Personal Finance

Can We ‘FIRE by 50’ in a HCOLA?

As someone who is truly a planner at heart, planning in the larger sense is a big part of who I am. Weekend trips, plans to keep these kids busy, timeshare vacation planning…it’s all going on over here! This year hubby and I schemed on a new kind of plan, and we’re dreaming BIG.

Like a majority of Americans our age, the pandemic created an opportunity to think about our finances, and frankly, the next phases of our life.  70% of millennials and Gen Zers said COVID-19 made them reevaluate how they handle their money. Even though we are technically on the edge of being a millennial: Who knew were are so trendy?!? 

While I think we have good couples money habits, live below our means,  prepare for emergencies, and make good financial decisions there are always improvements to make – especially as goals change. We both had milestone birthdays during the pandemic and we officially entered middle age. EEK! There’s nothing like the start of a new decade to get you thinking about life’s big questions. 

So…..We have challenged ourselves to see how we could ‘FIRE by Fifty’ in a high cost of living area (HCOLA). We’ve dubbed our big plan Renegade Retirement. It’s a subtle nod to the Rage Against the Machine fan in the house: Me!

This plan was the result of a lot of talks about the kind of life we’d like to make for ourselves. If you’d like to dream big or gain some more clarity for what you want out of life Melanie @ Partners in FIRE has a really great article on Setting Intentions, and how it differs from setting goals. Def give it a read!

Join us on our journey to see how we are building passive income streams allowing for FIRE (Financial Independence; Retire Early). This new section will also include fantastic guides by others on a similar path as well as advice from financial experts. I hope the wisdom and tips in these articles are helpful to you in your own financial journey.

Thanks for coming along for the ride!