L2F 012 Principles of Later2FIRE

L2F 012 Principles of Later2FIRE

Podcast

A principle is a fundamental proposition that’s the foundation for a system of belief or a chain of reasoning. You should be comfortable with the principles of Later2FIRE.

Show Notes

  • We’re making a subtle change to the meaning of the FIRE acronym from Financial Independence Retire Early to Financial Independence Retire Earlier. This change acknowledges that people who start later can’t retire “early” but they can retire earlier than they think they can. It’s never too late to be later to FIRE.
  • A principal is a fundamental proposition that serves as the foundation for a system of belief or for a chain of reasoning.
  • Principals are important because they provide a framework to help set a goal. They are the beliefs that people subscribe to and have in common.
  • Principal 1 – Have a growth mindset. Change and learning are possible.
  • Principal 2 – Anyone can achieve FI. Everyone has to start somewhere. It’s about your spend rate and not income.
  • Principal 3 – It’s never too late to pursue FI.
  • Principal 4 – Have a healthy relationship with money. What kind of spender are you? Focus on accumulating experiences instead of more stuff. Know how much is enough.
  • Principal 5 – Know your “why of FI”. If you understand your goal, it will help you make good money decisions.
  • Principal 6 – Community support is invaluable. You don’t have to go it alone. Community members help by sharing their experience and resources. There are niches within the community by occupation, generation or financial interest. Everyone benefits by experiencing a sense of belonging.

We encourage you to listen to the preceding episode where we discuss why it’s not to late to pursue FI.

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