The Plan

If you have my previous posts, you know my goal is to become Financially Independent and Retire Early.

Last week I realized how many challenges I’m going to have to overcome to achieve my goal within 13 years.

To not get discouraged so soon in my path toward Financial Independence, I told myself if I’m retired by age 46 or 47 (instead of age 62), I’ll be getting 15 years to start living my life how I choose to.

I then had to ask to myself: What exactly did I want to do during early retirement and how much would it all cost?

Part One: Where would I live?

I currently own a house (with mortgage) in the same town where my job is located. It is in a safe neighborhood and does require some repairs.
After soul searching this last year and recently discovering the F.I.R.E. movement, I realized I don’t want to retire here.

I have family in Idaho and housing market in the Boise area is booming, with tons of new neighborhoods popping up at a relatively smaller bill than comparable houses in my current area.

Yes there are better markets where cost of living is much cheaper, places like Casper Wyoming, but the housing market is a bit stale (similar to my town) and the housing options vs the cost don’t align with what I want.

I do want a comfortable house to retire in. I plan on spending a decent amount on relocating  as soon as I retire early. The likely destination is going to be Idaho.

Part Two: What do I want to spend my extra time on?

If you have taken a glance at my about page, you’ll see I enjoy reading, a variety of outdoor and indoor activities.

Reading: The cost of reading isn’t high at all, unless I want the hardcover versions of new releases. If I choose to continue filling my bookcase with hardcovers I can budget for this. Ebook prices are indeed rising, but there are often sales on my favorite genre (Sci-Fi/Fantasy). I definitely plan on reading a lot during my early retirement.

Gaming: I do like a good video game, especially one with an interesting story-line and action mixed in (Assassin’s Creed series for example). I can easily limit myself to not buying a new game at full cost and generally stock up during Steam Summer Sale. I could spend 100$ on games that would last me the whole year. Unless I outgrow it, I do plan on gaming during retirement.

Golfing: This is one expensive sport! Balls, Tees, Grip repair, green fees/memberships, and more. Golf in my area is a bit more expensive than where I’m planning on retiring. In my retirement I’d likely want to golf once a week minimum.

Other: Movies/Travel/Hiking/Biking are all activities I’m interested in but details on how often will come about during retirement. I do plan on pursuing all of these hobbies in early retirement.

Part Three: How much would it all cost?

I ran my numbers last week. Based on where I want to live, the activities I have planned, and of course all my living expenses, it looks like I will want to achieve around $2.6 million.

$2.6 Million is a big number to reach in 13 years.

I’m not discouraged, it’s a huge challenge that will require sacrifices.

Part Four: Where can I start?

Immediately off the bat I can think of several areas where I can cut down expenses to have a larger income during the month (and thus extra money to save or invest):

  • Cable bill.
  • Golf Membership.
  • Book Purchases.
  • Extra $$ into Mortgage.

I will go through all the numbers in a future post, but as of right now I have a goal and a plan. $2.6 million in 13 years.

Oh boy…..


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