Financial Freedom for Generation X

A week ago, I delved into a couple of great books penned by millennials, and largely for millennials, detailing the path the financial freedom. Today, I’d like to review a couple more financial freedom books. Today’s selections were written by a couple of my cohorts in Generation X, a generation loosely defined as being born between the early 1960s and early 1980s. I’m a Generation Xer. Many of your favorite FIRE bloggers are, too, like Mr. Money Mustache, Justin @ Root of Good, Vicki from Make Smarter Decisions, Joe from Retire by 40, Miss Mazuma, the Early Retirement Dude, Carl […]

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Financial Freedom for Millennials

It’s a great time to be alive, and it’s a great time to become aware of the role your money will play in your life. The number of resources available to you is growing by the day. Today, I’ll be highlighting two excellent resources for millennials with an interest in financial freedom. The first is a playbook to guide you to financial independence from a millennial who has achieved it. The second is a play-by-play memoir from a millennial who discovered the concept and made drastic life changes to make financial freedom a realistic possibility. Personally, I’m a relatively young […]

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Working Worldwide with the WoWs — Financial Independence and Volunteering

Today’s blog post comes from Mrs. Waffles on Wednesday, an occupational therapist with a penchant for travel and volunteering. In just a few years, she has found ways to venture into far-off places to offer help where it’s needed most. We heard about some of the adventures she and Mr. WoW have had when we cruised to Cuba together in the fall of 2018. I asked if she would be willing to write up a guest post that spoke to their future plans with medical missions and how they’re intertwined with the financial independence that they are rapidly approaching. Not […]

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The FIRE Movement is Here to Stay

“I think we are at or near peak FIRE” – J.D. Roth of Get Rich Slowly He then postulated that when the next market crash comes, and we know it will (and we did see a drop of about 20% in the US stock market since then), a lot of people who thought they had achieved financial independence would realize they are not actually FI. J.D. was the moderator of FIRE panel at FinCon18 that included Pete of Mr. Money Mustache, Jillian from Montana Money Adventures, Carl a.k.a. Mr. 1500, and me. He asked us what we thought about “peak FIRE” […]

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The Case for Giving on the Road to Financial Independence

Case for Giving

Today is “Give to the Max” day up north here in Minnesota, a perfect day to showcase a topic that is near and dear to my heart and the heart of my friend from ESI Money. I’ve talked before about wanting to build up a sizable giving fund before retiring early, even it means this last year or two of work is more for the benefit of others than for me. I also donate half of my profits from this site, a number that will eclipse six figures before we know it. Below, he’ll make a case for generosity, show […]

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On Your Path to Financial Independence, Stop and Smell the Roses

Today’s guest post comes from the young man J.D. Roth likes to refer to as the “wonderkid” Cody from Fly to FI. At 21 (he’s now 22), I believe he was the youngest attendee at Camp FI Southeast the weekend we were all there. You may wonder how he earned that nickname. Simply, he knew all the financial independence lingo, had graduated college early, started a disc golf company, and could speak about it all more articulately than I could ever muster. When he was called upon during an on-site recording that became Choose FI Episode 057R, he nailed it, […]

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Are You Moving Closer to or Further From Financial Independence?

closer to FI

This is a classic post from The White Coat Investor that addresses the fact that Financial Independence, and your progress towards achieving it, can be a fluid situation. Some people feel you should focus solely on your income, particularly if you’re a high-income professional. Dr. Jim Dahle looks at the flip side and the double impact of increasing or decreasing your annual spending as it relates to the amount of money you actually need to call yourself financially independent. This is an important concept to understand as you progress to becoming truly financially independent. As per usual, this post previously appeared […]

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Ether to FI: Shifting Focus from the “FI” to the “RE” and a Net Worth Update

PoF: I’ll start today’s post with a quote from Ether to FI’s very first guest post.   “Hello FIRE nation.  I am E.T.F.  You are probably wondering what happened to the missing “RE” in my name.  That was not an accident.  I will probably have many different occupations in my life, but I am on a mission to find work that I love. Charlie Munger working at 93 is my inspiration.”  -Ether to FI   It seems he may be having a change of heart. Interesting what the influence of a better half can do. I try not to plan […]

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You’re Financially Independent. Now What?

Seller_at_Heart_Pub

Today’s guest post comes via Peter Koch who also shares his stories and thoughts with a growing readership on his popular blog, Seller at Heart. Peter is an international serial entrepreneur who has run a variety of businesses both online and offline. The father of two and huge basketball fan has now reached financial independence, and he often ponders what to do with his newfound freedom and time. What will you do? Let’s explore some options with someone who contemplates the question from a practical and very real standpoint. From the Seller at Heart: You’re Financially Independent. Now What?   […]

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Ten Ways to Feel Rich

Dahle Family Tubing

Today’s Saturday Selection from The White Coat Investor describes a number of ways for you to feel like a rich person, even if you’re one yet. Going through the list, I can check just about every box. I could probably add a few items, too. “Rich” means different things to different people, but in this case, the good doctor is referring to material wealth. Try a few of these tips to feel rich and eventually, you’ll probably end up actually being rich. This post was originally published on The White Coat Investor.   As I write this (back in December […]

