As I track our progress monthly I am keenly aware of how things are tracking. Sometimes I will look at our numbers and projections mid-month though if we are close to hitting another milestone. This past week was one of those times. We might not be at our ultimate goal but I do love to celebrate the little things along the way. So one evening after work I updated all of our figures and thanks to an amazing year in the market and continued strong savings we hit another big mark.
How did we celebrate? In frugal style of course! Over the summer a friend had given us a mini bottle of Champagne that she had gotten as a favor at a wedding but she doesn’t drink Champagne. In my mind I had earmarked this bottle for just this occasion as I knew it was fast approaching. So upon confirming the info and sharing the great news with Mr. SFF we celebrated. Cheers to the little steps that mean we are one step closer to the ultimate goal of financial freedom!
Mr. SFF also gave me one of his old cameras so now I can take some better photos for the blog. 🙂 Merry Christmas!
Many in the FIRE community will talk about “one more year” syndrome. This is the idea that you work for just one more year and save a little more money before pulling the plug. There are likely many reasons for this including fear of not having enough saved, actually liking your current work, or maybe just general fear of this massive life change. Many of us are planning on leaving full time employment decades sooner than the average person so is one more year really all that bad?
At this point we have less than 2.5 years left to go until we hit FI based on my current estimates (this is our comfortable coasting FI number) but I have already started to think about how much one more year, or even one more month, could affect our finances. Based on very rough numbers and of course greatly depending on market conditions every year we delay leaving our full time jobs would give us an estimated $2,000-$6,000 additional annual income for life. Now I realize this is a huge range and that is very much because we have no idea what the market will do or even our exact savings every year. But I will explain a little further so hang in there. Continue reading “Calculating “One More Year””