In this episode…
We take a deep dive into why your savings rate is more important than any other factor when it comes to becoming financially independent.
If there’s one thing to focus on, this is it!
Listen to the show…
(if you prefer, download the mp3 file)
- How spending less affects your FIRE number (2:45)
- Emergency funds, and why Pat doesn’t have one (4:30)
- Why saving is the most controllable factor in our finances (9:40)
- Specific examples of why saving might account for 70% of your FIRE progress (13:13)
- The psychological benefits of saving (17:01)
- Earning more income to boost your savings rate (18:32)
- Our thoughts on side hustles and extra work (23:21)
- Lifestyle inflation and spending desires (29:38)
- Number of years to retirement based on your savings rate percentage (35:18)
- Is FIRE possible for low income earners? (45:26)
- Listener question (55:30)
Resources and stuff mentioned:
Subscribe in your favourite podcast app:
Or join my mailing list below to get notified of future episodes in your inbox:
Want more FIRE & Chill?
Check out the full list of episodes on the FIRE and Chill podcast page. You can also see clips from the show on the FIRE and Chill YouTube channel.
Do you have something to add to this discussion? Share your thoughts in the comments below…