Camp FIRE Finance

From Career Crisis Accountant …

One aspect of financial independence often overlooked is that your path will look different compared to others. What works for me might not work for you. The best thing I have found on my journey may not add any benefit to you.

Experimentation is an important tool on your path to financial independence. It allows you to try different techniques and systems to find which ones bring value to your journey.

Experiment: Learn from Others on the Path to FI – Career Crisis Accountant

From Financial Genome Project …

“Only when borrowers have access to efficient credit networks can they escape from the clutches of loan sharks, and only when savers can deposit their money in reliable banks can it be channeled from the idle rich to the industrious poor.”  ~Niall Ferguson, The Ascent of Money

People who become debt free often claim that a weight has been lifted off their shoulders.  People who are in debt often claim to feel a heavy burden or, as I mentioned above, like a noose is around their necks which is slowly tightening.  The entire system benefits creditors, and fractional-reserve banking can create massive corruption and disruptions.

Being debt free allows you to unplug from the system.

Chapter 17 – Why Debt Is So Bad – Financial Genome Project

From Lean FIRE ATL …

Sometimes I have to pinch myself that this is my new life.  I am living an exotic adventure.  Beginning April 2018, I began a sabbatical of undetermined length.  I believe it saved my life.  Once dreaming of slow travel with a backpack and winging it in foreign lands was “pie in the sky”.  Now it’s my new normal.  I’m off on my first adventure of the year and I’ve checked a few items off my “bucket” list.

When I tell people I stopped trading time for a paycheck, embarking on a sabbatical of undetermined length, they often assume that I’ve got a ton of money.  Perhaps even my daughter or others close to me think I’m wealthier than I am.  I’m not rich.  I’m not special.  I’m not particularly courageous.   I simply decided to change my life.

Saving My Own Life with Sabbatical – Lean Fire ATL

From Money Buffalo …

I don’t watch the national news channels, it doesn’t matter if it’s CNN or Fox News. The reason why is because the glass is either half full or half empty depending on the day. This doesn’t mean I live in a cave, but I have been spending time thinking about how to prepare for the next recession.

My wife and I have spent the last two years taking steps to prepare for the next recession, so we have a game plan before the proverbial sun quits shining.

Although this isn’t the only way to prepare for when the next recession or bear market finally hits, it’s a plan. And, I think everybody can take a few of these suggestions to improve your own financial plan.

The 4 Things You Can Do to Prepare for the Next Recession | The Money Buffalo

From Chief Money Man …

Over the weekend I was catching up with an old friend, Ricardo. We worked together at a large multinational Media and Entertainment Company about 15 years ago.

We were both fresh into our careers at the time and both had similar career and wealth outlooks. We had both studied at reasonable universities, both been in the same global accounting firm for a few years and both performing well in our current jobs. We were both living comfortably on our paychecks and renting reasonable apartments, however neither of us had yet started saving or investing with any seriousness.

Today I could live off my investments, while he would be destitute if he lost his job.

This should help you understand the most powerful strategy in building Wealth: Think Long Term.

Building Long Term Wealth with one simple strategy