We are a digital Nomad couple living In Goa, India striving to F.I.R.E by 45. We are in a unique situation where we are already living a semi-F.I.R.E lifestyle while saving up for F.I.R.E at the same time!
How did we do it?
In our early 30’s we were debt-free, owned a house without loan, and saved 7+ years worth of expenses we decided to quit our jobs to pursue our dreams in Goa. 3 years into the business we are our own boss. Our business covers all our expenses (we still live frugally), we work on our own terms, and also have location independence.
Our Personal Journey so far (as of 2017)
- Age 36. Married. No kids yet.
- We’ve saved up 30% of our retirement target so far
- By age 45, we’ll finish saving up 100% of our retirement target & then let it compound untouched over the next 20 years
- Own a flat bought with savings & no EMI in a city where we don’t live 🙂 Although it gives us a modest rent that we SIP, I consider it a poor decision as we could have reached financial independence already by renting instead of owning.
- 3 years in Big Co IT dept : paid off student loan & credit card debt so savings rate was low : around 25%. Debt-Free so I work at Internet Startup for 6 years : Saved little over 40% of my salary!
- 3 years back, wife and I took a calculated risk to start own business when we had a savings runway of 6-7 years. 3 years later business income now covers monthly expenses and savings rate is climbing slowly towards 50%
- Once we reach our retirement target by age 45, I may take up a job at a non-profit working for a better India at a much lower salary but only if it fully covers our already low expenses.
- We exercise 30 mins to 1 hour daily towards our Health SIP & maintain a healthy diet. We plan to be be fit and healthy in our 60s when no health insurance will cover us.
- We’ll save what we can for our future child using the Rule of 72 since the child has age on their side for compounding to work until age 18. But we’ll definitely teach the child to be financially independent in their 30s itself and follow their dreams without needing money from us 🙂
This is our story in brief. We took calculated risks and re-invented ourselves with the safety net of savings that would have lasted for only 6-7 years. Imagine how you too can work on your dreams stress-free with the safety net of savings that’ll last for 25 years.
We are a regular couple with middle-class values. If we can do it so can you. Good luck!
Special Thanks: My wife & I are forever grateful to Mr.MoneyMustache for demonstrating that you can simply save your salary to freedom 25 years ahead of schedule!