How time flies… After my last entry, my priorities shifted and I couldn’t find time to contribute to this blog. Now 2024 is more than halfway over.
Where I Was: Seeking Job Security
Back in September 2023, I was working a low-pay contract job. Although it was in the field of work that I want for my career, it was starting to feel like a dead end.
I didn’t see any signs indicating that it would lead to a permanent position. The company made cuts to their staff & it didn’t take long to I realize that my employer wasn’t the only one – the biotech industry was going through a recession. Some popular biotech news forums even created layoff trackers to keep up with the constant changes to the industry’s job market.
Panic set in. I shifted all focus outside of work to tailoring job applications, trying to find something – anything – that paid more than my current compensation and could offer more security.
I spent all my free time writing customized applications (an exhausting endeavor with the common reward of no response from the employer). The unintended side effect: for a while, I resented writing and had no motivation to do anything for this blog.
Where I’m At: A Status Check-in
After ~8 months of searching & multiple interviews (unfortunately with no offers), I was feeling pretty stuck. I initially thought that finding another opportunity would be a piece-of-cake, especially since I was currently employed in my target field. Boy was I wrong, and it was a humbling experience.
In the end, my job search concluded due to fortunate timing: someone in my department chose to leave & I was converted into a salaried employee in April 2024.
I took some time to rest, and only recently remembered this blog’s existence (and its intended purpose to track my FI progress).
Which leads to the question: what’s changed since my last check-in?
Age: 30 this year! I’m fighting the “old” feeling as much as possible.
They say age is just a number, but something about hitting a decade milestone has me thinking more about FI than I have in previous years.
That aside, my sister recommended that I listen to “30” by Bo Burnham on my birthday to commemorate the occasion.
Income: to my surprise, the promotion to a salaried position also came with a raise that nearly doubled my compensation.
I’m extremely grateful for this, but the change has increased my fear of falling victim to lifestyle inflation. I also came to the realization that I’d like a clearer picture of what/where I spend my money.
Net Worth: throughout my job search, I continued a steady savings rate & reached the $200k milestone in May!
I am still invested low-cost passive index investments (i.e. S&P500) and taking advantage of common tax-sheltered vehicles available in Canada (TFSA, RRSP, and the relatively new FHSA).
A Brief Reflection: Did I achieve my 2023 FI-related Goals?
Reflecting on the 2023 goals set in my previous post, how did I do?
Continue contributing regularly to my savings: MET
This goal was the easiest to satisfy, as it didn’t require any change to my habits at the time (in 2023, the scarce student mindset was still very present in my life).
I am more concerned about meeting this same goal in 2024 now that my compensation has increased (wary of lifestyle inflation).
Learn/review my knowledge of personal finance strategies/tools/tax advantages available to me in my place of residence (Ontario, Canada): FELL SHORT
Unfortunately, I didn’t focus too much on increasing personal finance knowledge last year since my priority was job search. I hope to pick this up more in 2024 (especially in the form of reading goals).
Assess my current expenses to create a defined budget: FELL SHORT
Since I currently live with my parents, I realized that a budget created for my current arrangement would not truly reflect a single person’s lifestyle or needs.
I think a more suitable goal would be to track expenses. This would give insight into what/where I tend to spend my money & if there are areas where I could improve.
Estimate independent living expenses for moving out in the future: POSTPONED
The recent change in salary will definitely help me reach my independent living goal, but recent events have changed my thoughts on living at home for the time being.
Aside from the accelerated savings rate that living at home allows, my parents are also transitioning into retirement. I would like to be physically close-by to help them out financially. The easiest way to do this is to continue living with them.
Learn more about retirement in Ontario, Canada: IN-PROGRESS
My parents’ transition into retirement could provide a great opportunity to learn first-hand from their experiences.
I still plan to supplement this with my own research into retirement considerations in Canada (as part of reading goals I have for the next year).
Where I’m Going: Goals for 2024
Upon reflection, maybe my 2023 goals were too ambitious. I will aim for 2024 to be more achievable by setting the following objectives:
Savings, of course!: after all, my ultimate goal is to reach FI someday. It’s a bit ambitious, but I will set my 2024 end-of-year savings goal to a net worth of $250k.
Expense Tracking: I would like to keep closer tabs on my spending habits, so I will attempt to track all purchases made in 2024. Hopefully this exercise will keep myself accountable for my spending choices and allow me to detect if I succumb to lifestyle inflation.
Hobbies: I recognize that I don’t have a great work-life balance, and that this needs to improve for my well-being. This year I will aim to develop at least one hobby.
Overall Health: anything that hinders endurance (e.g. burnout) is a formidable obstacle in the long-haul journey to FI. I will need to consider my mental and physical health more carefully for a sustainable plan with the highest likelihood of success.
Blog: to be accountable, put it in writing. For this blog to capture what I’ve learned & how I’m feeling in-the-moment on my FI journey, I need to write more often. I think writing at minimum quarterly updates is the most realistic commitment I can make at this time.
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