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Save 50% of your gross salary, invest in index funds, and be patient. You can speed up the process via geo-arbitrage, climbing the career ladder without lifesty
by mattgreenrocks 3y ago
Save 50% of your gross salary, invest in index funds, and be patient. You can speed up the process via geo-arbitrage, climbing the career ladder without lifestyle creep, working at a FAANG, being more frugal, or side hustles. Search for FIRE for more details.
It’s not easy by any stretch.
- pharmakom 3y agoLet's be honest, it's only possible for people with rare skills and/or prestigious credentials (which are largely a function of your parents social class). Earning median wage most of that goes towards rent. There's nothing left to save. Move further away and you lose big on earnings.
- commonlisp94 3y agoordinary behavior is unlikely to bring extraordinary results
- yourapostasy 3y ago> Earning median wage most of that goes towards rent. There's nothing left to save. Move further away and you lose big on earnings. If you are in your teens or 20's in a median wage income, then I advise considering vanlife grinding towards FIRE. I spent so much time in libraries or labs at that stage of my life that in hindsight, I should have dismissed the stigma of "homelessness" and adopted vanlife, scraped enough together for a duplex down payment, rent both sides out initially until one side is paid off, and then settle in that side should I want out of vanlife at that point.
- catmanjan 3y agoAren’t index funds just based on the profits of exploitative companies?
- anthonypasq 3y agothis doesnt work if you have kids. I honestly think the only way to actually achieve financial independence to is to an entrepreneur