Why would anyone want to pursue FIRE (financial independence and retire early)? For me, it was a series of events that led me down this path.
I followed a typical route: high school, a Bachelor’s degree in Economics, and a Master’s degree in Corporate Finance & Control. But things changed in early 2008 when my stepdad lost his job at 55. He had chronic back pain from a car accident years before and wanted to work from home a couple of days a week to manage his pain better. His employer refused, and he was fired. That was the first time I realized that a job doesn’t guarantee security or reliability.
I didn’t want my life to be dictated by someone else’s opinion of my work. What if I didn’t get the job or the promotion? I wanted to eliminate those uncertainties as soon as possible. My stepdad struggled to find new work and eventually took a job as a taxi driver for kids with special needs, which didn’t pay much. My mom had to return to work, and even I chipped in by lending them money from my student loan.
I vowed never to be in that situation. During university, I lived independently and covered all my expenses, from tuition to rent and food. By the end of my studies, I had a €25,000 student loan debt, which wasn’t too bad. My parents did their best, and I love them for it, but their struggles gave me a drive to work hard so I never have to rely on others.
Being financially independent means I can make my own decisions and do what I want. In November 2018, I attended T. Harv Eker’s seminar, ‘Secrets of a Millionaire Mind,’ which was eye-opening. It made me realize I wanted to start my own business someday. I decided to start blogging in December 2018, something I always loved but never pursued.
Reading “Rich Dad Poor Dad” fueled my desire for financial freedom even more. Freedom is my top value, and I believe in incorporating mini-retirements into my life now. I’ve taken several months off to travel and work on passion projects, which is my idea of freedom.
When I started working in April 2018, I found I had more money than I needed. I began investing, thanks to my background in economics, and even dabbled in crypto with some play money. Discovering Financial Independence in November 2018 was a game-changer. The concept of having a nest egg big enough to fund my expenses forever was new and exciting.
I calculated my savings rate and found I was doing well. Living in a shared apartment kept my housing costs low, and my employer covered my car expenses. With my savings rate, I expect to retire by 35. I love the idea of work being optional, starting my own company without much risk, and managing my time as I wish. I’m all in!
If you’re curious about how to achieve Financial Independence and Early Retirement, start by asking yourself: What is your Why to FI?