Who Am I?
- Name: Jenny!
- Single female in her late 30’s
- Finance professional and entrepreneur. Check out my Etsy website here: Overall Baby
- Live and work in New York City
- What I do in my free time: yoga, long bike rides, hiking and enjoying nature, a heck of a lot of reading, meditate, love to cook, learning to bake, living the simple life and of course…planning for early retirement.
- What I’m passionate about: microfinance, philanthropy, frugality, anti-consumerism, financial independence, and early retirement.
Why I Blog
In 2015, I decided I needed to get very serious about my financial future. The inspiration came to me after discovering a sub-forum on reddit.com which covers the topic of financial independence. Many followers of the site are currently pursuing or have already achieved a status that is affectionately called “FIRE” or “financially independent, retired early”. A quick read through the site and you will notice that many of the readers are young. Young adults in their teens and 20’s who already have huge sums socked away and older adults in their 50’s, 40’s and even 30’s who have already achieved FIRE. Impressive huh? Well, I certainly was.
In comparison, as a recently turned 37 year old, I was knee deep in debt with minimum savings and just a few thousand dollars in a 401 k. Rather than feel envious and sorry for myself, or feel like it was too late to pursue early retirement, I decided right there and then that I too would achieve FIRE.
And so my journey began. In my first year, I was able to save 45% of my income and make my first major financial breakthrough – pay off credit card debt totaling $20,000. Paying off my debt required some major changes including selling my car, moving to an apartment closer to work so I could bike to work, cooking all meals (I ordered take-out maybe twice that year), even learning to bake, changing my spending and especially my shopping habits (I only buy used), practicing delayed gratification (went 3 years without a TV), and managing my money quite intensely using Mint.com.
As I continue my journey, I wanted to chronicle my steps, my achievements, mistakes and ultimately my final goal of early retirement. Here are some of my goals outlined:
- Short term goals for 2016:
- Pay of all credit card debt (DONE – March 2016)
- Switch cell phone plan to Project Fi for a monthly savings of $40
- Increase yearly savings from 45%-50%
- Save $12,000 by EOY for an emergency fund
- Start contributing to Roth IRA
- Earn $10k from business
- Long term goals:
- Increase yearly income to over $100k
- Pay off school loan
- Retire by 50