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10 honest truths from a FIRE millionaire
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10 honest truths from a FIRE millionaire
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The best advice comes from those who have done it
These are hard truths from a real FIRE experience
Annamarie retired early at 42 in South Africa
Her truths are surprisingly simple
FIRE is achievable for you
This is why
These are hard truths from a real FIRE experience
Annamarie retired early at 42 in South Africa
Her truths are surprisingly simple
FIRE is achievable for you
This is why
1. FIRE is for everyday people
Early retirement does not mean you inherit a fortune
It means that you save a fortune yourself
"I grew up in Pretoria in a strict Afrikaans home. I attended a Model C High School in an average suburban neighborhood."
Early retirement does not mean you inherit a fortune
It means that you save a fortune yourself
"I grew up in Pretoria in a strict Afrikaans home. I attended a Model C High School in an average suburban neighborhood."
2. You don't need a perfect job or careers
You can vary between 9-5 or self employed
You can have a slow or struggle to find work
"I battled to find work ....
I found a job but 6-months later I was retrenched
It took me almost 12 months to find permanent employment"
You can vary between 9-5 or self employed
You can have a slow or struggle to find work
"I battled to find work ....
I found a job but 6-months later I was retrenched
It took me almost 12 months to find permanent employment"
3. A frugal mindset helps
Understanding that financially independence = freedom
From an early age there is a strong desire to save
A frugal home can help to instill this
Delayed gratification
"My parents were extremely frugal and my dad was very financially savvy"
Understanding that financially independence = freedom
From an early age there is a strong desire to save
A frugal home can help to instill this
Delayed gratification
"My parents were extremely frugal and my dad was very financially savvy"
4. Early financial literacy empowers you
Talk about personal finance to your family & kids
Give them books to read, videos, blogs
Find out your own information
"He taught us about compound interest, budgets and debt from a very young age"
Talk about personal finance to your family & kids
Give them books to read, videos, blogs
Find out your own information
"He taught us about compound interest, budgets and debt from a very young age"
5. Your partner needs to be on board
You need to share the same values and goals
Get them on board by sharing your vision
Use powerful books and videos
"To get a partner on board I'd recommend Scott Rieckens' book "Playing with FIRE" and "The Minimalist" on Netflix"
You need to share the same values and goals
Get them on board by sharing your vision
Use powerful books and videos
"To get a partner on board I'd recommend Scott Rieckens' book "Playing with FIRE" and "The Minimalist" on Netflix"
6. A simple diverse investment portfolio
Start with whatever you can even just saving
The most important thing is consistency
Savings, stocks, Unit trusts etc
"I started off with a simple money market account and monthly annuity"
Start with whatever you can even just saving
The most important thing is consistency
Savings, stocks, Unit trusts etc
"I started off with a simple money market account and monthly annuity"
7. Making mistakes will teach you
Choose cheaper more flexible investment options
Life is unpredictable and needs flexibility
Annuities tie you in and are expensive
"And don't get me started on the massive commission that your financial adviser earns upfront on this."
Choose cheaper more flexible investment options
Life is unpredictable and needs flexibility
Annuities tie you in and are expensive
"And don't get me started on the massive commission that your financial adviser earns upfront on this."
8. Biggest challenge is being different
It gets lonely and your friends will change
To live like no one else
You must live like no one else
"You need to keep on reminding yourself why you're doing this otherwise its very easy to fall into the debt trap like everybody else."
It gets lonely and your friends will change
To live like no one else
You must live like no one else
"You need to keep on reminding yourself why you're doing this otherwise its very easy to fall into the debt trap like everybody else."
9. You have to sacrifice to achieve
To achieve FIRE in 15y you have to sacrifice
You miss out on some of the fun
Save all your bonuses
But it is worth it.
"The feeling of being financially free is indescribable. It’s the biggest gift anyone could give themselves"
To achieve FIRE in 15y you have to sacrifice
You miss out on some of the fun
Save all your bonuses
But it is worth it.
"The feeling of being financially free is indescribable. It’s the biggest gift anyone could give themselves"
10. Top tips for achieving FI
Pay off debt fast
Don't just buy stuff
The Joneses are living a lie
If you cant afford it - don't buy it
Avoid balloon payments and credit cards
Buy drive and keep secondhand cars forever
Read the book "Playing with FIRE" by Scott Rieckens
Pay off debt fast
Don't just buy stuff
The Joneses are living a lie
If you cant afford it - don't buy it
Avoid balloon payments and credit cards
Buy drive and keep secondhand cars forever
Read the book "Playing with FIRE" by Scott Rieckens
Such a great story and insight from someone who has been there and done it
It comes down to you and your desire to achieve
Here is the full article from @stealthy_wealth https://www.stealthywealth.co.za/2019/10/meet-woman-who-got-herself-fired-at-42.html
It comes down to you and your desire to achieve
Here is the full article from @stealthy_wealth https://www.stealthywealth.co.za/2019/10/meet-woman-who-got-herself-fired-at-42.html
