In this video I talk about the FIRE Method to achieve early retirement in your 40's, 30's or even 20's. The main themes of FIRE, which stands for Financial Independence Retire Early, are minimalism, extreme frugality and extra income. Ideally you'd start early, lower your housing costs, drive a used car, cut cable, get out of debt, cut your grocery bill and INVEST, invest, INVEST.
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The FIRE (Financial Independence Retire Early) movement has become very popular in the last few years. But my wife and I have had the "FIRE" ever since our early 20's. This is the whole story, our "how to" documentary of how we are retiring early, young, financially independent, with passive income, no debt, and living a comfortable retirement, NOT just squeezing by. We are able to live the lifestyle we want. Before Dave Ramsey, Mr. Money Moustache and Suze Orman were around preaching their principals about financial freedom, we had a plan and stuck with it.
1. use cash instead of your cards
2. write down all of your expenses
3. cancel unnecessary subscriptions
4. look up coupon codes
5. use ebates for cash back
6. build an emergency fund
7. schedule shopping
8. wait it out
9. only buy what you need and use
10. use the public library
11. plan meals around sales
12. buy used
13. diy whatever you can
14. learn to cut/do your own hair
15. swap/borrow from friends
Saving money doesn't have to be hard. Little changes to your lifestyle can really add up. In this video, I share 20 things I have changed over the last 5 years as I have transitioned from a maximalist lifestyle to a more simple and minimalist lifestyle.
I've made these changes slowly and they haven't felt daunting. These are based on my personal experience and I do recognize that these tips will not be relevant for everyone.
I live in an expensive city and things really add up - if you live in a less expensive place, you probably won't spend that much in the first place. Take what is relevant from this video and feel free to ignore the rest! I'm not telling you what to do - just sharing my experience. 😀
In this video, I will share the method that I used to save nearly $12,000 in the past 6 months.
To save money effectively, it's essential to have a thorough plan.
This is MY personal experience.
The variation in income and financial responsibilities among people will impact one's ability to save a given percentage of their income.
The MOST EFFECTIVE money-saving strategy for myself was to set up automatic withdrawals from my primary bank account to various savings and investment accounts at a set rate of 30% of my total income. I found it best to schedule automatic withdrawals for the day income is posted to my primary bank account. I then proceed to live off of 70% of my income and disregard the 30% which was deposited into savings and investment accounts.
