Financial Independence! The ultimate goal! To never be restricted financially ever again! Wow! Just think about that for a minute. Seriously…close your eyes (if you want to) and think about that feeling. No mortgage. No car payments. Nothing keeping you from jumping in the car or on a plane and going anywhere you want.
But what does it take to get there?
My brother and I recently went to FINCON, a 4 day convention for financial bloggers. The “FIRE” movement is by far the biggest trend in the personal finance space. It stands for “Financially Independent Retire Early”. Pretty self explanatory.
We sat through a number of session where people were speaking about it. There’s even a documentary coming out soon that we were able to get a sneak peak of.
Some of these session covered investment related questions. “Once you’ve reached financial independence, how do you stay there?” I won’t get into this, because if you’re reading this, you probably aren’t worried about that yet.
Beyond that, there’s really not much more to talk about. Getting to financial independence is surprisingly simple when you really think about it. It’s so simple, it doesn’t need a hack of some kind to get there.
It’s not something new either. As a matter of fact, my dad was doing it my entire life. Our grandparents were doing it before them and so on. We just like to put a cool label on it….like the word “side hustle” or even “hack”.
The FIRE movement is nothing more than two very simple concepts that seems to have escaped our culture here in the US. I’m going to spell it out for you.
1. Make more money
I know. “After all that, you’re going to tell me to just make more money?”.
Well, in order to have financial independence, you actually NEED money, right? You can’t deny it! You need money. You need more money than you have now. Simple.
So how do you get more money? Well, that’s a loaded question.
This could be anything from asking for a raise, getting a side hustle (code for a second job) or getting a new higher paying job.
The point is this…if you want to achieve financial independence, you need to work for it. Work smarter AND harder. You need to work more NOW so you don’t have to later.
2. Spend less
Yep…I said it. Spending less money, keeps more money in your bank account.
We live in a consumer economy. The marketing in this country is borderline freaky at how they dip into our minds, find out what we’re thinking and then leverage it to sell us stuff. We think we NEED so much stuff when we really don’t.
What you WANT is financial independence and you NEED to work for it. More money – less expenses = more savings.
Start with cutting back on your spending. Join our 3 Day Boost Your Savings Challenge to break down your spending, cut your budget and increase your savings.
What we’ve done to keep our spending down is to give ourselves a cash allowance for our own personal “fun money”.
Don’t get me wrong…I LOVE credit cards, specifically the ones that have funded our vacations. But the fact is, we (as in you too) tend to spend more when using credit cards instead of cash.
The FIRE movement is coming…it’s actually already here. It represents a shift in our country in how we handle our money. To me, it’s a sign of what’s to come. No more living paycheck to paycheck. We’re taking ownership in our personal finances and not expecting someone else to do it for you. To me, it’s a sign that the 2008 housing crisis taught us something and that we won’t let it repeat.
While financial independence SOUNDS like something new, it’s been around for as long we’ve been using money. It’s just taken longer for some of us to catch on.
If you want to get a jump start on your financial independence, check out our 3-Day Boost Your Savings Challenge….then go make more money! 😉
Sports Fan, Movie Buff, and Anything Outdoors sums it up. Brad loves spending time with his wife, Ashley, and their two boys. He helps empower people to take control of their money, bringing them the confidence to build the life of their dreams.
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About Matt & Brad
They are identical twins and money experts. Matt and Brad Ruttenberg have, combined, over 2 decades of experience as financial planners. They are known for simplifying money and helping others go from living paycheck to paycheck to thriving financially.
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