12. Achieving FI on a lower income
Episode description
When you listen to stories of FIRE (Financial Independence Retire Early), you’d be forgiven for assuming that a huge income is a prerequisite. However, while a hefty salary does help, it’s by no means essential. In fact, many people within the FIRE community have retired early without earning in the top tax bracket.
In this episode, Dave (Strong Money Australia) and Hayden (co-founder of Pearler) explore how someone can reach FIRE on a lower income. They do this by crunching the compound interest numbers for different salaries and sharing their results. They also detail how cutting your expenses can circumvent the limits of a lower income.
By this session’s close, you’ll have a clearer idea of how you can work towards FIRE – regardless of your earnings.
Strong Money Australia’s audiobook
Disclaimer
Any advice is general and does not consider your financial situation needs, or objectives, so consider whether it’s appropriate for you. You should also consider seeking professional advice before making any financial decision.
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