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Gaining Financial Freedom Requires Sacrifice
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Getting to the level of financial freedom takes sacrifice. You have responsibilities that are un avoid so you must sacrifice your time and use time blocking in order to make the most of the 24 hours you have each day. I this video I will share with you a few tips to gain financial freedom.
What does life look like when you have financial freedom
#financialfreedom
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What Is Financial Independence
Financial Independence, Retire Early (FIRE) is a movement dedicated to a program of extreme savings and investment that allows proponents to retire far earlier than traditional budgets and retirement plans would allow.
KEY TAKEAWAYS
Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment.
By saving up to 70% of annual income, FIRE proponents aim to retire early and live off small withdrawals from accumulated funds.
The FIRE movement was born from a 1992 book "Your Money or Your Life," written by two financial gurus.
Understanding Financial Independence, Retire Early (FIRE)
Of course, FIRE isn't a surefire plan, and extremely high rates of saving at the expense of current quality of life and lifestyle should be considered.
Borne out of the 1992 best-selling book Your Money or Your Life by Vicki Robin and Joe Dominguez, FIRE came to embody a core premise of the book: juxtaposing expenses and time spent at work against hours of your life. Every expense is compared to the time spent at work in order to earn the purchase.2
In more recent years, Millennials in particular have embraced the FIRE movement with the aim of retiring well before the traditional retirement age of 65. Proponents of the extreme-saving lifestyle often begin by remaining for several years in the traditional workforce in order to save up to 70% of their yearly income. Once their savings reach approximately 30 times their yearly expenses, often roughly $1 million, they may quit their day jobs or completely retire from any form of employment altogether.1
To cover their living expenses after retiring at a young age, FIRE devotees make small withdrawals from their savings, typically around 3% to 4% yearly. Depending on the size of the savings and desired lifestyle, this requires extreme diligence to monitor expenses and continued maintenance and reallocation of their investments.
NOT FINANCIAL ADVICE DISCLAIMER
The information contained here and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained on this Website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
We have done our best to ensure that the information provided here and the resources available for download are accurate and provide valuable information. Regardless of anything to the contrary, nothing available on or through this Website should be understood as a recommendation that you should not consult with a financial professional to address your particular information. The Company expressly recommends that you seek advice from a professional.
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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