I like to consider myself normal – with one exception: a strong desire to become financially independent ASAP.
Because I will be releasing my financial status in detail, I will remain nameless in this blog. I hope that by showing the details of my finances, I can provide a road map (even vague direction will do) for those who have the same desires.
In the Beginning
I was fortune enough to graduate college at the ripe old age of 22 in 2014 with a bachelors degree in Electrical Engineering and no student debt (thanks to a full scholarship). With a job in hand before I walked, I couldn’t be more excited to begin my career and work for the rest of my life.
My starting salary was $55,000 in a city where the median household income was in the low $40,000s. I was doing great! I continued leasing my 2013 Accord and bought my first home in December of that same year. It wasn’t long until I realized that all this debt made me extremely dependent on my income – and since my only income was from my career, my job became stressful. Don’t get me wrong, I know to count my blessings and I am certainly lucky to have such good job. But every slip-up (I was/am inexperienced after all!) highlighted the fact that if I lost this job, I would be in a situation.
Enter Financial Independence
I don’t quite remember how I came across FI, but I do remember the first blog I read that lead me down the rabbit hole: GoCurryCracker. Other blogs quickly followed. I immersed myself in everything I could find online and on the shelves. I soon realized that my income was both the source and solution to my stress. With only one stream of income, all the weight fell on my shoulders to preform well at my job. Financial independence meant relief of that stress. I needed to find a way to lower my deb – and so began my new goal.
Going Against the Grain
At first, I only wanted to create an emergency fund for, well, emergencies. But even after achieving the recommended six month cushion the weight was not lifted. Six months should be plenty of time to find a new job, but then I’d be in the same boat.
I needed more than an emergency fund. I needed to remove my dependence on my job. There are multiple ways to do this: side jobs, stocks, lowering spending, rental income. There are multiple sources promoting each of these paths. But to I had one caveat. I aim to reach financial independence by the time I reach 30 (my initial goal was 28, but you know, reality). That gives my 6 years from the date of writing this post. It’s not going to be easy. This blog is my attempt to have some accountability towards this goal, and by achieving it I hope you will be encouraged to do the same.