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 here)
- 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:
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