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Scott Rieckens, in his book Playing with FIRE, teaches readers about mindful living, saving aggressively, investing smartly and taking control of their finances.
To follow FIRE (Financial Independence, Retire Early), save at least 70% of income and live on the other 30% to achieve financial goals.
Invest mainly in low-cost index funds to generate passive income. Once you retire, withdraw only 4% per year to make your funds last longer.
Identify what is meaningful to you and what brings you joy, and align your expenses accordingly to ensure mindful spending. Focus on your priorities to save more.
FIRE claims you can simplify your life by identifying your annual expenses and multiplying that number by 25. That amount becomes the amount you need to save to retire.
Track all of your expenses on a regular basis to avoid overspending. Knowing where your money goes gives you the power to control its flow and avoid unnecessary expenses.
Involving your partner is an important step to achieving financial freedom. Mindset shifts can be hard, but honest conversations and aligning your visions can help you grow together.
Scott emphasises a life led by passion and freedom, not obligation. FIRE motivates you to break the norms of traditional 9-5 by working on what really matters to you.
Meet other people who believe in FIRE and form a strong community. Having shared goals, stories, and ideas makes the journey feel easy and keeps you inspired.
The book criticises consumerism and urges readers not to fall into the trap of buying products just because everyone else is buying them.
It’s never too late or too early to begin FIRE. You don't need to be wealthy from the start; you can always take small steps and change your mindset to reach your goal.
Thanks for reading!
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