"What doesn't kill you makes you stronger"
Another 90 days have gone past and life has sent us some curveballs. Lockdown for 3 months, Hubby being on JobKeeper for a while now, finally finding a job (yeh!) but then 10 days later in hospital with fractured ribs and in ICU. It has been overwhelming, to say the least. I find, for myself, the way to shelter my mind is to 'zoom in' and keep all of life out. Feeding my family, bare minimum working AND LOTS of reading was my antidote. I logged out of social media and slowly time went by and we are now moving forward.
I wasn't going to do anything for a while, however, I had promised myself that I would be consistent with my quarterly updates. So here I am updating my numbers and reviewing the quarter that was, financially.
We had a slight increase of net worth of 0.7% this quarter.
My personal investing plan is still on track with $2000 per month being invested into my super/retirement fund (after-tax). Since I have 8 years before I can tap into my super, the best place for my investments is within this tax advantage strategy. This still feels like the right thing to do however I am impatient and I AM still striving to 'semi-retire' before this age. A decade ago (ripe old age of 42) I had decided that I would retire by 55 no matter what. A fair few things have happened since then that have derailed this. I am determined to get back on that path and I really feel I am armed with so much more knowledge, different avenues to build passive income and a fantastic community 😉(aka the FIRE community).
I do not want to wait until 60 and am keen to work the next 3 years on getting to a point of semi-retirement/part-time employment. This may include working short weeks or a few months at a time and travelling the rest. The main thing is to ensure that the bulk of investing is done in the next few years to allow it to keep growing before we need to tap into it for retirement.
Currently, my plan is still to invest $24,000 for the financial year and register as a 'concessional contribution' and reap the tax benefit (approx $8000 tax refund for FY21-22 which will either be our travel fund OR go back into super as 'concessional contribution for the following year ... double benefit!). These numbers all relate to my investments as hubby is just getting back to some salary routine after 15 months. Hopefully, the next quarter will be more stable. That’s why this process of documenting our journey is so important to me as I forget stuff and this moment in time helps me remember where we have come from.
Below are our updated numbers.
Stay tuned 😊 💙