Is it possible to stop working for money, i.e. retire early because you are financial independent, by the age of 40? Is this only a plan for IT guys who earn 80k+ salaries or can this dream come true if you earn an average salary of 40k per year? Would it still possible if you had kids? Or a student debt you had to pay down before you can really start investing? How would a side hustle impact your journey…
The CashflowCop has done the maths for several scenarios: student debt or no student debt, higher or lower income, being in couple or not, having kids or not… When will Adam in the UK and Amy in the US reach Financial Independence?
The CashflowCop has put together an extensive and well-structured beginner’s guide to Financial Independence. It includes a calculator and also some thoughts that are interesting not only for newbies.
Philosophy – Identify your “why”; Psychology – Reduce spending; Work Ethic – Increase income; and Finance – Grow wealth. These are the four pillars around which a new book on FIRE evolves. Route2FI has written an extensive book review.
Route2FI wants to speed up his journey to FIRE.
+100 bars and a supermodel in our Blog Post of the Month: candy for your eyes if you’re into charts and numbers! Marc aka Earlyretireman documents his journey to early retirement on Finance Your FIRE, where he shares his networth, goals and portfolio (more bars, and also pie charts). For the article “FIRE! The ultimate charts“, Marc went over his FIRE numbers (once again): accumulation and withdrawal phase, the value of his stocks, you name it. He thoroughly goes through the…
Kate and Seb, a couple in their 40s with one young daughter, asked Ken from @thehumblepenny at what age they can realistically hope to retire. In this detailed case study, Ken goes through their numbers to show them they are in a good place. Not only that, he also shares the logic and calculations he used, so that we can apply them to our own personal situations.
Which should you focus on if you want to reach Financial Independence? There are some advantages and disadvantages to each of them. Let’s see: