Financial Independence and early retirement are our goals that we want to achieve within 2027, when I will be 45.
We are a couple, current living in Mumbai. We have decided to keep our details private as we don’t want to share details with friends and co-workers.
It has been about a year since we had a re-look at our long term plan and considered early retirement as an option. But we are just taking our 1st serious steps on this exciting journey. Mr. FS is currently 35 and Mrs. is 31. The plan is to retire in about 10 years when the Mr. turns 45.
Our Financial Journey
We were not always focused on these 2 goals. If you introduced me to the idea of early retirement before 2010, I would have been very skeptical.
In mid 2009, my net worth was just a 3 year old Honda Unicorn 2 wheeler. The Mrs. & I had just completed our Master in Business from one of the top universities in India. I had worked for 3 years earlier, but since I was a spendypants, had no savings whatsoever. So in essence our financial journey starts after this.
We were complete opposites during the next couple of years when it came to savings. I used to commute to office via my 2-wheeler, while the Mrs. used pubic transport. We both used to eat out all days – me because I was too lazy to cook, the Mrs. because she did not have access to a kitchen. I was saving about 30% of my salary only because I don’t like to buy things. But I was spending a lot on food. The Mrs. meanwhile was easily saving more than 50%. This continued for the next 2 years until I moved outside India on a job assignment.
My savings increased. By an impressive amount. I was saving almost 80% for the next 2 years until the Mrs. joined me. This savings rate increase was only because the friends I had there were big savers too, and in INR terms everything was so much more costlier. The Mrs. had meanwhile moved to her current job and was earning better. Her savings rate was also higher as expenses did not increase in the same proportion. We got married in end 2012 and the Mrs. joined me in mid 2013. We stayed there for 1 year – the Mrs. on a sabbatical.
The family savings rate took a big hit since we had just 1 salary for a year. In mid 2014 we moved to Mumbai as I managed to get relocated within the same organization. Since I had saved heavily while abroad, it turned out that my savings were almost double that of the Mrs due to the currency conversion. A low value of INR helped! We were worth about 90Lakhs at this point.
We had been in Mumbai for a year and our saving rate was still an impressive 70%. At this point in our lives we were still the typical couple. We were planning to buy a home to live in and considering the prices in Mumbai at least 50% would be via a loan. We started looking out for possibilities and found a 3 bedroom apartment that was quoting at almost 2 crore. The only problem was the travel time to office for the Mrs. We decided we would postpone the purchase and try living in the vicinity to be sure that we would be ok with office travel. That was the best decision of our lives until then.
Both of us are people who like our jobs, but are not in love. The Mrs. especially has days when she wants to quit her current job. As life was moving on, I stumbled upon some early retirement blogs while reading up on personal finance and the fire was lit. As I discussed this idea with the Mrs. the fire roared into a blaze and has been going strong every since.
Journey towards financial independence and early retirement is against the social tide. And not too many publicly available Indian examples who we can emulate. All of us need moral support and loads of advice from each other to reach our goals as soon as possible. I wanted to share our plan and progress using this blog. Hopefully it will not just inspire others to start their own journey towards independence, but also help us learn better ways of living life.
Wish us luck and as always do share your thoughts.
Where will the journey take us?