12. Achieving FI on a lower income
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.
Pearler
Strong Money Australia
Original Aussie FIRE e-book
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.
Pearler is an Authorised Representative #1281540 of Sanlam Private Wealth Pty Ltd AFSL #337927. Read the FSG available from https://pearler.com/financial-services-guide
If you are considering any of the products we spoke about during the show, be sure to read the Product Disclosure Statement & Target Market Determination available from the product issuer’s website before deciding.
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