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February 2024 FIRE Update Summary

February 2024 FIRE Update Summary

Hey everyone, it’s March and although spring is just around the corner, the weather is still quite cold. I even saw a few snowflakes on my way to the gym this morning. Winter in Portland will last a few more weeks. Speaking of the gym, I’m happy to report that I achieved my exercise goal in February by going 15 times. It’s quite an accomplishment for a short month, and I’m determined to maintain this momentum throughout the year.

Before we dive into the details, I wanted to share a side image from the Portland Winter Light Festival. It was a fantastic free event that added some brightness to the winter season.

Now, let’s discuss how I’m progressing with my New Year goals and delve into our net worth and cash flow.

To keep track of my goals, I rely on my 2024 goal spreadsheet. It has proven to be an effective tool, and I encourage you to try it if you’re struggling to stay on top of your own New Year goals. The key is to review the spreadsheet monthly, allowing you to identify which goals require extra attention and effort.

One crucial metric I focus on is the FI (Financial Independence) ratio, which calculates passive income divided by expenses. Achieving a ratio of 100% means that your passive income covers all your expenses, providing financial security. For 2024, I set this goal at 100%. Currently, the FI ratio stands at 52%, primarily due to our expenses on upcoming spring and summer trips. However, I anticipate an improvement in the coming months.

Tracking our net worth has been a rewarding experience since 2006. This year, I have set a target of 10% gains. However, as it is dependent on the stock market, there is little I can do to directly influence this goal. Therefore, I will continue monitoring it closely and remain cautiously optimistic. Since the beginning of the year, our net worth has already increased by 5.2%, thanks to the strong performance of the stock market. It’s an exciting time, especially with the potential growth of the AI industry.

Turning 50 has made me prioritize my health above all else. Consistent exercise is crucial to ensure a longer and healthier life. Joining a gym and committing to at least three workouts per week has been a positive step. February was a good month, and I’m pleased with my progress. As the year progresses, I anticipate the gym becoming less crowded, as many individuals tend to ease off their New Year resolutions. I’m looking forward to easier parking and a more relaxed atmosphere.

Equally important is taking care of our health through regular doctor visits. At this age, maintenance and preventative care become essential. Here is my list of health-related goals for 2024.

In addition to health, my wife, Mrs. RB40, will be turning 50 this year and has expressed a desire for a fun and memorable trip. We have planned a three-week visit to Japan during the summer. Flight tickets and hotel reservations have already been made, and we are eagerly anticipating this adventure.

Life has been great over the past few years, and I consider myself a naturally happy person. Maintaining this happiness is a priority for me.

February was a steady month without any major problems. It allowed me to focus on my goals and make progress.

RB40Jr, my son, has expressed an interest in starting a YouTube channel, particularly focused on gaming videos. Although there hasn’t been any progress yet, I plan to support him in getting started during the summer.

Finally, it’s important to emphasize the significance of investing consistently, regardless of market fluctuations. Whether the market goes up or down, staying committed to investing is key to long-term success.

In conclusion, February was a month of progress and reflection. I’m excited about the future and remain committed to achieving my goals. Remember, it’s never too late to set goals and work towards financial independence and a healthier lifestyle. Let’s continue this journey together.

Source: Retire by 40

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