Do you really want to run quickly towards a fire? In this case, yes. By FIRE, I mean Financial Independence Retire Early (FIRE).
It’s time to get FIRE’d, build FIRE, be a FIRE-setter! Real estate? Stocks? Side hustles? What's the best way to create passive income?
Heck, what’s the fastest way to achieve Financial Independence Retire Early (FIRE)?
When I started Not A Bond Girl, I wanted to help others reach FIRE with me. I came across a lot of similar questions about how to achieve FIRE faster.
Of course, everyone’s financial situation is different. So what worked for me may not necessarily work for the masses. Regardless, it just takes small but consistent baby steps towards building your wealth.
What exactly does financial independence mean?
There are so many definitions of what it means to be financially independent. There are also a number of ways to interpret early retirement too!
Here’s what I mean when I refer to the FI in FIRE. Financial independence is accumulating enough assets that work becomes optional.
If FIRE is your goal, then it’s time to start forgiving yourself for those cringe worthy financial mistakes. I’m living proof that financial freedom is possible regardless of your past and background.
Build your FIRE ASAP.
Currently, women earn less for every dollar earned by a man. In addition, our dollars have to stretch further to achieve the same lifestyle. We are in the workforce for a shorter period of time.
Between maternity leave, part-time work, and parenting, we generally dip in and out of the workforce. Thus, we have smaller retirement savings and fewer earning years.
Yet our retirement savings need to last longer.
Women tend to outlive men by about three years. As a result, many women tend to spend more of their lives single.
We are marrying later in life. And be it getting divorced, being a widow, or choosing to remain single (and fab!), we should be prepared to live self-sufficiently.
Got a great career and making the big bucks? Great! Finances not in order? Not ok.
If you are trying to achieve FIRE, knowing your net worth matters.
According to financial advisory firm Personal Capital, the median US household net worth is not sufficient for most investors to realize a comfortable retirement.
Boost your financial literacy.
Net worth peaks at retirement age for those 65 years and up. House and property values may account for the majority of the net worth calculation.
For millennials, net worth can be heavily impacted by significant debt such as a mortgage and student loans. In addition, this generation tends to have lower salaries and less assets.
But over time, these investments may result in higher net worth households.That’s why I created a course to cover the exact methods I used to reach FIRE.
Get FIRE’d up!
What are my top methods to create passive income? From blog biz tips to index fund investing, I cover these question and more!
It goes without saying that my journey to FIRE has been a wild ride. But at 35, I did it! Like the stock market, there were many volatile moments.
Yet, it was always upward progressing over the long-term. I’ve made a lot of money mistakes along the way. So if I can reach FIRE, so can you!
At one point in my life, the personal and professional development in an office setting served me well.
Over time, I grew restless and felt like I was spinning my wheels. The work no longer resonated and I was festering in the corporate culture.
There were several times where the emergency fund came in handy. In light of Me Too and Times Up Movement, I was able to leave hostile work environments in a matter of days.
Money mistakes and financial setbacks are a part of the learning process.
Financial literacy is a lifelong learning process. There are so many things I wish I didn’t have to learn the hard way. In this course, I cover my best FIRE tips to help you reach your financial goal.
After all, no job is 100% secure. If you hate your job, give yourself some breathing room by having an emergency fund, aka F-You money.
The 9-5 lifestyle is not for everyone. And that’s ok! At the same time, you never know if the job will left right on you.
Having an F-You money allows you to swipe left on the 9-5 rat race. And if you do end up saying F-You to the boss, be sure to tell me about it.
Most financial experts recommend 6-12 months of monthly expenses saved up. Here’s how I was able to build my emergency fund in 6 months.
Get FIRE’d up about achieving financial freedom!
There are a endless ways to create side hustle income and reach FIRE. Investing in stocks, owning rental property, creating your own online biz, and so forth.
But it doesn’t mean you need to do it all. Just pick 1 or 2 that gets you excited.
Everyone's financial situation and personal interests is unique. It’s important to try out different side hustles to see what works best for you.
I tried many different side hustles from teaching yoga to index fund investing. Eventually, I narrowed down my preference and was able to reach FIRE mainly through index fund and real estate investing.
Not sure where to start? Then this course is for you. For a limited time, the entire course is available to the public!