Why you should think about financial independence and mini-retirements | Lacey Filipich | TEDxUWA

'Time poor' is the catch-cry of our era, and yet end-of-life retirement means we have an average of two decades of feeling time rich to look forward to… when we’re old. In this talk, Lacey shares how combining financial independence and mini-retirements is one way to bring that time rich feeling into our youth.  Lacey Filipich started her entrepreneurial journey with a hair wrap stall at 10 years old. Today, she is the co-founder and director of two successful businesses; Money School and Maker Kids Club.

Between hair wraps and start-ups, Lacey graduated as valedictorian from the The University of Queensland with an Honours degree in Chemical Engineering. She moved to Australia’s ‘wild west’ to begin her career in mining, rising quickly through the ranks. A health scare and her sister’s suicide opened Lacey’s eyes to the world beyond work, leading her to redesign her life and take five mini-retirements in the next five years.

[JulieHiltbrunner]

I’m at home growing food, raising a kid and farm animals... making a lot of my own stuff. This made me feel great about the path I’m on. Thank you!

[velayuthman]

I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

[YousifNael]

It's unbelievable how much wisdom exists in these videos.

[soonny]

Here's a cultural or generational twist:
I'm not saying that ALL Asian families are like this, but most Asian friends I know are like this.




It doesn't matter how much you earn or how much you save, most if not all your earnings go into looking after your elderly parents. They brought you up, given you an education, they have no savings of their own, and now they want to live the good life when their children are financially established. So the elders of the family place all the burden of care on the younger generations. It is happening right now in China.


I like the FIRE idea and I'm working towards it too. But there is a cultural and generational element to it that we don't talk about. This idea is only possible in an individualistic culture and if each successive generation of a family is somehow financially secure (i.e. not dependent).


Cycles of poverty are sometimes perpetuated this way. People can't escape poverty because of inter-generational economical marginalisation. Poor people make poor decisions. And many of us can't shake our own culture that keeps us trapped.


Otherwise, this was an interesting Ted Talk.

[Riggsnic_co]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

[thinkingwiththayer]

This is incredibly well articulated. Well done. I think most people see money as the goal, but I've been shifting my perspective ever since I learned that they've done research and it says that money only makes you happy as long as it buys you time. I quickly realized that the whole reason I was disillusioned with modern work culture is that you have no time left to be happy. It doesn't make sense to optimize for money except insofar as it affords you more time.

Ever since I've had this shift in perspective, I've been rethinking my life plan and aiming to pursue what is meaningful and valuable in the world and I even decided to start my YouTube channel to try and contribute to the conversation about how to live a meaningful life and about how to make an impact.

[msthing]

FIRE works in stable economies. Growing up in post-USSR craziness, I saw my family's savings devalue to nothing -- and similar situations continue around the world. There is unspoken privilege in this video that does not extend to a lot of the world. Not every frugal person is so lucky to be born into a stable growing Western economy.

[c.k]

Being financially free is a goal for many people. It generally means having enough savings, lnvestments, and cash on hand to afford the lifestyle you want for yourself and your family. Historically there has been no better way to grow your money than through investing. I grew to a 7 figure mark well-diversified portfolio having exposure to different prolific lnvestments

[khoado]

Young people if you’re reading this, please think about what you’re doing with your money. Your 20s is the most important time of your life. Yes your 20s not 30s not 40s. Your financial life depends on what kind of foundation you build in your 20s. If you’re 20 and start saving $100 a month in an Roth IRA, you’ll have at least $500k when you’re 65. Think about that.

[legitKwit]

I had several mini retirements throughout my nursing career. You have to while in the nursing field or you will burn out. I now work on call and pick my own schedule monthly. I make enough to pay my mortgage and invest and the normal food/bills. I’ve taken months off to stay home in summers with my son during his childhood. I had a great time. He’s 20 now. I’m 45. I just upsized in home rather than buy a rental as an investment. Building wealth is not an overnight event. It takes strategy, time and consistency. I feel like I’m time rich!

