The Ship's Ledger
Charting my Future – FI Goals

Charting my Future – FI Goals

Being Financially Independent means, I have time, and flexibility to choose what I want to do. It allows me to not worry about splurging on myself or family, I can quit my job and retire early, or the freedom to travel, live in my dream house, and buy my daughter a home when she is old enough.

But to become financially independent, you need goals. A destination to sail too, or you will be traveling in circles not actually going anywhere.

When I first started my journey all, I cared about was to become a millionaire. I would say to myself, once I reach the top, I’m free, I can do whatever I want, and not have a worry in the world. I can tell you now, that that was a pipe dream, probably sold to me from TV and movies, that once I hit that golden number, I still felt the same, and still had the same money problems.

Becoming a Millionaire

Hitting a million by 30, is no small feat (see my net worth). But it is also not as much money as we think it is. It was super anti-climactic. Yes, if I was to sell everything without capital gains tax and be able to access my superannuation now and tax free, I guess I would be FI. But the realistic side of it is I am not.

As according to Aussie Firebug, I have already reached FI!!!

My super grantee is ridiculously good, but this is due to me working for the federal government.

But I guess we all have a different definition of what financially independent is. Maybe I have already reached it, but I still am young, enjoying my job and don’t want to retire any time soon. If I was to quite my job now, I could survive off my emergency fund for a year before I was bankrupt. I am just not in the stage where I am receiving enough income from other sources to quit my job.

So, I guess my overall goal before I retire, is to ensure I have enough investment income to sustain my family, that will allow us to travel and keep the lifestyle we enjoy today. That number would most likely be around the $40,000pa investment income outside of my Super.

Goals

With any goals, they must be flexible and change with the times. Over the course of this blog, this page will be updated regularly on new goals I want to achieve.

I have set my goals into three categories, Short, Medium and Long term.

Short 1-10years

  • Buy a second investment property
  • Increase my share portfolio to $250,000
  • Buy a brand new Rav4 Hybrid

Medium 10-20 years

  • Increase my share portfolio to $500,000
  • Mortgage paid off

Long term Retirement

  • My Baby ledger a home when she turns 21.
  • Retire by 55.
  • Access my super at 60.

Dream Retirement

This leaves me to what my dream retirement is.

It is a large block of land for me to garden on, a house with an amazing view, and big enough to host the whole family for Christmas. Money in the bank to travel the world Allow me to buy want and when I want and to live out my fantasy of buying a holiday house in Florence Tuscany in Italy (this one might be unrealistic, but we can dream)

I hope this as inspired you to make your own goals, or to review them. Leave me a comment on what your FI goals are.

Cheers,

SL

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