I am an impatient person. I read approximately 30 to 40 personal finance blogs a week and a lot of the writers are further along in their financial goals then I am, and it frustrates me sometimes that I’m not there yet. I am approximately 6 years away from paying off my mortgage. The payments being made now amount to approximately 40% of our net pay do not seem to be making much progress towards the final goal of being debt free. I would love to be three years ahead of schedule now – it seems like I’m just slogging along making minimal progress.
I know that I am making progress towards my long-term goal, but emotionally, it seems to be taking forever. I know that comparisons are not really all that useful, but it’s hard not to do it, with a lot of my “recreational” reading focusing on personal finance. Reading stories about how Tim doesn’t need his day job anymore and how Jacob at Early Retirement Extreme is spending most of his days in his early 30s sailing it’s frustrating to know I am about 7-10 years away from even thinking about these goals, let alone achieving
I have a couple of options to speed up my plan, including:
- Getting a higher paying job.
- Further reducing spending.
I don’t really want a different job, and I have a feeling that if I were to earn more, my dollar per hour would probably stay close to the same (I would have to work more hours). I think my quality of life would be reduced working more and in the end it would really only reduce my time to retirement by maybe a year or so.
As to further reducing spending, there’s not much more I could reduce. As you can see from this post my budget is pretty tight as it stands, and there is really not much more that could be removed. Unless I can come up with a pretty good argument, I think there may be a revolt from my spouse as I have been told that the way we are doing things is not “normal”. I don’t think for example, we could spend less on food without having to give up some of the fresh food and nutrients that are important to us.
With neither of these options entirely attractive, I think that I basically have to be patient and allow the plan I have set up to (hopefully) come to fruition.
Do any of you have “Finance Envy”? Do you wish you could be further ahead towards your goals then you are currently? How do you keep your end goal in mind when it’s 15 years away?
**On another note – GO CANADA GO !!**(The Olympics have been on this long weekend at our house about 16 hours a day).