“Is the glass half empty or half full?” a proverbial phase to indicate that a particular situation could be a cause for pessimism (half empty) or optimism (half full).
Year 2023: i pursued financial education and learnt about the FIRE concept.
FIRE = Financial Independence, Retire Early!!
This strategy focuses on aggressive savings. Saving corpus should be enough to support rest of the life expenses by withdrawing 2–3% annually. Obviously the corpus is invested and should grow at a pace more than inflation.
A good read: “Your Money or Your Life by Vicki Robin”, written in 1992 and still relevant means its time tested.
The single most important trait i picked : “I should evaluate every expense in terms of the number of working hours it took to pay for it”.
So lets define few sections of life as:
- Career: Job, network
- Relationships and emotional well-being: friends and family
- Finances: Financial education, expense tracking and budgeting
- Skill development: learning and practice
- Physical health: strength training, running, skating, swimming
I have a budget of 10 hrs/day. I am good with rest 14 hrs gone as breathing space, sleep, commute, bla bla activities.
Lets have a weekly view, so got 70 hrs/ week to spend over 5 buckets.