to €10,000DONE
- 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
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.
51% Paid Off
I'd love to keep you updated on my progress and I'm actually interested in hearing from you too. If you subscribe below you will get notifications of when I post new stuff so you can read it, and roll your eyes and say "Jaysus that feckin' eejit again". Lovely.