The biggest challenge of all is the change you need to make to your mindset to make it work for you. Here's a checklist of how you can attain #financialfreedom -
It’s a Lifestyle Change - If this sounds too much, then FIRE probably isn't for you. If the frugality sounds like a challenge and you're keen on a minimalistic lifestyle, then FIRE might be your path to a freer life.
It’s about living differently, cutting back on the below;
Going out multiple times a week
Hobbies that require expensive equipment
It is both radical and long-term. Attainable.
Settling Debts - Debts are baggage. If you can pay off your debts soonest possible you can save more money on interests. Having said so though, it's important to recognise that not all debts are equally urgent.
Pay off High-Interest Debts first.
Increasing your income - More money in the bank now equals a faster path to financial independence. So you need to find ways to boost your income. Here are some basic tips:
Ask for a pay rise. Seriously, when was your last pay rise? Are you worth more than what you're currently on? If you can make the case to your employer that you're worth more, go for it. You could even start looking for a new job solely to convince your current job to try harder to keep you.
Get a better paying job. If you can't get a pay rise, then switch jobs. Be upfront about your salary expectations, emphasise your value as an employee and ask for a base salary above what you're currently getting. Be realistic, but be bold too.
Embrace the side hustle. There are so many ways to earn money on the side. You can get a second job on sites like Fiverr, drive an Uber, pet sit or learn a new skill you can turn into a money-making venture.
Rent out your assets. There are many creative ways you can turn a car, home, spare room or garage space into cash. You can rent a spare room out on Airbnb or flatmates.com.au, or rent out car space to commuters through sites like Spacer and Parkhound.
Am I ready for FI/RE?
Only you can answer this question. Hopefully, the information we provide has helped you get a better understanding of what FIRE is all about.
If you are serious about FIRE, then there are many ways that we can help you get your finances organised. You can always get the FREE FI/RE module HERE and SUBSCRIBE to our updates.