Our Financial Update - February 2024
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- Опубліковано 7 вер 2024
- #retirement #investing #earlyretirement
Our Financial Health Progress - February 2024: Watch our monthly review on our financial progress to retirement. How did we do in February? Watch and find out!
ABOUT US
We are Cherie & Jim, we have 2 grown children and 1 close. We are progressing towards retiring early. We have rapidly accelerated our retirement target ages building a model and living it. We lived paycheck to paycheck, until we took our future in our own hands! We believe in investing in yourself first, make yourself the priority! We also believe in owning your own existence, it's all your decisions. We have made many micro behavioral changes that have resulted in macro results.
We are sharing our journey as it could help others. We are transparent around our progress (shared monthly) and letting you in on our rituals. We cover The Good, The Bad and the "Ugs". We simply want every day to be Saturday.
DISCLAIMER TIME
We are not licensed financial advisors. Our videos are indented to distill information we have lived through. Any investment or financial information we provide is in the context of our journey, before making any investment decisions its always best to check with your financial advisor first.
Over 50% that’s awesome. Congratulations. 🎉
Year to date our savings rate is 62%, can't believe it! Just needed to focus on our spending and increase a side hustle... then make that money work for you gaining interest and dividends.
Steve's Retirement Corner will like that Packers mug! Just subscribed!
New supporter here from budgeting community to support you on your journey. I plan to retire early and I share that process on my channel ❤
😊 Look forward to following your journey and learning from you!
I need to send you a Cleveland Browns mug! Have fun. Looking forward to this ride! Buzz
😂 Packers all the way my friend! 💚💛💚
Cheers to drinking to get through the winter! LOL Great video. I really love the way you break these down!
Thank you so much!
Fantastic job you both did. You're on the tail end of the rough years and things will get a little easier in a couple years. Stay motivated and keep up the good work. Going to be interesting to follow Y'all's journey toward retirement and a lot of help to people I believe. Take care and "GO PACK GO" Steve
Thanks! It’s channels like yours that have motivated us to know we are on the right path, just have to stay disciplined to the plan. We heard you were a Packers fan! Great to have a fellow fan out here! 💚💛💚
Great job! With that savings rate you could be retired before you know it.
Don’t feel bad about the travel or the alcohol. When I was in my early forties I was pushing very hard to hit some financial goals that I had set for myself. We were making great progress but I realized that my family was paying the price. Family is priceless and the most important thing you will ever do. We hit the pause button on the goals and went and bought an Rv and some other toys. Our oldest was just starting high school and we were out in the Rv one weekend a month enjoying family time together and spending time with friends. It was financially probably the worst investment ever but it saved our family. The kids never got in trouble and actually looked forward to spending time with us.
We ultimately hit our goal anyway, it was just 2-3 years later than planned. So worth it. Camping and alcohol saved the day😂
Another way to look at it is would you rather buckle down and stay home sober so you can retire at a certain age, or enjoy your life a little, make memories with your kids, and retire a year or two later?
As amazing as retirement is, I would work a little longer to have a cocktail by the campfire while my kids try to tell scary stories. 🥃
Really appreciate the words of wisdom! It’s really hard to save where we live due to the high expenses… and we don’t want to be super frugal and not live and have fun. Agreed if we have to work longer for a year or two to keep sane we will, but we will try like heck not to. 😂
@@OurRetireEarlyJourney btw, our propane cost also shot way up in California last winter. We also seemed to be burning more than usual and determined our tankless water heater was probably the culprit. We got a new one and also got a pellet stove to heat the house.
We still run our furnace a little bit but we dropped from 250 gallons a month ($700) to $175 a month. It should take about three years to pay the stove off and the house is more comfortable.
@@FailureatRetirement we love our pellet stove, we need both a pellet stove (Harman) and propane to heat the house. Spend way too much on heat a year, close to $7k. Stove is worth the investment though.
Hello. I saw your post in Julie's HOM channel and wanted to check you out. Although single, I am also on the early retirement journey. You discuss your progress, which is great. How many years until your reach your goals? You may have stated your ages, but I might have missed it. Thanks!
Thanks for watching and for sharing! We released a video recently which covered us actually moving up our retirement date to the end of 2028. We were able to cut an additional 19 months off our initial target date. We are striving to bring that date in even closer over the next few years.
Wrong T state LOL should come down here to Texas. Property taxes are quarterly? Texas is annual and we get the bills October 1st, due by January 31 the following year. you guys are definitely thorough. will be following along.
😂 it’s for sure the right “T” for us. Yes property taxes are quarterly and this year they just went up another 7%! We are surrounded by retirees too, not sure how they can do it on a fixed income.
Nice job! Yall are crushing it with your savings rate! I too wish I had gone hard sooner. I don't know how much you drive, but I switched to a pay-by-mile auto insurance and I pay half what I used to. I get away with this because I don't drive much though.
Thank you! That’s fantastic advice. We will look into that. We don’t drive much either so that could be a great way to save even more.
Can you elaborate more on the bridge account?
We will make a video describing our pre-retirement bucket strategy and which will cover our bridge accounts. 💙