Financial Independence Retire Early

gotmilk on 20/09/2020 - 12:30

Anyone else doing FIRE? Thought it might be good to hear top tips for frugal living /side hustles from the Cheapies group.

Our strategy is to maximize side hustles (you can't save what you don't have), and buy quality but less of it/less items. We don't have a TV or a microwave or some other items people might consider essential, but this just gives us extra to fork out on things that are meaningful to us - family holidays etc. Truth be told, we probably won't (and probably won't be able to) retire early completely on our income, but it just gives us options to spend more time with family and on things we want to be doing.

Please no hate - you don't have to be doing FIRE to benefit from frugal tips! It is Cheapies after all.

General Discussion

Comments

  • Fantastic on 20/09/2020 - 17:27
    +1

    Check this website out there’s lots of good information on here

    https://www.reddit.com/r/PersonalFinanceNZ/

  • Drcspy on 21/09/2020 - 07:49
    +1

    Yeah well. My strategy is to buy Lotto tickets. So far it's not working lol. They keep selling me the wrong ones. Nah actually I'm still working but the Mrs has quit. We're ok as we don't have a mortgage. We do have some money in the bank. But at current interest rates It's barely enough to buy us a coffee each per week. And of course you got to worry about money in the bank, or indeed any money which isn't actually in your physical hand. However there is the fact that we live in perhaps the best country on Earth for safety and life quality. So yeah. I dunno. One day at a time ?

  • pwildnz on 21/09/2020 - 11:15

    Im 31 and have been working on this all my life, now i am setup to retire (in asia) but i will probably utalise barista (teacher) fire
    https://www.financialsamurai.com/what-is-barista-fire-a-hybr…

  • pwildnz on 21/09/2020 - 11:18

    i think to retire is a shyt idea cause ya get bored better aim for barista fire until you are at least 50 because you know you will work.
    my #1 tip is do not vary your spending based on income

    I have worked earning 35k and sales gigs earning 75k but my spending is still the same, i treat myself sure but generally if i dont need stuff i dont buy it!

  • Sadie on 21/09/2020 - 12:01
    +6

    One of us could probably afford to retire early, but I think that is sending the wrong message to our children at the stage our family is at.

    At the moment we are living by Work hard, Play hard with a good work/life balance. I work school hours so I still make it to all of the school and sporting events I am expected at but the kids can see us both going to work each day - they get a good sense of gender equality, that both women and men can contribute to the household, that if you study hard and work hard you benefit by overseas holidays and 'toys', and possibly later early retirement.
    I don't want them growing up thinking life is easy, that 'my parents don't go to work and they did ok'.

    • moxpearl on 21/09/2020 - 17:04

      So much this.

  • Robbert on 29/09/2020 - 22:15

    I am more interested in work/life balance now then retiring early. I think I would enjoy working in my older years if I am still able. Don't want to slave hard for an early retirement when you never know what the future will bring and if I will even still be around.

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