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Your Savings Rate: The Primary Driver of Your FI Journey
Manage episode 407253300 series 3561782
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Doesn’t it sound awesome to be financially independent, have enough money saved, and be able to live the life you’ve always wanted? Many people feel like this is a pipe dream or something they might get to experience in their 60s.
However, the FI movement is all about enjoying this kind of freedom and choice now, in your 30s or 40s. This week, Ben and Andrew delve into the primary ways you can make this a reality for yourself and why they believe entrepreneurship is such an accelerating factor in this journey.
They also address Mr. Money Mustaches’ 2012 article, The Shockingly Simple Math Behind Early Retirement (linked below), emphasizing how surprisingly easy it is to retire early by increasing the percentage of your take-home pay that you save (and invest) instead of spend.
In this episode, listen for
- A discussion on whether saving 50% of your income is reasonable or sustainable
- Tying your financial independence goals and debt control together
- How entrepreneurship can provide time freedom and control over your schedule as you pursue FI so you don’t get burned out by the daily grind
Andrew poses several questions you may want to ask yourself, including:
How much can you save?
How many years earlier will that help you retire?
Is that going to be a sustainable savings rate?
Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/
Mr. Money Mustache’s 2012 article that Ben highly recommends:
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
Jacob Lund Fisker’s book that inspired the FI Movement: https://www.amazon.com/Jacob-Lund-Fisker/e/B0049I0MOI/ref=dp_byline_cont_pop_book_1
More on the 4% rule that Ben teased about:
https://en.wikipedia.org/wiki/William_Bengen
https://www.forbes.com/advisor/investing/is-4-four-percent-rule-still-valid/
Bona Fide Finance:
Website: https://bonafidefinance.com/
LinkedIn: https://www.linkedin.com/company/bonafidefinance
Facebook: https://www.facebook.com/BonaFideFinancialPlanning/
Fb Profile: https://www.facebook.com/profile.php?id=100069532276726
Student Loan Tax Experts:
Website: https://studentloantaxexperts.com
LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/
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