[sgist]

So many naysayers here. Save 20% of your income even in an average job. You'll never regret that. Or just live month to month in uncertainty with any emergency causing complete chaos. You do not need to be rich to have compound interest, if 'Murican janitors can do it and grow rich, so can anyone.

[IrishMexican]

I’m aiming for part-time early retirement. I’d rather work 3 days a week than 0 days a week. I estimate one can hit the part-time retirement “number” in about 65% of the time of full fledged FIRE.

[henriquedop]

And King Solomon was right many centuries ago “Better one handful with tranquillity than two handfuls with toil and chasing after the wind” Ecclesiastes 4:6

[pedrowhite]

Fantastic and exceedingly wise talk! I became so focused on FIRE, that by the time it arrived and I punched out, I realized, after several months of living the leisure circuit, that there really is only so much enjoying you can tolerate from leisure activities. Their prior enjoyment came precisely because of the contrast they provided from the daily work grind.
- I’m now back to working part-time on my own terms and realize just how time rich I really am. I also realize how precious this really is. Working because you want to and on your own terms is absolutely priceless! For those still on your FIRE journey, you really need to think about what you plan to do post-FIRE and plan for it with the same dedication that you are putting towards your financial goals!

[audreyj]

Such a great talk, I didn’t know there was a name to it, but I’m in my early 30s with 4 mini-retirements behind me! One being a bartender in London for 6 months, worked as a flight attendant, lived in Thailand for 4 months, and almost 2 months in Spain as a documentary filmmaker!
Live your life now! Keep learning and take risks. Tie your life experiences into your work and resume. The rest will always fall into place :)

[Gbdnd]

Retired with a 7 figure portfolio and Receiving about $53k in dividends. I have been in the Stock market about 20 years. Am I worried? Am I selling? Absolutely not. I have purchased growth stocks too a little at a time over the past few weeks. I am going to sit back and observe how this all plays out, adding more at a time. my investment strategy actually calms me down. Eye on the prize, stay the course!

[charlitoadams]

Yep. Compound interest is amazing. Most people would choose a million dollars over a penny that's doubled daily for 31 days, which is over 10 million dollars.

[filippjovanov]

I am so happy, that youtube exists! I just recently started to get into the FIRE movement because of videos like this one. Its life changing!

[gordongekko]

I wasn't expecting this to be a F.I.R.E. talk. Love it! -- Retired at 36. There needs to be more of these.

[johnkay]

I enjoyed your presentation & its content. Very informative. I'd never even heard of F.I.R.E. before, so this is new to me. Having read through quite a few of the comments, I especially applaud that you take the time & effort to answer & reply to ordinary people & in such a measured, polite & empathetic manner - well done.
I am somewhat older, male & reside within the UK, & I think that I have been living most of my life to an approximate & similar methodology without knowing about FIRE, (except for the period when I was married). From my start in life as an orphan boy in foster care & little materially, I've studied hard all throughout my life (never ever stop learning), worked consistently hard & long hours, led a mostly frugal life & yet enjoyed relatively simple pleasures along the way (playing tennis, playing guitar, wine making, DIY). Although I'll never be a millionaire (& I don't have any great desire to be), I own my own modest house & had paid off the mortgage by age 30. Made the massive mistake of marrying the wrong type of woman (cost me massively mentally, emotionally & financially). Divorced now for the last 19-years & have managed to turn around the consequent financial distress & have now a reasonable portfolio of investments, 50% of which are in renewable energy (my passion of the last 7-years). So in answer to those comments by some that you cannot make it if you are now on a low wage & have a bad start; I've been there, including being made redundant twice (difficult times). No one can keep a good person down, keep trying & you will succeed eventually. Although I choose to keep on working part-time, I probably don't really need to, but I like the reason to have to get up every morning with a purpose.
My apologies for the ramble, but I needed to say that if a plonker like me with a poor start in life can become moderately financially stable & comfortable after a life of consistent effort, then almost anyone can.
Regards to all,
JohnnnyK.