Welcome to the first Official Financial Update Blog Post. To start, as someone who lives in Minnesota, I cannot ignore the obvious injustices that are happening in the U.S. right now. I am not going to go in depth because this is a finance blog, but I have been extremely active in expressing my opinion on my Social Media and in real life. All I’m going to say here is Black Lives Matter. Period.
Our Goal Financial Independence Numbers:
- $900,000 Invested to cover beyond our Living Expenses.
- $150,000 In Savings for Market Crashes or Emergencies.
- An HSA we are Maxing out every year while working for Medical Expenses.
- $0 Personal Debt- No Mortgage or Car Payment brings down our expenses a ton. **Unless the debt is for a rental property (or properties) that generates us more income than what we spend on the property**
I do not care about our exact Net Worth, but rather the amount we have invested and saved. (I do not care about the value of our house, cars, or how much is in our checking account when it comes to us achieving Financial Independence.)
Our Current Numbers as of June 1st 2020:
- $16,814 Invested
- $10,028 In Savings
- No HSA (will get one Oct. 2022 when we can)
- -$150,279 Total Debt (House and Car)
Total Amount Needed to reach F. I. Goals: $1,173,158
According to my calculations, if we continue saving/investing/paying down debt at our current rate we should reach Financial Independence about 15 years from now. If our wages increase and we start saving/investing/paying down debt even more, we will achieve F.I. sooner.