Since June 2020, this series of blog posts that shed some light on my income and expenses has been rather fun.
Thankfully, I have plenty of data, and I already know pretty well how things are in the back of my mind, but nothing beats writing a blog post to improve clarity.
Income and expense reports can be very boring, but the main idea is to determine if we can purely live off alternative income.
Table of ContentsThe Imaginary Scenario: FIRE-itis
Financial Independence, Retire Early (FIRE) is a movement of people devoted to a program of extreme savings and investment that aims to allow them to retire far earlier than traditional budgets and retirement plans would permit.
Let’s assume that the hypothetical FIRE-itis is an imaginary disease that causes the infected to pursue early retirement immediately, regardless of their financial readiness.
Why do people like going to waterfalls?
If this were to happen to us, how ready would we be?
To perform this exercise, I would need detailed income and expense data at my fingertips.
YNAB offers seamless access across multiple devices – both my wife and I use it
Since I am tracking my income and expenses with You Need A Budget (a personal budgeting application), I already have all the data that I need.
Many people end up not budgeting their money or tracking their income and expenses because it is too troublesome.
However, this helps tremendously in understanding financial habits and identifying areas where we can save or cut costs.
It also gives us a clear picture of our spending patterns and enables us to make informed decisions about our money.
Using the income and expense data that I have collected brings us to the next section.
1. Sources Of Alternative Income
This section will
