What's the Fastest Way to Achieve FIRE?

Updated: Sep 16, 2019

What's the Fastest Way to Achieve FIRE? Financial Independence Retire Early Tips

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.

I’m living proof that it’s never too late to achieve financial freedom. You just have to take small but consistent baby steps towards creating wealth.

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, tracking your net worth routinely is key.

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.

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.

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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.

If I can reach FIRE, so can you. Seriously!

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 #MeToo and #TimesUp, 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 swipe right on you.

Having an F-You money allows you to swipe right 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.

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