Bestintention's journey for FI

Where are you and where are you going?
Post Reply
bestintentions
Posts: 9
Joined: Mon May 16, 2016 8:29 am

Bestintention's journey for FI

Post by bestintentions »

Hello,

I've been a longtime lurker on this board and I enjoy reading about all your progress.

As a young person (24 years) I have been extremely lucky to receive a small windfall. However, also stupid enough (until now at least) to acquire some very expensive assets.

Unloading these assets will take a long time so bear with me. Lifestyle creep is a bastard and I will have to take some time to find prober alternatives, i-e. living situation. Stuff I need to do:
  • Downsize car ($100,000 -> $30,000)
  • Sell my condo (actually appreciated for the time being about $200,000)
Selling my condo could really help create a solid portfolio as I have a pretty low mortage. The debt is currently at APR 0.7%.

I might be able to live with my girlfriend in her condo. It is a lot smaller but my share of the costs would only be $300-$400 monthly. With this change and living frugally I might achieve a really nice savings rate!

Maybe I've bought a lot of expensive, stupid stuff but now I want to buy the most expensive, reasonable thing someone can buy: FI.

The updates of this journal will probably be far apart but I would love to keep it as a timeline for my progress. Eventually I will include my networth, income, expenses and SWR. 8-)
Last edited by bestintentions on Mon Jun 13, 2016 3:37 am, edited 1 time in total.

inchicago
Posts: 134
Joined: Wed Jun 10, 2015 12:03 pm

Re: Bestintention's journey for FI

Post by inchicago »

Sounds like you are in a good position. I would totally get rid of the condo, unless you could rent it out for a nice sum to pay of the mortgage, insurance and taxes, especially if you live in an area where it will continue to appreciate.

Gilberto de Piento
Posts: 1950
Joined: Tue Nov 12, 2013 10:23 pm

Re: Bestintention's journey for FI

Post by Gilberto de Piento »

Downsize car ($100,000 -> $30,000)
You have a $100,000 car!? Wow.

A $10,000 car is probably just as good as a $30,000 car if you buy well.

Hankaroundtheworld
Posts: 470
Joined: Mon Feb 24, 2014 4:50 am

Re: Bestintention's journey for FI

Post by Hankaroundtheworld »

Gilberto de Piento wrote:
Downsize car ($100,000 -> $30,000)
You have a $100,000 car!? Wow.
May be it is a Tesla :-)

1Vikinggirl
Posts: 40
Joined: Fri Dec 03, 2010 11:38 pm
Location: Europe

Re: Bestintention's journey for FI

Post by 1Vikinggirl »

You are doing the right thing. Is the car gone yet?

bestintentions
Posts: 9
Joined: Mon May 16, 2016 8:29 am

Re: Bestintention's journey for FI

Post by bestintentions »

1Vikinggirl wrote:You are doing the right thing. Is the car gone yet?

Happy to announce I sold the car and am on track to invest the money.

1Vikinggirl
Posts: 40
Joined: Fri Dec 03, 2010 11:38 pm
Location: Europe

Re: Bestintention's journey for FI

Post by 1Vikinggirl »

Good boy! :)

cbroenning
Posts: 27
Joined: Sat May 21, 2016 3:14 pm
Location: Copenhagen, Denmark

Re: Bestintention's journey for FI

Post by cbroenning »

Congratulations.

Post Reply