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Rounding the Bases of Financial Independence

rounding_the_bases

Today’s Saturday Selection comes from Passive Income MD, and it will totally change what you think of as “getting to third base.” Baseball analogies are everywhere, as the good doctor points out, but we don’t have them for the FIRE community. Well, not until PIMD wrote about them, and now I’m sharing them with you. As always, this post originally appeared on Passive Income MD.   Rounding the Bases of Financial Independence   As a child, very little filled me with more joy than visiting the ballpark. It was a magical experience. I still remember the feeling of being out […]

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House Hacking: A Lucrative Passive Income Stream for Young Professionals

Today’s post is a guest post from fellow Minnesotan Erik who runs the blog and podcast The Mastermind Within. On his site, he shares tips and strategies to unlock your full potential in the areas of personal finance, self-improvement, and entrepreneurship. He loves to help others, and uses his site as an outlet for this passion. In this post, Erik shares how he created a passive income stream of $15,000+ a year after finishing grad school and commanding a high salary, and how you can create passive rental income with house hacking. The timing couldn’t be better with college grads about […]

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Chief Mom Officer: Overcoming Obstacles to Achieve Early Financial Independence

bad euchre hand

Hi all – I’m Liz, the Chief Mom Officer, and I’m so happy my friend Physician on FIRE has invited me over to the site today to talk all about one of my favorite topics – overcoming challenges on the way to Financial Independence (FI). In fact I like to say I’ve been pursuing it for 20 years now.   I’ve been an avid fan of all things personal finance and investing since I was a teenager, reading The Wealthy Barber at my local library at sixteen. That may have given me some significant advantages in being financially smart, but […]

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Ether to FI: Mrs. E.T.F., Are We on the Same Page?

Today, we have the fifth installment from our anonymous friend E.T.F., an anesthesiologist out there in the ether working his way to FI. His goal is $3.3 Million in ten years, and he’s been documenting his journey roughly every other month here on this site. Today, he invited Mrs. E.T.F. to answer some money questions to gauge how compatible their financial intentions are. How is it that I’ve written hundreds of blog posts and haven’t had my wife chime in yet? I may need to follow his lead and change that! The floor is yours, Ether to FI.   Ether […]

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How to Achieve Financial Independence Spending $200K Per Year

FI 200k

Today’s Saturday Selection is a bit of a jaw-dropper from Passive Income MD. I’ll be honest. It’s a lot easier to become financially independent when spending $60,000 to $80,000 per year than it is when your annual expenses are two to three times that! There are some reasons that PIMD’s numbers are much higher than mine. He lives in southern California; I live in Minnesota. He pays absurd southern CA prices for everything, including a mortgage and childcare. I own my home outright and my children are in elementary school. Most of our flights are practically free using travel rewards […]

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Six Months of Part-Time Work. Or How I’ll Save $60,000 on Taxes in 2018.

Reykjavik Duck

Today is  Tax Day. To commemorate the event, I’d like to share with you how I plan to slash this year’s tax bill by upwards of $60,000, or nearly double what my salary was 13 to 16 years ago when I worked about three times harder as a resident physician. Half a year ago, I executed a bold move based on a decision I couldn’t have imagined I’d be making in my early forties. I made an intentional choice to slash my income by 40% while showing up for work quite a bit less. I had been contemplating such a […]

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What is fatFIRE?

fatfire

Four years ago, I didn’t know what FIRE was. I mean, I knew what fire was — something to gather ’round to drink beers, tell stories, and burn marshmallows. But I was oblivious to the acronym that has since become life changing: Financial Independence, Retire Early. Now, four years later, you could say FIRE is my middle name. Except you’d be wrong. It’s my last name — “on” is my middle name. But that’s neither here nor there. I’ve learned what it means to be financially independent. I’ve taken advantage of my FI status by working less and adventuring more. […]

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One House. One Spouse. One Job.

PoF Second home

Today’s Saturday Selection comes courtesy of The White Coat Investor. I believe the title may be Dr. Dahle’s version of One Bourbon, One Scotch, One Beer. Picture yourself around a campfire near Lake Powell and sing it with me, “one house… one spouse… and one job. Now ain’t seen my wakeboat since I don’t know when…” To be honest, I haven’t followed this advice very well. I’ve had several jobs and we once owned five homes at the same time (we’re down to two plus some additional lakefront property). Thankfully, I’ve got one spouse, and I plan to keep her […]

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He’s Financially Independent! [If He Moves]

austin texas sign

Passive Income MD lives in sunny southern California. There’s a lot to love in the seaside cities of SoCal, and then there’s the cost of housing. The good doctor has realized that his house payment would diappear if they lived practically anywhere else in this great nation, save for a few select cities where houses similar start at about a million bucks for anything halfway decent. So… should he move? As always in our Saturday Selections, this post originally appeared at Passive Income MD.   He’s Financially Independent! [If He Moves]   So it’s no secret that my goal is […]

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Rest in Peace, E.T.F. A Love Letter from a Dead Man and a Net Worth Update

Today’s post is the fourth installment from the anesthesiologist in his first year of practice with a plan to reach financial independence within a decade. He’s got a goal of $3.3 Million, or enough to have an allowance of $100,000 a year with a very safe 3% withdrawal rate. He’s seen hardship in his personal life lately, which prompted him to pen this piece. Read on for his love letter and an update on his progress towards financial independence. Rest in Peace, E.T.F.   Did I get your attention? Good. Breaking news! You are going to die. Sorry to be […]

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