What is stopping you from taking action today?
Today. Not tomorrow. Not next week. Today.
Does any of the following sound familiar?
“I am too old.”
“I am shit scared I’ll make a mistake I cannot recover from.”
“I don’t have enough time.”
“I love my lifestyle – I cannot possibly cut back on any expenses, as suggested by the FIRE experts.”
The word ‘frugal’ conjures up an image of Scrooge counting his coins in a dingy basement with no friends.
The word ‘budget’ brings up feelings of restriction and suffocation.
“Investing is too complicated. I can never understand the jargon and terms.”
“I can’t make any more money in my job.”
“I am already too stressed out trying to juggle everything in my life – I just don’t have the energy or space in my brain to learn anything new, especially something so complicated as being better with money.”
“It is too overwhelming. I have no idea where to start.”
I know because I have had EVERY ONE of those thoughts.
And yet, despite all those limiting beliefs plus starting late to the FIRE journey (at 47 years old) and not earning 6 figures, I celebrated a major milestone a few weeks ago when I arrived at Coast FI.
For a bit of context, it took me 3 years.
We have saved a lot!!! Several millions, but I keep working for the health insurance. My part time job covers all 5 of us. Three kids still under 21. Millions sound good until you have a health problem. I recently had back surgery and it was over $900,000. No, not what we paid as I have the employer health insurance. So how do you do it without employer financed health insurance??? I can keep the children on my insurance until they’re 26 but I am nearing 60 and want to retire.
Fortunately for us here in Australia, healthcare is one thing we don’t need to worry about funding in retirement!
We are so fortunate in Australia with our health care system. But I do still have private health insurance – had it for years and I suppose that money could have been invested instead. But it gives me peace of mind that I don’t have to be put on a long waiting list if I do need an elective procedure.
Oh, Lu, that is such a shame with the US health care system. I’m so lucky here in Australia – with a public system as back up while I do have private health cover (cost me $1685 this year).
Have you checked out Our Next Life by Tanja Hester or her book – Work Optional? She writes about having a chronic condition and therefore healthcare in early retirement was very important to her.
https://ournextlife.com/2018/01/08/early-retirement-health-insurance/
Take care and fingers crossed, you can retire soon 🙂
Taking that first step is absolutely crucial, and then the next one, and the one after that, and as you keep going and gaining a better understanding it just gets easier and easier.
Great story, and I hope that it inspires others to follow in your footsteps!
Thank you!
The thing is it doesn’t feel like a big step initially but then I guess each step thereafter builds on the previous one and all of a sudden, you are getting somewhere 🙂
I feel this in the pit of my stomach where indigestion likes to flare up.
Last year, I calculated my net worth and was disappointed with the results. Ten months later, I am grateful that I used that disappointment as fuel for action and in a couple months I will be close to doubling my net worth! 🎉
Yay, congratulations! This is proof that every little step counts 🙂
Nice post as usual.
Thank you 🙂
Very inspiring post! Congratulations on reaching Coast FI. You have a wonderful approach to learning and dealing with the ups & downs that come with handling finances. I’ve often kicked myself for some past money mistakes but, you’re right, things work out in the long run.
Thanks, Ana! I’ve learnt not to hang onto regrets – life will sort itself out in the long run 🙂
Yay! Congrats on reaching Coast FI, my friend! That is quite a milestone. What a weight off! Now anything extra you save, beyond your living costs, will be a bonus to get you to FI that much sooner.
I love the encouragement you shared in this post. It is invaluable, especially to late starters. I’ll be saving this to share with others who are having a hard time getting started.
Congrats again, Late Starter FIRE!
Thank you, Chrissy – you are such a wonderful support for me ❤️
I would never have believed I could reach Coast FI 3 years ago 🙂
Congratulations on reaching Coast FI, what a great achievement, well done!
Small steps and habits are the way to go, so you can improve consistently and then compounding will help you along.
Thanks, Weenie! Consistency really is the key and automatic deductions 🙂