Happy 2022! ✨🎉🍾
It’s time to touch on some FIRE achievements in the past year and our goals for the new year. Recapping 2021, we had some wild and crazy financial moments. Most importantly of all, I believe was actually being able to define what FIRE means to us and set ourselves on the path to financial freedom by 2027. Again, I’ll reiterate that we’re hanging onto the #FIRE2029 tag for now because life happens and there will likely be something that sets us back in the next 6 years.
In 2021, we grew our net worth to nearly $60,000. We had wanted to hit 60k by the end of the year and just fell shy. Between home repairs and health costs, we hadn’t been able to cut it. But we’re on track to hit 100k by September of 2022. They always say the first 100k is the hardest and that’s so so true!
Another reason we didn’t hit the 60k was because we worked a majority of the year at lower paying jobs. As of June, I landed a fiscal analyst position which I just passed probation on and my husband has been working as an accountant since October. The pay increases that come with our new titles won’t truly be reflected until next year’s recap. A 41% increase in income really hits.
Additionally, our end of the year switch from traditional high-yield savings accounts to DeFi accounts paying 8.05%APY will help us mitigate the cost of inflation against our savings in the new year.
Lastly, for 2021 we added a total of 12 days of the year to the 10 we’d already saved up for. What’s that mean? That means that as of writing this article, my husband and I could take off work for 22 days of the year for the rest of our lives and still be financially secure.
Going into 2022, our goal is to hit 100k net worth as fast as possible. We need to smash through that barrier to entry. Turning 20%, even in a down economy isn’t too difficult. It’s the volatility that makes it a challenge, however it’s a challenge we’re ready to face against our 40% YROI over the past four years.
I’m set to have a meager 3% wage increase this year and the husband won’t be eligible for any cost of living increases until 2023, so we have to increase our income by other means. My husband wants to take on a BRRRR project in 2022 so we have our sights set on purchasing our first rental property in the next six months. With the ultimate goal being to own at least 2 properties that cover their mortgages and ours. Can someone say house hacking? Cause living “mortgage free” while still increasing our net worth sounds pretty sweet. Don’t forget, it’s a choice to rent instead of buy with the availability of all the assistance and government funded housing programs. We purchased our first home with 3k down during the COVID shutdown in 2020. 🤷♀️ No excuse.
Additionally, I am a top KDP author…well I used to be when I was actually publishing. Between work and university, writing had fallen to the wayside but I’ve picked it up in recent months and am looking to start publishing again in 2022. 📖📚
Tell us what your 2021 achievements were! What goals do you have for 2022?
