Camp FIRE Finance
A personal finance community for those seeking FIRE, by those seeking FIRE
One of the most important things you can do in your journey to reach financial independence is to eliminate and avoid debt.
If you're like nearly every other American (and Canadian), then you're in debt - and that means that a portion of every single dollar you earn belongs to someone else. The more debt you have, the more your money belongs to someone else.
So you go to work to earn money to pay back your debts - it's a vicious cycle and you end up getting worked to death.
Forget that! Pick a debt elimination strategy, even if it's a different kind of plan, and eliminate your debt ASAP.
Once you've eliminated your debt you should avoid debt like the plague. Debt is the great killer of wealth. Think for just one second how great life would be if you could just keep the money you make?!
Cash would start to pile up faster than you realize! In fact, when you get to keep the money you make it's possible to thrive on a single income (even if you're in an expensive city).
In your quest to reach FIRE it is vital that you eliminate and avoid debt! So click through some of the posts and articles below to find more useful information that can help you eliminate and avoid debt!
Building long term wealth is the cornerstone of the FIRE movement, but it takes more than cutting back how much you spend on groceries to get there. While watching your budget and keeping your expenses down help, you need lasting wealth if you hope to achieve financial independence.
So, what’s the secret to lasting wealth? Unfortunately, if you’re searching for the mystic yellow brick road leading to success, you’ll be disappointed.
They say money doesn’t make you happy, but I can’t fully agree. Who doesn’t want to reach financial freedom? I love money, and I believe it’s normal. We all work to earn. How else can you achieve financial freedom? However, money is not a goal; its an instrument to make your dreams come true, to live a fulfilled life, travel, be able to pay kids education and finally retire.
Money is simply a necessity like food or water, it helps you buy the things you need.
[Read more…] about The Basics Steps I Used to Reach Financial Freedom
If you’re like most people, financial independence is your ultimate financial goal. The road to a financially care-free lifestyle requires planning and dedication and even a bit of luck. But you may need to fix your finances today, before you can plan for a financially secure tomorrow.
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.
[Read more…] about 5 Outdated Financial Rules that Need to be Broken
This Contributor article was written by Good Nelly
Today, I am going to share with you a story from our financial journey. It’s about our debt payoff journey and how we overcome financial struggles that shaped the financial life we have today.
If you think that our financial lives were a smooth ride, you’re wrong. In spite of being a personal financial adviser now, once we struggled to repay debt.
This is our story.
[Read more…] about From Overburdened with Debt to Debt Free Within 3 Years