Personal finance is a very nuanced, complicated, and personal topic for every person involved. That said, the basic formula underlying the entire process for wealth accumulation and retirement isn’t a secret. Spend less than you earn, invest the remainder, and eventually, you’ll succeed. Even most of the specifics of that path are well worn and not particularly complicated. Nobody talks about how the bias in personal finance is baked into that simple advice.Continue reading
Tag: financial independence (Page 2 of 2)
What does FIRE even mean?
Eventually in your personal finance journey you get to a point where you are functionally on auto-pilot until you reach your “financial independence number” or FIRE Number. Your FIRE Number is the investment balance at which, theoretically, you could withdraw from to maintain your current lifestyle for longer than you plan to remain alive without depleting the account. That was a really morbid way of putting that… sorry. It’s basically the amount of investments you need to be self-sustaining for the rest of your life.Continue reading