5FF: The 5 Best FIRE Links
In a very rare move this week, I’m going to go ahead and recommend one of the posts I published. This is not because I feel it’s one of the best this week, but I do feel that it is at least one of the most important posts this week and it didn’t get much traction. Our mutual funds and ETFs are potential powderkegs for a reason I haven’t seen mentioned at all in the FIRE community. I only know about it because I work in finance. This danger is a medium-probability, high-impact event so take steps to guard against it. Even if this problem never arises with ETFs and mutual funds, your early retirement will be more structurally sound. Know about the problem and be better prepared if it happens!
Liz at Chief Mom Officer not only came up with a great title, the actual post itself is amazing too. She really hits the nail on the head here: if you decrease your expenses whilst increasing your income, you make giant strides toward FIRE. She has overcome all sorts of surprises and shocks, which makes her experience even more interesting.
This week, Sam at the Financial Samurai covered something that I believe is important. There are degrees of FIRE, there’s nuance to this lifestyle. Where on the spectrum of FIRE do you want to retire at? Check this link out to see approximately how much you need in your nest egg to live your desired lifestyle!
Tanja writes a heartfelt letter to the “unfrugal” early retirees. This resonates with me given that, like Tanja and Mark, I’m also not naturally frugal. She reminds us that there are many different paths to early retirement and you’ve got to take the one that works best for you. This is not dogma, it’s highly personal. “Personal” finance. So if you’re ever beating yourself up because you didn’t follow an early retirement recipe to the word, read this post and remember that you’re doing what works for you.
One of my favorite members of the FIRE community, Justin, provides us with an in-depth look at his family’s finances in 2017. It’s amazing how little they manage to spend whilst continuing to travel and have a good time. In a sea of “year in review” posts (yes, I did one too), his truly sticks out. Take a peek and see if you get some ideas about streamlining your expenses!
That’s All, Folks!
That’s all I’ve got for you this week. Go forth and conquer the weekend as a wiser version of yourself!