How to Reach Early Financial Independence - Deepstash
How to Reach Early Financial Independence

How to Reach Early Financial Independence

Curated from: medium.com

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Score a Two-Fer Toward Financial Independence

Lifestyle inflation is an insidious killer of your financial wellbeing and eventual financial independence.

What it is: allowing your expenses to grow along with increases in your income.

How preventing it helps:

  • Using increases in income to plump up your savings lets you take advantage of compounded returns over time.
  • Second, keeping your expenses lower reduces the size of the nest egg needed to fund your retirement. 

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Pro Tips to Accelerating Your Financial Independence

  1. When you score a raise or bonus, invest at least half of it for the future - this is the most painless way of increasing your savings rate.
  2. Whenever you pay off a loan or credit card, increase your savings by the same amount you no longer need to send to your creditor. This is another relatively painless way to save more.
  3. Every few months, review your spending and trim 3% off each discretionary category (e.g., eating out, shows, etc.).

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