A Fork in the Financial Independence Journey

Hi friends, and welcome back to Pocket Change Lifestyle! The end of August quickly approaches, which means Baby Pocketchange could arrive at any time! This being the case, it’s also a great time to take an inventory of our financial surroundings and get our bearings. I’m also hoping to develop and share some of our financial plans for the next few weeks, months, and more. Let’s go!

OUR CURRENT PATH

If you’ve been following along with our blog and our journey to Financial Independence (FI), you know that we’ve been pushing along towards Financial Independence. For those unfamiliar with FI, head over to our START HERE page for a quick read with more details. Working in the financial industry, it’s crazy to see how many people don’t understand basic finances. Because of this unique window into the general population’s lives, our personal goal has been to understand and improve our financial position. This is most often gauged in the financial industry by a net worth calculation. Net worth is defined as “total assets minus liabilities” or in simple terms, “all you own (house, cash, 401K, etc.) minus all you owe (credit cards, personal or student loans, etc.). This final number is where you stand right now financially.
 
Since we’ve been following the FI journey last year, we’ve made significant strides to alter our future. These changes have certainly had an effect on our lives, and the net worth needle continues to move up. As of August 2019, we’ve officially met our 2nd Financial Goal!! We’ve been upfront about tracking that goal in the side-bar of this site, but in case you’ve missed it here’s a snapshot I took today:

FI-goal

And here’s a snapshot of our current net worth tracked through Personal Capital, one of our recommended sites!

fi-goal-met

A FORK IN THE ROAD

We’re pumped! We met our 2nd goal almost a year in advance, and are truly excited to have accomplished so much in a short time. But, we’re approaching a *huge* fork in the road – Baby Pocketchange’s arrival to the world. This fork isn’t bad, but it will significantly alter our FI plans. Mrs. Pocketchange and I have been together since our junior year of high school. Even back then, our plan (presuming we got married back then) was to have children and Mrs. Pocketchange would stay home to raise them. We hoped this day would come, and taking steps to align our financial life has prepared us.

So, that’s our unplanned but planned fork in our journey. Once Baby Pocketchange arrives, we’re downsizing to a one-income household.

I’ll be honest, this scares me just about as much as becoming a father does. Maybe more, because we’ve built up a buffer and it would be difficult to see that buffer decrease or disappear. But at the same time, the work we’ve put in now to save, be frugal, and understand our habits has also built a foundation that we don’t want to throw away. We’re excited for the change in our life adventure!

Until next time, keep pushing forward!

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