I’ve been on my debt free journey for 3 years now and honestly, it’s taking a toll on me. I’m ready to be done with it and moving on to bigger goals. I’m excited to have my debt paid off, but I’m so ready to actually keep my money!
This journey is definitely hard, seeing all of my money going to debt is rewarding, but it still kills me to see all the money that goes to interest. I can’t wait for the day when interest is something that only makes me money, not costs me it.
Seeing my debts go down and the interest lower definitely is rewarding, but what has really kept me motivated lately is what’s to come once this debt is paid off. I’ve been doing a lot of research and I can’t wait to put my plan to action.
What is FIRE?
FIRE means Financially Independent, Retire Early and it’s a movement that I totally can get behind. It basically means that you live a life of financial independence, not controlled by money. Most people that support this movement don’t actually retire early, but they do work that they enjoy because they don’t need the money that comes from the work that they do. FIRE allows people to live the life they imagine for themselves because they are not tied down by money.
Why I’m choosing FIRE.
I’m still drowning in student loan debt, $97k to be exact, but I’m also still investing and saving money every single month. It’s not a ton, but it’s something. The reason I do this is because compound interest is on my side right now as a 20-something. I also know that I want something more for myself than just going to a job I hate everyday, so I’m starting to plan for my future now.
This is exactly why I’m choosing FIRE. I don’t plan on actually retiring early, but I do plan on doing work that brings me joy and doesn’t require me to need a certain salary to live. Everything I do is leading me to achieve FIRE, so that I can live a life that I choose, instead of one that is ruled by money.
How I will reach FIRE.
This is the part that makes me so motivated to pay off my student loans. My first step to reaching FIRE is paying off all of my student loan debt. This is a long road, which is why I am investing a small amount every month still. Throughout paying off my debt, I am budgeting every month and have found the things that I truly value. By finding what I value in my budget, it has allowed me to drastically cut my unnecessary spending.
This will be key in the road to FIRE because it allows me to have low expenses each month by living an intentional life. Once my debt is paid off, I will move my focus to saving and investing my money. By doing this, I will be able to live the life I want to live, instead of one that revolves around payments.
In the end, it all depends on what you want from your life. I personally want a life where I can do whatever work that brings me joy, or choose to do volunteer work. With my current finances, neither is an easy option for me. By attaining FIRE, I can do the things that I choose to do. Is FIRE something you hope to reach? How do you plan on reaching it?