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SF's road to MF/FIRE: Part I
slowlyfading
Posts: 13,429 Forumite
I started a MF diary back in 2013 and it started off well; we managed to do fairly substantial OPs and reduced the capital well.
But, since then, life and plans have got in the way.
So, we are now aiming for mortgage freedom plus financial independence and retiring early (FIRE). It's going to be a long and exciting journey! Aiming to retire in the year I turn 50
I run a fairly successful personal finance blog as a side hustle, and have been featured in some national newspapers as well as the BBC and Channel 4. So, you could say it's going well. I want to continue to build this into a side business which creates some income, which will then be invested back into this plus used to add to savings/additional mortgage payments. I have been working on this steadily for the past three years and have a business plan in place.
I have launched my first online course which is going slow but steady, which brings in a small amount of income. That combined with sponsored content and advertising means that hopefully I can continue to grow this side income. I'm currently in the planning stages of my second. I've also got a book outline in the works too!
I'm also working on passive income through dividend investing - in 2017 I received £654.06 and hoping to crack the £800 mark this year.
Part of our early retirement plans are to be mortgage free - hence the diary on here. I need to refocus as our spends have been a bit lax as of late. Our mortgage currently stands at £90,000. I don't think we'll be moving any time soon, so we plod along with small OPs at the moment. We can make unlimited OPs without any penalties.
We also have two small boys which will become more expensive over time, but hoping to not go overboard in indulging them! They both have a savings account too so we're starting to build up a lump sum for them to have when they each turn 18.
As is in my sig, we are aiming to save/invest £306,000 so that we have enough money to spend between the ages of 50-67 when our pensions kick in. It seems like a big number, though I often worry that it isn't big enough. But, it's enough for now!
So, here we go! I'm hoping that keeping a diary on here will help me crack the little expenses that add up which could be used in other areas.
But, since then, life and plans have got in the way.
So, we are now aiming for mortgage freedom plus financial independence and retiring early (FIRE). It's going to be a long and exciting journey! Aiming to retire in the year I turn 50
I run a fairly successful personal finance blog as a side hustle, and have been featured in some national newspapers as well as the BBC and Channel 4. So, you could say it's going well. I want to continue to build this into a side business which creates some income, which will then be invested back into this plus used to add to savings/additional mortgage payments. I have been working on this steadily for the past three years and have a business plan in place.
I have launched my first online course which is going slow but steady, which brings in a small amount of income. That combined with sponsored content and advertising means that hopefully I can continue to grow this side income. I'm currently in the planning stages of my second. I've also got a book outline in the works too!
I'm also working on passive income through dividend investing - in 2017 I received £654.06 and hoping to crack the £800 mark this year.
Part of our early retirement plans are to be mortgage free - hence the diary on here. I need to refocus as our spends have been a bit lax as of late. Our mortgage currently stands at £90,000. I don't think we'll be moving any time soon, so we plod along with small OPs at the moment. We can make unlimited OPs without any penalties.
We also have two small boys which will become more expensive over time, but hoping to not go overboard in indulging them! They both have a savings account too so we're starting to build up a lump sum for them to have when they each turn 18.
As is in my sig, we are aiming to save/invest £306,000 so that we have enough money to spend between the ages of 50-67 when our pensions kick in. It seems like a big number, though I often worry that it isn't big enough. But, it's enough for now!
So, here we go! I'm hoping that keeping a diary on here will help me crack the little expenses that add up which could be used in other areas.
Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
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Comments
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Happy new shiny FIRE diary I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Happy new diary!Must use my stash up!0
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:hello:
Hope you don't mind me tagging along for your journey.Outstanding mortgage: £23,181 (December 19)
MFW 2020 Challenge Member #10 0/£23180 -
Ooooh what a fantastic target to have SF! Will be cheering you along on your way I'm sure
First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!0 -
Hello! I remember you! I think I have looked at your blog too. Getting paid to save money and write about it. Sounds like the dream.Mortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
2nd Property Mortgage at £275,000. Mortgage free: 2049 :eek:
Total OPs: £295290 -
FIRE rules! Great to see you lay it out like that, and I'm loving the re-focussing. Subscribing, of course 2023: the year I get to buy a car0
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Happy shiny new diary!
Have to admit I am rather jealous of you earning money from a blog and running online courses!
Just looked up your blog and am looking forward to settling down for a good read this evening!0 -
This sounds like a diary I need to follow! 2 small boys here too and one of the things on my hit list to do in the next few weeks is to move their money into a S&S ISA. I used to overpay our mortgage too but have a cracking rate now so looking at investments instead and hubs and I have just increased our pension contributions too. I follow a few FIRE pages and groups too.0
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Thanks beanieHappy new shiny FIRE diary
Thanks!Knit_Witch wrote: »Happy new diary!
Not at all - the more the merrier!wishingthemortgaheaway wrote: »:hello:
Hope you don't mind me tagging along for your journey.Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
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Thank youKittenkirst wrote: »Ooooh what a fantastic target to have SF! Will be cheering you along on your way I'm sure
Thanks for reading my blog! And it has taken me a long time to get to the point where I can make a (tiny) bit of money from itTropically wrote: »Hello! I remember you! I think I have looked at your blog too. Getting paid to save money and write about it. Sounds like the dream.
Thanks KarmacatFIRE rules! Great to see you lay it out like that, and I'm loving the re-focussing. Subscribing, of course Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
Personal Finance Blogger + YouTuber / In pursuit of FIRE
0
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