Getting FIREd up 😀

julicorn

Thank you both @edinburgher and @South_coast , food for thought! I'd need something taking investment growth into account for sure, otherwise I'll get too deflated I think - but then this year just gone was a particularly strong on for that, which makes it difficult basing it on last 6 months or last year or so. Will come up with a few ideas I reckon, maybe I'll just use the growth figures I'm assuming for my existing spreadsheet plus my intended contributions and calculate a date from there  

edinburgher

My FIRE total is a multiple of our real costs as we progress through life. When the mortgage is gone, our "number" will drop dramatically, so I think it's worth keeping in the total for now. I also can't discount our second biggest asset (pensions are now worth 1.6x our mortgage debt).

South_coast

Different strokes for different folks 👍

South_coast

We're gonna need a bigger box 🤣!

South_coast

Grrr, credit card statement which should be generated on the 5th still hasn't been. I want to pay! It will be worth getting rid of the damn things just to not have to think about dates and payments!

(On the plus side, £83.96 of interest has been added to the ISA. At least that happens on time 😀!)

LadyWithAPlan

South_coast said:

Well my neighbours certainly don't go in for Dry January. Just took some glass recycling out (mixed herbs, before anyone asks - I did manage the whole month!) and the wheelie bin is half-full. I'm sure it only got emptied yesterday 🤔 A lot of empty vodka bottles!

My kind of neighbours I dont do dry jan either, I do however do flavoured vodka 

South_coast said:

edinburgher said:

I can't speak for SC, but I calculate remaining time by subtracting our net worth from our target and then divide this figure by our rolling average NW increase for 6? Months.

Should have known Ed would have a more techie solution than me 🤣! 

I am one of these Luddites that doesn't calculate NW, as I don't want to include my home in the calculation. Yes, I have spent an absolute fortune on it in 2024, but I labour under no illusions that it will have added an equal amount to the value. I have no issue with that, as the improvements I have made were only ever to make it better for me, not improve its value. But NW-worth-wise, I don't see it as a realisable asset, as I don't intend to realise it, so it is off the books. Fully accept that for others that's not the case though, but not much I personally can do in the future to cash in by downsizing from a 1-bed flat, so happy to discount it 😀😀😀!

I do 2 calcs for all with  both 
NAV  and also  NAV minus hse deposit .. as that way I can think on cost of accom if I dont have a paid for home..

I have then  done an excel where I have different annual FIRE  target amts so £16k pa, £24k pa.. £32k etc 
I have my DB monthly amt kicking in at 60, SP at 67, then my current pensions= values   and look at theoretically withdrawing 8% pa of that if I choose
That way I can see my % of FIRE I am now, at 60, at 67 etc  - they move a small amt but enough to make me see growth, I have not done Ed's rolling avg NAV increase  but i may add an annual assumed growth of say 8% as a third calc


Well done on paying off your cc;s SC

South_coast

LadyWithAPlan said:

Well done on paying off your cc;s SC

Still £31k to go, LaPlan, but I appreciate the sentiment 😀!

South_coast

South_coast said:

£83.96 of interest has been added to the ISA

Now earning 16p less per day, thanks to yesterday's rate cut 🙄! Grrr, BoE!

edinburgher

Whereas I'm starting to dream of remortgaging at less than 6.15%! 

South_coast

Put those $40/day Prolific earnings to work, Ed - you'll have it gone in no time 😘! You're putting me to shame!