July 2021 Financial Update:

Hello & Welcome back to Ease Your Financial Payne!

In July, my husband & I both got raises! I got a very large one, but now I need to set aside more money for taxes since I am legally self employed. I am also probably going to receive a large bonus check in December if I do well over the next 5 months. These raises make it so we will achieve our financial goals a lot faster.

We also got a new cat! His name is Shadow, but we want to change it, just can’t decide what to change it to. We are thinking Severus or Wayne. For either Severus Snape or Bruce Wayne (Batman) -yes, we are nerds, lol. Leo & him love each other! We are shocked by this, they got along so quickly. We did the slow, proper cat introduction. We didn’t even let them see each other for the first 2-3 days, then only opened the door a tiny crack so they could see each other but not touch each other. It worked out very well! I recommend taking it slow when introducing two cats. Imagine if a stranger was just in your house one day without any explanation and said “I’m going to live with you for the rest of your life now.” I’d freak out too! You need to give the cats time & space.

Our new cat as I was writing this post 🙂

We are paying off Brandon’s car on August 2nd, the day after this blog post goes live. 🙂 So that will be on next month’s update! An extra $340/month, here we come!

The Plan:

  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. I want to replenish it to 18k after I pay taxes.) (≈ Oct 2021)
  3. Max out Roth IRA contributions for 2021 (≈ Dec 2021) (Max out every year’s contributions until we “retire”)
  4. Put all extra $$$$ on the mortgage (until paid off).
  5. Leave full time employment! (If we or one of us wants to)

Our Current Numbers as of August 1st, 2021:

  • $40,147.41 Invested (Our IRAs)
  • $11,271.36 In Savings
  • -$126,761.86 Mortgage
  • -$3,767.15 Car Loan (Will be paid off August 2nd)
  • $170,300 House Value
  • $15,000 Resale Value of B’s Car (estimate)
  • $5,000 Resale Value of My Car (estimate)
  • We are both still working full time.
  • Net Worth: $111,189.76

Our net worth jumped from $100,753.51 to $111,189.76 in one month because of house & car values appreciating so much. I’m not expecting it to stay this way. It also went up because of money we put toward paying off our car & house.

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: $204,110.24

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: $1,015,110.24

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