When I discovered the FIRE movement, an acronym for financial independence/retire early, in 2019, I was completely enamored. FIRE enthusiasts are big on pursuing early retirement so they can have more freedom to do the things they love, like travel, which sounded great to me. I decided to get on board.
One of the stepping stones to achieving FIRE is to pay off all debt, and by the end of 2019, my husband and I had paid off the last of my student loans and his car loan. Our mortgage was the last debt to tackle, and at the time, we thought we’d be on pace to pay it off within 10 years.
Changing our debt-payoff plan after COVID-19 hit
Fast forward. We sold our home with the smaller mortgage at the end of 2019 and…