Passive income and the FIRE movement are often intertwined, and reaching FIRE is often achieved with the help of passive income generation. One of the key strategies used by FIRE enthusiasts to achieve their goal is to create passive income streams. Passive income refers to income that is earned without the need for active involvement,…
Net worth is a financial term that refers to the total value of an individual’s or a company’s assets minus their liabilities. In other words, it’s a measure of how much an entity is worth financially. How to calculate your net worth To calculate your net worth you simply add up all the things you…
Dave Ramsey is a well-known financial guru and radio host who developed a set of principles and strategies for getting out of debt and building wealth. These are known as the “baby steps,” and they have helped millions of people take control of their finances and achieve financial freedom. The baby steps are designed to…
Frugal living is a lifestyle choice (or sometimes a necessity) that involves maximizing your savings by minimizing your expenses. It’s a great way to achieve financial independence because it allows you to take control of your money and use it in a way that aligns with your values and goals. In this article, we’ll take…
Achieving financial independence on a low income might seem like an impossible task for anyone not already on a super high salary, but it’s definitely possible with some strategic planning and dedication. True, it may be easier to reach financial independence and retire early if you’re on a 6 figure salary and can easily invest…
Plenty of people don’t like the idea of budgeting. It’s understandable, it can easily feel like too much hassle, takes up too much time or is too restrictive and limiting. It’s not the sexiest of topics either. But, budgets can also be game-changing. When it comes to your finances and reaching your goals, a budget…
The 4% rule for retirement is a guideline for determining how much money you can safely withdraw from your retirement savings each year without running out of money. The rule was first proposed by financial planner William Bengen in 1994, and it has since become a widely accepted rule of thumb for retirement planning. Bengen’s…
If you’ve been looking into the FIRE movement or retirement planning, you’ve probably come across the 25x rule. The 25x rule can help you figure out how much money you’ll need to save up for retirement, especially if you want to retire early. Among the FIRE movement, this is also sometimes known as your FIRE…
Do you dream of never having to worry about money? Being able to leave an unfulfilling job? Having the freedom to spend your time exactly how you want to? FIRE could be just what you’re looking for. What is FIRE? FIRE stands for Financial independence, Retire Early and was inspired by a book called Your…