Hello. My name is Brydon. Been listening to the various different podcasts and have really fallen in love with the Money podcast. I’ve been working a 9-5 for 10 years now and am ready for a change.
My wife and I are working toward hitting our 50% savings goal. We’ll reach it by the beginning of 2022 at which point we’ll be able to save ~$3800/month. Assuming my math isn’t terribly wrong, it would take us 5-7 years to save up $250k-$300k and pay off our mortgage (a very rough estimate which doesn’t include interest or amortization).
Without our mortgage we have ~$600 in required bills so assuming we did go that route, 5-7 years later only one of us would have to continue working a 9-5 until we reach financial independence, however this seems like a very bullheaded, uncreative approach.
My questions are as follows: is there a “better” strategy for reaching financial independence that will possibly get us there sooner than focusing solely on paying off our mortgage? What could we do with the money we save instead? Thanks!
