Skip to main content

Posts

Showing posts from February, 2021

My reasons to pursue financial independence

I have been generally interested in the idea of passive income and investing for a very long time and I have been saving money since I can remember. But I haven’t really done much investing until 2018, when I stumbled upon Mr Money mustache and ideas of Financial Independence Retire Early (FIRE). I got hooked up on the idea and started my FIRE journey.  The recipe for FIRE is simple, but it’s not necessarily easy! Save and invest well Cut your expenses - this will decrease how money you will need to maintain your lifestyle and help with the saving rate Amass enough of investments that working will become optional. A typical recommended amount is about 25 times your yearly spending. You can read more about the math behind it  here . So why did I get hooked and committed to be on this difficult path of a miser? "Miser: a person who hoards wealth and spends as little money as possible."  source Here are my main motivations: Strong need for financial security A desire for freedom