Long term goals
Ultimately, as with most in the FIRE community, my primary goal is to free myself from debt and generate enough passive income that I can choose whether, or how much, I work.
Although the Australian benchmark for a single to be able to live comfortably in retirement is around the $43,000 mark, I’d prefer to have a bit more than that, as I’d like to travel and maintain a lifestyle that includes being able to go away for a few days here and there, attend concerts and shows, and be able to eat out on a reasonably regular basis. Ultimately, if I could generate, say $55,000 p.a. in retirement (or whatever the equivalent will be by that time) then I think that should keep me pretty happy.
I also plan to buy what will likely be my last car in around 2030.
Medium term goals
In the medium term, I particularly want to discharge my mortgage. Due to various life decisions, combined with ending up in a relatively lowly paid job for longer than I expected, I’m not anywhere near as far along with this as I should be – and I don’t even have a huge mortgage. Unfortunately, I fell into that trap for unwary players – the redraw facility. While it saved my bacon here and there, it’s far too easy to end up spending the interest savings you make from putting your whole income on the mortgage, and then using a credit card for purchases which you then pay off in full each month. NEVER AGAIN!
Short term goals
Short term, I am working on getting my Mojo together (already have 3 months living expenses saved – go me!). I want to have at least the equivalent of 6 months post-tax income squirreled away in what I call my ‘F*&# Off Fund’ as a minimum, with the longer term goal of having up to 2 years post-tax income available as ready cash.
I also have an overseas holiday to save for, which is slated for 2021.
Finally, there are also some things I’d like to get done around the house – air conditioning would be nice, and I plan to investigate the installation of solar panels and battery storage at some point.