Step 1 - Invest in yourself! Increase income and improve your savings rate with education, career advancement, entrepreneurship, and side hustling.
Step 2 - Reduce expenses without sacrificing lifestyle through budgeting, travel and house hacking, frugal living, tax avoidance, and paying off debt.
Step 3 - Grow your asset column and avoid costly mistakes by investing smartly in the stock market, real estate, retirement accounts, and proper diversification.
Step 4 - Plan for the inevitable catastrophe and preserve your wealth with adequate emergency funds, insurance, liquidity, safe withdrawal rates, and risk mitigation.
Who are we?
A collaboration of open letters from real people sharing genuine experiences to help the next generation achieve Financial Independence (FI) and/or Retire Early (RE)…FIRE. The path to Financial Freedom is not taught in schools and may be discovered when it’s too late to have a meaningful impact on life. Introducing the concept of FI is one of the greatest gifts parents can give to their children. Our effort will provide a strong foundation of Financial Literacy that can drastically improve the pursuit of happiness. Read More About theFIway
Chelsea Brennan, better known as Mama Fish, gives her son 9 lessons on money. As a former Billion dollar hedge fund manager turned personal finance blogger, she has quite a bit of advice for her little fish.
Discover Runaway Expenses by comparing your cost of living to the average American. I’ll walk through an exercise using data from the Bureau of Labor and Statistics with my daughter and you can follow along with the same steps. We are going to compare my family’s expenses versus the averages from the Consumer Expenditure Survey. Go through the tasks yourself and find areas of opportunity to cut costs or even reveal a philosophical vulnerability, as I did.