Planning for Sooner-Rather-Than-Later-Retirement

I don’t write regularly enough for there to be a clear pattern in how my thoughts evolve on a given subject matter over time. Recent musings have led me to consider however that perhaps I would enjoy everything in life a little more if I were to work part-time, rather than full-time. I don’t seem to be capable of striking proper work balance and workaholism is definitely a problem I have. So, I am not FI yet, (although recent calculations put me at $200k NW next spring) how do I do that?

I gave up the apartment I was still paying for in December and moved in with Bob officially. He already is FI on his own, to where I strive to be, so our bills are already very low. He pays property tax, electricity and aside from the internet bill and home and vehicle insurances there are very little other bills.  I pay most of the groceries. Although we haven’t officially discussed it the arrangement seems fair to me. (I also suspect he pays little attention to where food actually comes from as long as there is food)

If you’ve read any bits of this blog you’ll know I’ve always kept my expenses as low as possible.

With no more rent eating into my budget, and with no more cellphone bill my expenses are really quite low and almost half of them are food-expenses.

I’ve been playing around with ideas on how to change my working situation to part-time, rather than full-time and a basic monthly budget would look something like this

Groceries $200
Fuel $80 (a lot less driving with no day-job)
Spending money $50
Restaurants $50
Medical $20
Clothing $50
Household $20
Car insurance $47.00
Life insurance $12.00
Birthdays $20
Christmas $20

Total expenses: $554.00, $6,648 annually.

Interest income at the end of 2018 should consist of $3,000 leaving me to cover $3,648 of my expenses which I can easily do.

Sidehustle incomes – minimal effort required – I anticipate in 2019
Misc income: $700 (possibly onward)
AIRBNB: $1,800
Sidehustle X: $1,000 (conservatively, $2,000 so far this year)
Total: $3,500 – $4,500

If I return to a simple cottage cleaning job in the summer I can easily earn $7,000 working weekends over the summer and cover all of my annual expenses, side hustle incomes would then cover my portion of our travel adventures and my interest income would remain with the principal allowing my savings to continue to compound. It’s likely my interest income will actually be quite a bit higher as I continue to add to my savings and investments. There is also a possibility of scaling the AIRBNB and doubling that income.

I haven’t accounted for any big purchases here, I purchased a 2014 Chevrolet Trax last month solving the vehicle-dilemma, I dont need to buy a house and together we can absorb any big bumps just fine.

So the gist of it? Once my current contract ends I don’t think I will be pursuing any further contract. That’s a little scary, but the numbers say ill be just fine. It’s really quite simple, keep your life simple and expenses low and things don’t have to get too complicated.

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