These outdated financial rules were created by previous generations, but no longer hold true in today’s world.If you’re interested in achieving financial independence and early retirement then you need to consider breaking these 5 outdated financial rules.
Mike Tyson once said “everyone has a plan till they get punched in the face.” The opposite was true for me. It took a solid punch to the face for me to wake up and realize that I needed a plan. This is the story of how my 14 months of extended unemployment led me down a path to financial independence and early retirement.
Who Can FIRE?
You may have heard that FIRE is only for the wealthy. Unfortunately that narrative seems to be gaining a bit of steam and that’s too bad, because it’s a load of crap.
Sure the wealthy will be able to achieve financial Independence faster than everyone else, but the speed at which someone else achieves their financial goals has zero impact on what you’re trying to accomplish.
FIRE might be easier to reach for the well-to-do, but it offers something for everyone, regardless of their income, and anyone that says otherwise doesn’t fully understand The FIRE Movement.
It’s important that you diversify your income with passive income. Doing so is an insurance against whatever life may through your way.
Just a few short years ago I began taking on more responsibility at work, which lead to me bringing home bigger paychecks and enjoying cushy employee perks. That extra income and those perks got us to a point where we *finally* had a bit of financial breathing room. We took full advantage and began to get our financial act together.
Life was awesome! But the financial progress we were making came to a grinding halt the day I lost my job.
Who doesn’t want to get rich quick then ride off into the sunset to live the life of their dreams? I do – that would be awesome! And based on the Google search results that drive people to this website, I’m not alone either. Here’s the good news/bad news reality: it is possible to get rich quick. But you shouldn’t spend much time or money trying.