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
Every college applicant will need to find the answer to a very important question, “What Should I Major In?” I’m writing this letter to my children to show a practical method that I used to go from minimum wage to over SIX figures in just 3 years. A degree with significant return on investment is one of the best ways to become Financial Independence relatively quickly.
Forget the online Financial Independence calculators used to predict early retirement and investment returns. I’m sorry, but you need to create a customized plan to FI or hire a professional to do so. Don’t be discouraged and give up based on results of these tools and think, “I’ll never retire, if I need a bajillion dollars to do so.” Let’s see how a typical american family can retire earlier than anticipated.