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Wednesday, December 6, 2017

Getting FIRE!!!

Oh no! It's not what you think. What I mean is getting Financially Independent and Retiring Early. Yes, that's it. It's been getting the rounds in cyberspace and I was lucky to have encountered the idea of it.

Let me tour you on a little snapshot of what I have been into before getting to where I am right now. We are six in the family and as a child I have lived a 'normal' childhood. When I say 'normal', I went out most often outside the house or in the fields sans with rice plants to play. At least be able to eat two times a day - lunch and dinner. Our breakfast was usually a cup of black coffee and a couple of small pandesal. When we get to eat fried rice and 'tuyo' or scrambled eggs, that was when our father was able to earn a little more from driving his pampasadang motor. I woke up with debts left and right. More often, wala na halos gustong magpautang. Because, my parents would either borrow money to either cover another debt or to get us by for a day. We lived most on a single income household and we are four whose going to school everyday. We would sometime asked for money from relatives abroad. My baon was P2 in grade 6 that I would usually had to buy an ice candy from the vendor outside the school. We do not have fridge so an ice candy was heaven to me back then. The struggle was real when we reached tertiary level and we are only a year apart starting the semester.

Sometime I would wander why we were having so much difficulty with money. And I would blamed my mother for stopping to work to take care to the four of us. I don't have any something new for Christmas or my birthday. I can only have a new dress on commencement exercises of the year when I received ribbons from doing well in school. All through out the year, it was getting envious with my cousins who get to play with brick games or super mario or having the latest trend of clothes. And I have to be contented with the hand me downs dresses from my mother. The mentality instilled to me back then is to work until I am in a retirement age - 65. Otherwise, I will not be able to provide for myself or for my family, had I am not employed.

Some four years ago, when I talked to a Financial Adviser with regards to our life insurance, I was also asked when do I plan to retire. I said 55, bluntly and directly. MY FA nodded but in my mind I think I am being ridiculous. Impossible, I thought.

Just a month back, I spoke this idea of getting retirement from work earlier. And my father in law told me that I am still too young for retirement. I did not voice out my opinion.

But, whaaaaaaaaaaaaaat?! Really?! This is exactly my point, I wanted to retire early so I can enjoy what I have been working on and saving my almost 14 years of working now. Although I should be ashamed that in my almost 14 years of working I only have a few savings and fewer than few paper assets. we do not have a house we can call our own. No car. Although I have a car in my name, but my parents are using it. The reason for all these was because I stayed in the idea that I will not be able to do any other thing aside from working as an employee. An employee all through my life after graduation until retirement age of 65.
As I go to the phase of learning personal finance and independence, the reality is that, yes, it is possible. It happens and it will happen to me. I need to adjust my way of living and how do I see money in specific details.

I've committed mistakes with money handling before. For spending luxuriously money that I still don't own. For paying the bank the high interest rates of borrowing from them and mindlessly drifting to bing spending. And now leaves me today with no other options but to become strictly disciplined with money while I am still working.

I am late.

Well, I know I can make it happen. I will have to read more. Learn more. Invest in my knowledge and be able to adapt those that were applicable to our family of three.

I am now 36 years old. I did change my retirement age mindset to 45. So this leave me with 9 years to go. Right now, we are on a single income household. The challenge to save at least 70% of the income is super high. The good thing is we are debt free. We have nothing to worry about except managing the maturity dates of our paper assets and studying where to invest again.

One of the few things that thought me with not having everything in my childhood is that I can adapt to what I have and be able to find interest on free things alone. That I do not have to replenish my closet with the trendy outfits every pay day. That I should be able to make use of my time doing the stuffs that interest me like reading, writing whether it be a journal entry or a blog entry, spend quality time with the family, crocheting, doing crafts, selling, and many others.

I am 36 years old and in mid life. It is time to live the life I choose.

2 comments:

  1. Hi sis, nakakainspire ang story mo! Wish ko sana ako din magretire at the early age of 40 or 45 years old ganyan. Sa totoo lang ngayon pa lang ako nagsisimula mag -ipon and totoo nga ang sinabi mo na dati parang wala akong habas gumastos sa mga damit at kikay stuff. Haha. Pero nagbago lahat ng mindset ko nung nagkasakit papa ko. Nagresign sya sa work nya. Ako pa naman ang panganay kaya ayun nasalo ko lahat ng responsibilities. Hehe. Dun ako nagising na dapat mag-ipon ako. Sa simula puro ipon lang naiisip ko pero now kakabasa ng mga blogs like this pumasok na rin ako sa investment. Kapit lang tayo sis. Makakamit din natin ang financial freedom. Hehe.

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  2. Yes, kaya natin to sis. Naumpisahan na natin kaya ituloy tuloy na natin. Salamat sa pagbisita sa blog ko ha. :)

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