My Overall FIRE Goal

My first ‘official’ FIRE start was January 2019. The month when I realized I didn’t want to fancy working until the ripe old age of 68, which is the retirement age for workers in the UK.

My rough FIRE number is £1,300,000 in total, which will roughly net me £40,000 p/a with a 3.5% (ish) withdrawal rate. Here’s the progress so far;

  • 2021 (Nest Egg): £232,509 (May 2021)
  • 2020 (Nest Egg): £140,273
  • 2019 (Nest Egg): £62,125
  • 2018 (Nest Egg): £7,050

This would be enough to give me around £1,500 p/m additional wiggle room above my total expenses. Probably a little too safe? I don’t know.

I do have one goal that I refuse I don’t want to fail at. That is to become financial independent by my 40th birthday (the year 2030). Between now (as I write this – May 2021) and 2030 I’ve got to work on saving £950,000 based on the current level.

2021 Goals – Financial Independence

  • Invest maximum £20,000 limit into ISA Account (post April 2021).
  • Aim to achieve £250,000 in all saving accounts (including pension) by end of 2021.
  • Achieve an average of 60%+ savings rate throughout the year.
  • Re-Read Tim Hales Smarter Investing Book.
  • Pay off Zopa Loan fully by the end of 2021.
  • Continue to put £150 into Premium Bonds as emergency fund / rainy day.
  • Improve health and well being by distancing away from news / online media.
  • Take up regular running / exercise and loose 30% total weight.
  • Build 1 additional raised beds / shelving area in the garden to complete the vegetable plot.
  • Continue calm and carry on as normal with investing side of things.
  • Continue to use the electric van when and where possible for journey’s (lockdown dependent of course!).
    • Perhaps look at a second electric car / if prices are cheaper.

2020 Goals – Financial Independence

  • Invest maximum £20,000 limit into ISA (post April 2020). [DONE]
  • Achieve an average savings rate of £4,200 per month (net £50,000 per annum). [DONE]
  • Continue to update the blog / post updates on finances on a monthly basis. [DONE]
  • Re-Read Tim Hales Smarter Investing Book. [MISSED]
  • Achieve an average savings rate of 55% throughout the year[DONE]
  • Aim to pay off 50% of Zopa Loan to halve monthly payments. [DONE]
  • Pay £3,600 extra against mortgage in 2020 (upping mortgage repayments by £300). [MISSED]
  • Continue to put away (emergency fund) £150 into Premium Bonds. [DONE]
  • Plan out garden / vegetables and research into storage options. [MISSED]
  • Build 2 additional raised beds in the garden for potatoes. [MISSED]

2020 Goals Update: 

2019 Goals – Financial Independence

  • Achieve an average savings rate of 55% (changed in April 2019) throughout the year. [DONE]
  • Achieve a dividend income of £1000pa (to be re-invested of course!) [MISSED]
  • Achieve £1,500pa via side hustles (and to learn the ways / methods – I started in 2019)[DONE]
  • Purchase a £50,000 flat under a BTL agreement [MISSED]
  • Purchase my recommended stocks based on diverse, buy and hold strategy.[DONE]
  • Setup WordPress Blog and blog regularly about my FIRE Journey (I think i’ve managed to do this!)??[DONE]
  • Invest ?20,000 maximum ISA limit by April-2019.?[DONE]
  • Invest ?20,000 maximum ISA limit by April 2020.[DONE]

2019 Goals Update:

2018 Goals – Financial Independence

  • Start investing into Vanguard ETF and invest £7,000 in 2018 (I started in June-18) [DONE]
  • Increase mortgage payment by 30%?[DONE]
  • Pay off one of the loans needed for some garden improvements (£3,000)?[DONE]
  • Open up a General Investment Account with IG?[DONE]