Get e-book A Man Is Not a Financial Plan: Investing for Wealth and Independence

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This principle is really easy to follow too. Most FIRE bloggers talk about a concept called savings rate — which is the ratio of your savings to your income. If you grow your income, and keep your expenses the same, your savings and savings rate will increase. Can you guess what the average Australian household savings rate is? Would it surprise you to learn that in the fourth quarter of , it is currently sitting around 2.


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Granted these numbers reflect the economic conditions at the time, what with falling interest rates, greater availability of credit and stable economic conditions. No comparisons between savings behaviour amongst baby boomers and millenials here! If you already save more than 2. Savings rates can fluctuate depending on where you are in life, your personal circumstances, and so on.

Keep trying to reduce your spending and increase your income so that your savings rate grows larger and larger over time. Why do so many FI bloggers stress the importance of investing?

Budget Financial Independence

Technically, an interest earning bank account is an investment too. But check out this chart, courtesy of AMP.

A Man Is Not A Financial Plan: Investing For Wealth And Independence

Just like everything, there are risks in investing, unique to each asset class. Generally, the longer your investment timeframe, the more risk you can take. Some people are naturally risk averse, so even if they had a long investment timeframe, they may not be able to sleep at night knowing their money is invested in a risky asset class. Others like FireDad and I are willing to take higher risks with the expectation of getting a higher return. Whilst the financial independence principles are generally universal, the approach to becoming financially independent can vary.

He also hates credit, hates debt, and prefers that you pay for your house in cash. The Frugalwoods are less about investing and more about taking an extreme approach to frugal living. Their commitment to living frugally is pretty impressive, choosing to move from a high cost of living city to a low cost of living rural homestead. His approach to investing is also pretty unique, starting out with a massive property portfolio and then slowly selling them down to fund retirement and investing further in LICs for income. Interestingly, Aussie Firebug who is not yet financially independent , whilst still in the accumulation phase, decided to pack up and do the whole see-the-world-out-of-London thing for a year.

Now who knows if that decision could delay his FIRE plans — but you know, you only live once. But we still have an amazing life in our pursuit of financial independence.

The 4% Rule for Retirement (FIRE)

We are able to live the life we want without feeling like we go without. Our investments are steady and growing, and we will reach financial independence in our own time, at our own pace. That said, we certainly are not sitting on our laurels and just letting things tick along. Plus, we tend to take a bit more risk than others in our investments through gearing i.

NWM specialise in wealth management solutions and independent financial advice.

Let me know by leaving me a comment, and also please consider subscribing if you enjoy reading my content! I was pretty much instantly hooked and have read widely and passionately about it for nearly four years since. I like the FI bit though, because to me the attraction of doing whatever I want to do with the time I have left is very strong. FI to me means work and other non-enjoyable things like paying insurance premiums and sitting in traffic become optional.

Good points Chris. There are a number of people eschewing the RE part and going for RO retirement optional. As you say, FI is all about giving you options for what you choose to do in life, whether that be work, travel, spending time with kids, etc. For younger people like us, retirement could look like working short hours around the kids schedule, spending quality time with them, and so on. Well here are some examples of unexpected real estate options to invest in:. As you can see, these options and there are even more out there, so get creative! As you start to earn a return on your investment, you can use that money to buy the next one and so on.

8 books to help you become wealthier in 2018

Read time Last updated: September 20, Original publish date: November 30, Content vs. Join Our Community —1. On the plus side, recent studies have shown that women are better investors, with an outperformance of around 40BPS per year vs. In the same study by Fidelity in which over 8 million investment accounts were reviewed— their conclusion was that women achieved higher returns on average and were better savers from a financial planning perspective.

Baseline Financial Independence

The theory behind this phenomenon is that women around the world are responsible for the operation of the household, which mandates a longer-term view when it comes to planning for the future. In essence, women tend to earn less— though they work more— since much unpaid labor is performed by women.

The average woman will lose 12 years in the workforce due to having to take time off to care for others, and face lower wages upon returning. And yet, women will on average spend more time in retirement, which means they must save more than their male colleagues to attain the same quality of life. The overall lower lifetime earnings makes it critical for women, especially, to invest intelligently and make wise financial planning decisions from the very start.

Traditionally, when finances were largely handled by men, women had little to no access to financial planning resources, or to an advisor.

The 7 bad financial habits DIY investors must break | This is Money

While an advisor is certainly a valuable and often necessary ally when it comes to finances, the final responsibility for our financial health still falls on us. There is no one-size-fits-all solution to staying on track for retirement, but Betterment can help you make better sense of the pieces you need to know.


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We take into account taxes, inflation, your risk appetite, investment horizons, and other personalized factors that change the way you should invest. Learn more here. During these times, it can be very tempting to, for example, withdraw from a retirement savings account, such as a k , to fund other expenses. However, actions like this could lead to negative tax consequences, and ultimately deplete the savings at a faster rate.