My name is RJ and my wife is D and we are on a journey to become full time parents. Our goal is to quit working full time and spend the majority of our time raising our kids. This blog will share the steps we are taking to get there as well as provide very useful tips and advice to create your own plan.
We currently live in Ottawa, Canada but plan to move to Northern Ontario once we reach financial independence.
What is FI?
Wikipedia defines Financial Independence as the state of having sufficient personal wealth to live, without having to work actively for basic necessities. If someone can generate enough money to meet their needs from sources other than their primary occupation, then they have achieved financial independence. This is normally in the form of passive investments.
I first discovered the concept of FIRE when I started reading the Mr. Money Mustache blog (http://www.mrmoneymustache.com) in 2014 and I have been hooked on the idea ever since.
I am happily married to an accountant who is just as excited and engaged in FI as I am. She is the CFO of our family and keeps us on track for all our financial goals. Long story short, she is amazing! We have two kids (1 and 3 years old) and we would love and spend a lot more time with them.
My wife and I graduated from university in 2009 and 2010 with approximately $30,000 in student debt. Before discovering FI we were already very disciplined and smart with our money. We eliminated all the student debt and saved enough for a 5% down payment on our first house by mid 2011 (a small townhouse) Then we saved up some more and were able to pay 20% down on our next house in 2014. This one was a much more expensive detached home in Ottawa that required a $100,000 down payment which pretty much represented our entire net worth.
Then we discovered Mr. Money Mustache and the whole FI concept and set ourselves a 5 year goal to achieve FI. With the birth of our first child, we went into overdrive and made a lot of life changes. We sold our huge house and started living in a rented condo for much less, we paid off our remaining car loan and got rid of one vehicle and took on many great money saving ideas from MMM.
Now in 2017, we have a net worth of $400,000 and hope to quit our jobs at some point in the next two years. This was mostly due to our incredible savings rate in the last few years. This is where we got the idea of the tag line (Saving for a Living). We want save enough so that we can truly make a living that we love.
Follow along to learn how we got here and to get some great money saving ideas to help you achieve FI!