SF's road to MF/FIRE: Part I

slowlyfading

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.

beanielou

Happy new shiny FIRE diary

Knit_Witch

Happy new diary!

wishingthemortgaheaway

:hello:

Hope you don't mind me tagging along for your journey.

Kittenkirst

Ooooh what a fantastic target to have SF! Will be cheering you along on your way I'm sure

Tropically

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.

Karmacat

FIRE rules! Great to see you lay it out like that, and I'm loving the re-focussing. Subscribing, of course

JennyP

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!

lixi

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.

slowlyfading

beanielou wrote: »

Happy new shiny FIRE diary

Thanks beanie

Knit_Witch wrote: »

Happy new diary!

Thanks!

wishingthemortgaheaway wrote: »

:hello:

Hope you don't mind me tagging along for your journey.

Not at all - the more the merrier!

slowlyfading

Kittenkirst wrote: »

Ooooh what a fantastic target to have SF! Will be cheering you along on your way I'm sure

Thank you

Tropically 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 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 it

Karmacat wrote: »

FIRE rules! Great to see you lay it out like that, and I'm loving the re-focussing. Subscribing, of course

Thanks Karmacat