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TAKE CONTROL OF YOUR F.I.R.E. JOURNEY
In recent weeks, Harland Merriam and I have been providing a path to financial freedom through the FIRE movement – Financial Independence, Retire Early. Today, we conclude this series by reviewing the key principles and encouraging you to take action.
The journey towards FIRE is not just about retirement; it’s about gaining control over your life, having more choices, and enjoying financial freedom. Let’s revisit the steps that have been outlined and discover how we can build confidence and take practical steps toward achieving FIRE.
The FIRE Journey: Creating Vision and Achieving Milestones
Whenever we start out on a journey it helps if you know where you want to go. This is why we emphasize the importance of envisioning your desired life. Create a vision statement that outlines your required passive income for financial independence, expected expenses, and the things you want to do. Set milestones that signify progress along the way, define savings rates that will accelerate your progress, and estimate the net worth needed for your FIRE journey.
Budgeting plays a critical part in your success. Not just for your finances but also for your time. Evaluate your current expenses and identify areas for improvement. Decide whether you want to be an active or passive investor, considering options like mutual funds or real estate syndications.
Building Confidence To Achieve FIRE
Everyone has a unique background and starting point. Our goals also vary tremendously. And many people have already been saving and investing a part of their income.
Getting started is the hardest part. Like an airplane taking off, it takes a lot of energy to get going. An airplane burns a lot of fuel to accelerate down the runway and climb up to a cruising altitude. But once it is there, the pilot can pull back on the throttle and cruise while burning significantly less fuel. Once we see the momentum of our nest egg growing, it becomes easier to make sacrifices that will enable faster growth.
Some people are already well on their way to financial independence. Like hiking in the mountains, you may see a higher mountain that you want to climb. You don’t have to go back down to sea level and start over. You just need to navigate to the next peak. The climb really does get easier.
Eventually the nest egg seems to gain momentum. I like to call it the wealth snowball as it keeps growing faster and faster. Given enough time and good investments the annual growth can exceed your earned income.
Reflect on your own progress, acknowledge your achievements, and compare where you are today with five years ago. What do you see? Have you put yourself in a better financial position than you were five years ago? Or one year ago?
It is important to take action. Commit to your goals and make daily efforts. Write down a vision statement, create a budget, track your progress, and celebrate milestones. The key is continual and consistent action, no matter how small, to keep the momentum going.
Achieving FIRE is not an overnight process; it’s a journey of financial freedom and empowerment. Take practical steps, starting today, recognizing that every action brings you closer to your vision.
The journey to FIRE is a journey to freedom, providing you with choices on how to live your life. If you’re ready to explore your options and strategy, don’t hesitate to reach out to Attune Investments for personalized guidance.
Your journey to FIRE starts with a commitment to taking small, consistent actions that will lead to financial independence and the life you desire.
Help Us Get to Know You Better
Join us at noon Eastern time on the third Wednesday of each month as multi-family investors network and engage in conversations about how to be better investors. We discuss opportunities and what we are doing in the current market.
On Wednesday, January 17th, at 12:00 noon (Eastern) join a conversation with Lee Walsh, a good friend and mortgage broker, as we talk about the issues related to financing multifamily properties. We will be on Zoom. Here is the link:
Meeting ID: 845 3219 0088
Dial in by phone +1 305 224 1968
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Mike is a retired aerospace engineer with a passion for real estate investing and teaching financial literacy. He lives with his wife in Daytona Beach, Florida.