SF's road to MF/FIRE - Take Two!

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 am also working on building up a YouTube channel which will (hopefully) bring in some income eventually. Lots of work needs to happen with this in order for that to happen.



I'm also working on passive income through dividend investing - in 2019 I have just got into the four figures for income received over a year, so this is something that we are definitely focusing on. My aim for 2020 in terms of dividend income is £1,600 received. This is all re-invested into my S&S ISA to create more passive income.



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 £139,100. 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.



We are aiming to save/invest around £300,000 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! The dividend income should hopefully cover all of our costs, all being well.



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.


Happy 2020 :beer:

bexster1975

Hi slowly fading

Sounds like a great plan. I am also planning to be FI the year I turn 50. I am now mortgage free, and run my own business. Your list resonated mist with me as I am setting up a YouTube channel myself ( not related to finance, but education) so I have subscribed and will have a watch. I've made my first videos and edited them, just need to be brave enough to upload them to my channel!

I also invest in S & S isas as I think they are a great vehicle overall. I have a small pension from when I was teaching ( about 12 years worth) but my investments will be my main income, plus hopefully passive income from my sideline.

I will follow with interest.

Happy New Year

Bexster

slowlyfading

Hello! What I would say is just upload them - I've had such a positive response to the one I uploaded yesterday

slowlyfading

Well, NSD 2 in the bag


I feel so positive about this year; I have no idea why really. I am sat planning YouTube content, looking through blog ideas and just have a bit of oomph back. I have been sadly lacking it for months now, so I hope this is the start of something good.


We've had a quite day today - walk out this afternoon with the boys on their bikes to the park and back. Hot chocolates all round when we got home after being in the cold wind. For them, it doesn't get much better than that and I haven't spent a penny in the process!

slowlyfading

Aaaand, it's back to normal.


There's something to be said for a routine - even if it was a bit of a shock this morning. Still, I like a routine and I think both boys do really. They're much more settled this evening.


NSD number 5 of the month today. Happy with that and no feeling any cravings to spend money as of yet. Did the food shop yesterday, plus petrol, cat food and other misc. bits. Should be NSDs for the rest of the week, fingers crossed.


My YouTube channel is slowly growing, which I'm so excited about :j

savingholmes

I find other people's FI journeys interesting. I was planning to aggressively repay our mortgage once we are CC free at the end of the year - but could retire at 55 (5.5 years) and access our pension in stages - so currently I am thinking I will prioritise our pensions instead and potentially use lump sums from that to repay the mortgage. Just another way of doing it - I accept it's riskier however we would be willing to downsize if need be and are planning to move house once we reach an FI level we are happy with.

Have you looked at what you've accrued already pension wise - state pension and private?

bexster1975

Thank you for this. Sorry for delayed reply. I will let you know when I have uploaded them. I am enjoying your videos, and your interview with Emma Drew

Bexster

slowlyfading

savingholmes wrote: »

Have you looked at what you've accrued already pension wise - state pension and private?

I haven't looked at it recently - I probably should!

bexster1975 wrote: »

Thank you for this. Sorry for delayed reply. I will let you know when I have uploaded them. I am enjoying your videos, and your interview with Emma Drew

Thanks

slowlyfading

NSD 7 for me today I've only spent once this year! I don't count DDs as they're a necessity.

DS2 and I went to the park this morning which was lovely. We were the only ones in the play area! Unusual but then we were there for just after 9am so maybe that had something to do with it. I packed a snack and a drink for DS so it didn't cost anything and DS had a great time.



Not much else to report. I posted my yearly dividend income update on my blog (link in my profile) today which has been my biggest year to date. I cannot wait to see where this goes! December 2019 was also my biggest monthly payout to date.


Feeling motivated at the moment long may it continue...

bigbeff

Good work - with regards to your youtube, what do you film about. I teach maths and was thinking about making some videos explaining topics, but there are already loads out there (although all men, so I thought that might be my uniqueness not being a man!). But to be honest, I don't know where to start!

slowlyfading

bigbeff wrote: »

Good work - with regards to your youtube, what do you film about. I teach maths and was thinking about making some videos explaining topics, but there are already loads out there (although all men, so I thought that might be my uniqueness not being a man!). But to be honest, I don't know where to start!

I film about personal finance topics and I'd say go for it! You never know what might happen