FI/RE Diaries: A 28 year old data analyst living in Phoenix and FIRE-ing in 15 years with $1.5-2M
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Occupation: Data Analyst
Industry: Healthcare
Age: 28
Location: Phoenix, AZ
Salary: $105k
FI/RE Number: $1.5-2M
Years Until FI/RE: I hope no longer than 15.
Current financial situation: Currently I live with my boyfriend so we split the cost for rent, but everything else is separate. We are saving for a home which gives me some apprehension because it is the LARGEST purchase one will ever make. Wish me luck and money fam.
Ethnicity: Black
How did you first hear about FI/RE?
Most likely via a podcast!! I listened to them a lot on my commute. The Mr. Money Mustache calculator is my phone screen saver. I am determined to exit corporate life within the next 10-15 years.
What does FI/RE mean to you?
FI/RE means being able to give more of my time back to my community and causes I care about.
How much and what kinds of debt do you have?
I still have my car loan! I am working on paying this down in 2021 so that I can become debt free by 30 (2022). I spent most of 2020 paying down my student loans! Approximately 18k in 12 months.
How much do you spend per month? Save per month?
I pay for a lot of things currently! Rent & car loan being my top expenses. I am trying to live on one paycheck a month for this year and hopefully next year reduce that number even further. For 2021, my goal is to save 50% of my paycheck. So one paycheck gets split into the following: Brokerage account, Roth IRA, Mom's Vacation Fund, House fund and towards my student loans.
What is your % savings rate?
Saddest question when paying off debt lol. My rate is around 45%, my goal is to have it at 70% within a year.
Are you doing anything to achieve FI/RE faster? If yes, what?
Yes, I am getting certifications for my 9-5 job and also working on some business plans with my family!
Any advice you'd give to someone who has a similar FI/RE lifestyle as you, especially if it seemed hard or unattainable?
Honestly, knowledge! I thought I would have to keep my student loans for the 10 year plan. The more I listened to others stories of paying off sometimes 5, even 6 figures of debt, the more that I saw it was possible for me! You have to find relatable stories to keep yourself motivated.
What are your fave FI/RE resources that you’d like to share?
I have SO MANY. If you like podcasts: Brown Ambition, So Money, Paychecks & Balances, Michelle is Money Hungry, Clever Girl Finance, HerMoney, Yo Quiero Dinero. If you are all about books: Get Good With Money by Tiffany Aliche, Quit Like a Millionaire by Kristy Shen and Bryce Leung, Broke Millennial series by Erin Lowry. The personal finance community on Reddit and Instagram can also be a cool space for some accountability and community.
IG: @onthegoe
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