A couple of months ago I set a saving target. I wanted to have $10’000 in the bank when I left Australia. Despite the rising dollar (my money is actually in pounds, although I think in dollars), just over 2 weeks behind schedule, I have reached my target.
If I lost all income tomorrow, I could live comfortably for 6 months. Probably a lot longer if I stay in South America. But even in Sydney, I could live comfortably for 6 months.
I’ve come a long way since I left the UK 3 years ago with around Â£25’000 of personal debt.
Financial security is a wonderful feeling. I now know that I can choose the work I want to. I can act with confidence in all my working relationships. I can refuse to compromise my integrity for a buck. I can do all that because I don’t need to worry about where next week’s paycheck is coming from.
My next step is financial freedom, living on passive income. It will be some time before I reach that target, but it’s a very significant milestone to be financially secure.