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Beginning a Financial Independence

March 10th, 2013 at 03:15 am

So I have been considering this for a while now, but as a graduate student who was already living very frugal, I felt I couldn't really pursue Financial Independence. With that part of my journey ending, I am strongly considering how our upcoming life choices will affect our financial situation. I talked with my husband and he has agreed to aim for a "savings" rate of 70%. I put this in quotes because I will include our childcare, debt, and mortgage in this amount. Here are the steps we are thinking of to obtain FI.

1) We have planned to move in with my parents for about 6 mons to save for a down payment.
2) DH may get a job less than 7 miles from my parents. He has agreed to bike to work most days to save gas/wear and further delay our getting a second car.
3) Depending on what job I get, I might use our car fund to pay off more student loan debt then conservatively invest it or put toward a bigger down payment.
4) If I get a job also in that area, or ven not, we might delay our dream hme to buy a smaller house that DH and maybe I can bike to work and then in 5-7 years move into our dream house in the nicer neighborhood and keep the first house as a rental.

These are all just ideas floating in my head. We have a lot of uncertainties right now as we both search for jobs. This is a scary time, but it is also a good time for us to recommit to fugality.

4 Responses to “Beginning a Financial Independence”

  1. Joan.of.the.Arch Says:

    The freedom to brainstorm many ideas and possibilities is a great thing. More power to ya!

  2. FrugalTexan75 Says:

    I'm guessing you're a reader of MMM. Big Grin

  3. snshijuptr Says:

    I was first a reader of ERE, but since have read MMM. I like them both and they share similar advice.

  4. Jerry Says:

    I like your plans, and I think that working within a few miles of home (and/or public transport) makes all the sense in the world. It leads to significantly lowered expenses, and barring severe weather it is actually nice to have the insurance of regular exercise, as well! Good luck...
    Jerry

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