These outdated financial rules were created by previous generations, but no longer hold true in today’s world.If you’re interested in achieving financial independence and early retirement then you need to consider breaking these 5 outdated financial rules.
Today I reached another milestone in my quest to reach financial independence and retire early. Step number 3 in my Get Rich Quick’ish strategy is ‘Take Advantage of Free Money.‘ As of this moment I’m officially all-in on my employer’s ESPP program.
It has taken a while to get to this point (two years to be exact), but it means that between my Employee Stock Purchase Program and my 401(k) match, I’m finally grabbing 100% of the free money that my employer offers.
Your job may give you and your family a certain kind of security that goes with a good, stable material situation. And it’s easy to settle for that kind of stability. I fell into the same stability trap, as many others did.
Luckily, in my case, the thing that snapped me out of the stupor of perceived stability wasn’t some horrible life-changing tragedy. No, it was a simple broken leg. While some would say that a broken leg is tragic enough, for me it was merely a chance to sit and do nothing for two or three months – or so I thought.
From Accidental FIRE …
The idea for this post popped in my head, like most do, on a long bike ride. The markets had just seen a few days of massive declines. To me it’s nothing worth noting. I’ve been there, and done that.
But I realize many folks out there are new in their investing journey and they’re seeing some serious volatility for the first time. They may not have much buffer to play with, it can be nerve wracking. So I thought I’d convey a slightly unconventional way to think about market declines. One that – to me at least – helps take out some of the sting and worry.
Happy Halloween, Campers! Today is the day when much of the Western world celebrates an ancient Celtic harvest festival by donning costumes of all sorts to ward off evil spirits and ghouls. Actually, much of the Western world has no idea why we celebrate Halloween, they just like to dress their kids up and send them off to ask strangers for candy.
This particular Halloween might be a bit spookier than most, especially for those of us new to The FIRE Movement that have enjoyed massive stock market gains since deciding to get our financial act within the past decade or so. That’s because this massive bull run appears to be slowing down. For many investors this could be their first bump in the road.
Most of this year has been great, but October has seen year-to-date gains wiped out. The market is now at a lower point than when the year began (at the time of this writing, we’re down -1.21% for the year after seeing highs over 8% a short time ago).
Spooky times indeed!