Side hustles are an affectionate nickname given to things you can do ‘on the side’ of your main job to try and earn a bit of extra money. Even better is passive income, which generates you money whilst you sleep!
Congratulations – by virtue of the fact that you are reading this, you are well on your way to reaching Financial Independence. Step one to reaching FI starts with deep introspection; an honest appraisal of your own knowledge and ability. This should result in a humble and burning desire to learn more, and educate yourself.
Figuring out whether you should rent or buy is a big decision, and an incredibly personal one depending on your lifes circumstances
Financial Independence gives you the choice to direct your time and energy into the things that you truly value, rather than the things that don’t (like working that 9 to 5 grind…). It’s about working out what you value the most, and empowering you to have the freedom of choice. This uses the core principles of mindfulness and minimalism.
If you do smart things with money for long enough, those around you start to take notice. There is no doubt that you’ll stand out because money sense is not common sense!
A safe FI withdrawal rate is the rate at which you can safely, and comfortably withdraw money from your investment portfolio during your retirement phase of living
Investing is like gardening. You need to work and gather resources (i.e. capital), learn how you can put those resources to work properly and then implement your strategy. Afterwards there is always an element of ongoing care needed – watering your garden is like managing your investments.
Inflation is the gradual rise in living costs that occurs as a currency slowly devalues. The rate of devaluation of a currency is called the inflation rate, and target rates are set by governments and economists.
I often heard that debt was bad, and actually I spent most of my life desperately avoiding all forms of debt. But not all debt is bad, and some can help you towards FIRE
Bank accounts are a necessity in this day and age. By understanding interest rates and basic monetary policy you can snag yourself the best deal