L2F 011 It’s Not Too Late to Pursue Financial Independence

L2F 011 It’s Not Too Late to Pursue Financial Independence

Podcast Many people are behind in saving for retirement. Following the practices of FIRE can help you catch up.

Show Notes

  • Re-branding the show to Later2FIRE.
  • The target audience is an underrepresented niche of people who are older and can benefit from following the principles and practices of FIRE.
  • We’re inspired to make this change by Ramit Sethi , author of I Will Teach You to Be Rich, who was a keynote speaker at FinCon 2019.
  • We went to FinCon in September in part to announce FIREwalkers. One of our Twitter friends, Lisa, politely suggested that we consider looking for a more targeted audience. So we are doing so.
  • Within every demographic there are people who are interested in personal finance
  • We met people at FinCon who experienced huge setbacks in life. They turned their lives around by following FIRE.
  • The fact that there are so many people behind in saving for retirement is validation that a niche exists.
  • The goal is FI and every step along the way means that when you eventually reach retirement, it will be a better retirement.
  • The FIRE movement places more emphasis on FI rather than retire early (RE).
  • We prefer to say Retire Earlier.
  • Once you reach FI it’s your choice what you want to do with your time.
  • Retirement is being redefined in part because people are living longer and in better health.
  • Our basic premise is why can’t the same principles and practices that enable younger people to achieve FI in as few as 10 years help older people get out of debt and catch up their retirement savings.
  • In a future episode we will talk about some advantages that people who are later to FIRE have.
  • FIRE encourages people to spend less and enjoy life more. It’s important to spend according to your values.
  • FIRE provides a framework that makes it easier to talk about money and bring some peace of mind because you understand the facts behind your money situation.
  • There are benefits of finding like minded people that support your decisions because many people will not understand why you’re not spending as much money on things.
  • The FIRE community will also hold you accountable just like a trainer helps you stay with your workout routine.
  • Any steps toward FI are beneficial and should be celebrated.
  • Our next show will go into the principles of the Later2FIRE movement.

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