Starting the Path to FI/RE

As I sit here on my couch, unable to leave my apartment for the foreseeable future due to Winter Storm Juno, I’ve finally decided to man-up and begin something I’ve been meaning to for quite some time.

I stumbled across the financial independence / retire early (FI/RE) community after I had moved to Manhattan in early 2014. I had always been interested in personal finance and knew that retiring early was a possibility through compounding interest, a large windfall, or enough passive income. But I thought this was only possible for entrepreneurs, doctors, lawyers, or investment bankers, people who had a deep six figure incomes and could live off of their first $100k and save and invest the rest. In 2014 I stumbled across the Financial Samurai site and my theory was reaffirmed. The writer quit his investment banking career in his early 30’s and started living the FI/RE life.

Even though I did not (and still don’t) have a career in investment banking, I was still intrigued and did my due diligence and realized there was a whole community of people already living the FI/RE life and many more currently plotting their path.

Personal finance has been something I have always educated myself about since I can remember, and what better way to hold myself accountable for my FI/RE goals and share my experiences than plot my journey here. I plan on covering the topics of saving, investing, and anything personal finance for that matter, but from the perspective of a 26 year old with an accounting background living in Manhattan who is trying to avoid all the money sucking activities that come hand in hand with NYC living, while growing my net worth.

I’ve got a lot planned for this blog. Thanks for stopping by,

-FF

10 thoughts on “Starting the Path to FI/RE

  1. Brian @ Debtless in Texas

    That is awesome, good for you for starting the journey. We have a lot of folks moving here from NY and CA (including myself) to escape the high taxes and cost of living. My sis and bro in law moved from Manhattan to New Rochelle and apparently saved A BOATLOAD in taxes. I will be interested to see how you do in Manhattan, the journey to FI in a high COL area is like playing in the majors.
    Brian @ Debtless in Texas recently posted…Preparing for a Baby Without Breaking the BankMy Profile

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    1. Fervent Finance Post author

      Thanks Brian! Even though NYC has a very high COL, I’m able to offset some of those costs due to the fact I share my apartment with two roommates, I sold my car when i moved here, and I am able to walk to work. Couple that with an increase in wages, and it’s not as hard as some people think as long as you can avoid everyone who eats out constantly and does the weekend boozey brunches!

      Reply
  2. Felix Money

    I’m interested about your ideas of accomplishing FI/RE. Are you planning to retire early and live off of passive income, or bogging? I guess I’ll follow your blog and see 🙂
    I for one have decided to quit my job in about a year, and be a business owner. I’ve always wanted to be my own boss, and this path seems the most exciting to me. I know it’s not early retirement, but if I do something I enjoy and if I can build businesses and make a living from it, I think I can be rather happy. Best of luck to you!
    Felix Money recently posted…I’m officially a business owner. First impressions.My Profile

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    1. Fervent Finance Post author

      I definitely have many posts planned on the topics you mention, but heavy workload and work travel are getting in the way 🙁 I just want enough passive income to be able to do what I want. If that is a hobby or a small business, and it ends up earning me some income along the way, then GREAT! If not, I’ll still be fine with my passive income, whether that be through equities or real estate. Thanks!

      Reply
  3. Leigh

    Hah, live off their first $100k and invest the rest! My base salary out of college was in the high five figures…I didn’t have $100k to live off of. I have consistently spent $40-50k/year since college and saved the rest. My gross income has been anywhere from $100-200k, although it’s averaged about $145k.

    I don’t really intend to FI, though I will probably end up with the funds to do so since I’m a natural born saver.
    Leigh recently posted…Frontloading my 401(k)My Profile

    Reply
    1. Fervent Finance Post author

      Thanks for stopping by Leigh. My spending has stayed about the same since I graduated college, yet my income goes up every year and therefore so does my savings rate. I was happy right out of college making much less, so why spend more now?

      But what’s great about your position is once you reach FI, you’ll take on work that you truly like and not totally based off compensation. Cheers!

      Reply
    1. Fervent Finance Post author

      That post is in the works. And you’ll be sure to get a holler once I refine my arbitrary 40 years old, 2028 date.

      Reply
  4. InsiderAccountant

    Hey FF, great to see another accountant in the FI/RE blogging community. I’m sure some things are similar for an NY accountant compared to an Australian one like me, but I look forward to learning about the different perspective you can bring to the community.

    Reply
    1. Fervent Finance Post author

      Thanks for stopping by InsiderAccountant. Always great to see another accounting comrade in this space.

      Reply

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