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In this episode, we cover why your savings rate is more important than any other factor when it comes to retiring early. If there's one thing to focus on, this is it!
During the show, we discuss: - How spending less affects your FIRE number (2:45)
- Emergency funds, and why Pat doesn't have one (4:30)
- Why saving is the most controllable factor in our finances (9:40)
- Specific examples of why saving might account for 70% of your FIRE progress (13:13)
- The psychological benefits of saving (17:01)
- Earning more income to boost your savings rate (18:32)
- Our thoughts on side hustles and extra work (23:21)
- Lifestyle inflation and spending desires (29:38)
- Number of years to retirement based on your savings rate percentage (35:18)
- Is FIRE possible for low income earners? (45:26)
- Listener question (55:30)
Stuff mentioned in the show:
Early retirement calculator: Networthify Compound interest calculator: MoneySmart Median full-time Aussie salary: ABS data Current household savings rates: RBA data
More from us:
FIRE & Chill YouTube Dave's blog: Strong Money Australia Pat's blog: Life Long Shuffle |
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