The vast majority of the population will not reach financial independence. I wish they would, but they are not going to make the choices necessary to reach FI. Because Financial Independence takes carefully planning, sacrifice and hard work. It does not happen overnight. Most people are not going to have the discipline to reach FIContinue reading “Step 1: Start on your path to FIRE: Decide that you are going to be financially independent”
Your future self is depending on the choices you make right now. I learned more information and I changed from a ROTH to a Traditional IRA.
What you are doing now won’t get you to where you want to be. If you want to quit your job you need to become financially independent.
The basic definition of rich is that your savings significantly out weighs your expenses. How do you become rich from where you are? Increase your income and reduce your expenses. Repeat.
Financial independence feels impossible for me. You reach financial independence when you have 25 times your expenses. Step 1: Calculate your expenses Me: 20,000 per year Step 2: multiple your annual expenses by 25 Me: 20,000 x 25 = 500,000 In theory, I need $500,000 to “retire” and live off my “investments”. Based on theContinue reading “The simplest math behind financial independence”