June 2021 Financial Update:

Hello & Welcome back! In June, we wrapped up our first season of the podcast which is exciting & I’m starting a new work role as of today! My new job position is going to be a lot, I just hope I succeed at it. I will finally officially be an insurance agent & have the opportunity to make a lot more money. I’ve been in an awkward limbo trying to do 3 different work positions at my job at once for the last couple of months. I will update you all on how it goes! I just don’t want to disappoint myself or my work partners.

In June, I spent a ton of time with friends, it’s been amazing! It’s so wonderful being by people again now that we’re vaccinated! 🙂

We’ve been selling more of our things online to continue becoming more minimalist & to make money. We have also decided to keep my car for now because of my new work role & needing to go into the office more again.

I just did some calculating and… WE HIT $100,000 NET WORTH!!! -At some point over the last couple weeks, OMG! We’ve been working towards this goal for what feels like such a long time, it’s a great milestone.

In September 2018, we were at a 0 Net Worth when we bought our house. One thing I want to try to do is celebrate my/our accomplishments more! I never have done this in the past, I just check it off the list, then keep moving, but I want to take time to appreciate this. A lot of hard work, mindfulness, & sacrifices went into getting us to $100,000 net worth at the ages of 22 and 24. We both have had low-middle income jobs between 2018 & now, each only bringing in about $30k/year average. If we can do it, you can too!

I’m so looking forward to us continuing to progress, this is just the beginning. I know hitting $200,000 will be easier than it was to hit $100,000 & it will continue to get easier from there. (hopefully!) It all snowballs.

Our Current Numbers as of July 1st, 2021:

  • $39,942.37 Invested (Our IRAs)
  • $10,768.70 In Savings
  • -$127,416 Mortgage
  • -$5,841.56 Car Loan (Will be paid off by end of August 2021!)
  • $166,300 House Value
  • $12,000 Resale Value of B’s Car (estimate)
  • $5,000 Resale Value of My Car (estimate)
  • We are both still working full time.
  • Net Worth: $100,753.51!!!

Some of these numbers may seem slightly off because we are doing more larger payments towards our debts today, July 1st & this Friday, July 2nd, so they are not calculated into the numbers listed above.

So, the plan is:

  1. Pay off B’s Car (≈August 2021)
  2. Hit $18,000+ In Savings (I have to save more with my new role because I will be self employed & need to pay a lot more in taxes.) (≈December 2021)
  3. Max out Roth IRA contributions for 2021 (& every year) by April 2022!
  4. Increase savings account again to $25,000+?
  5. Pay off the House
  6. Leave full time employment! (If we or one of us wants to)

We’re trying to focus on one thing at a time, so it’s less overwhelming & then we are more likely to reach that goal faster.

Our Partial Financial Independence Goal Numbers:

  • $100,000+ invested, for retirement.
  • $25,000+ In Savings for Emergencies.
  • An HSA we are Maxing out every year while working for Medical Expenses. (No specific Goal Number)
  • $0 Personal Debt- No Mortgage or Car Payment brings down our expenses a ton ($1,540/month).
  • With husband & I working part time (or one of us not at all).

Total amount needed to reach partial F.I. Goals: $207,546.49

Total Financial Independence Goal Numbers:

  • $900,000 Invested
  • $36,000 In Savings
  • $0 Debt
  • Both of us have the choice to leave any & all employment

Total amount needed to reach total F.I.R.E. Goals: $1,018,546.49

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