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KYP027 The truth about budgeting: This is Hard! + an introduction to FI/RE
Manage episode 310638555 series 3065794
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Hi there!
This episode is sponsored by Pest Experts and Fumigators. Support the businesses that support the podcast
If it was easy, everyone would do this. I have to constantly remind myself that it's a marathon and not a sprint when it comes to my current financial literacy journey.
You can join the conversation with us on these two platforms: Whatsapp or Telegram
When sharing a journey like the one I am on and everything that I am learning it is very easy for it to seem like these money management tools are being used flawlessly. After KYP023 Managing your money, a lot of listeners messaged and described how they struggled with being consistent on budgeting and recording all expenses on a monthly basis. Spoiler Alert! There's a confession in this episode. Ultimately the goal is not to give up.
I also recently got acquainted with FI/RE - Financial independence/ Retire Early.
Financial independence refers to a state where your income is enough to cover your annual expenses for the rest of your life without the need to work or get assistance ever again. This is a sweet feeling and getting there is pretty cool. Retire Early is simple...if you can stop working before retirement age in your country (65 here). I really wanted to retire by 35, but I met a crushing reality as I started FI/RE when a calculator told me that with my current savings rate I will be working for the next 25 years.
This article by Mr Money Moustache is one of the best places to start when you do FI/RE and it comes with a few options for an early retirement calculator that will help you see where you stand with regards to early retirement. I spoke about the options you have to reduce the time you will be working before you can retire:
1. Increase your income
2. Reduce your Spending/ Increasing your savings
3. Increase your Return on investment
Let's acknowledge the difficulty of chasing FI/RE. The KYP community is available and together we can continuously improve and help each other be accountable in keeping the fight. #KaizenYOU
This episode was sponsored by Pest Experts and Exterminators
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As always remember to continuously improve yourself #kaizenYOU
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