Financial Independence in Ireland- Positive vibes only!

Become handy. If you can solve problems/do some basic carpentry, plumbing, maintenance you can reduce costs while being useful and sense if satisfaction.
 
1. Monthly Spreadsheet Tracking savings (cash), investments, pension, debt etc. It is a great way to monitor that you remain on track.
2. Don't increase your spend as your salary increases.
3. Do sweat the small things to a certain extent, and use apps like Revolut to maintain daily spend.
4. Pay down debt quicker.
5. Keep upskilling or looking for side hustles


I lived in the US and was fascinated by the FI movement, but I did find that often people had a lump sum to begin with that let them buy properties etc to get them going. Whilst Ireland doesn't have some of the benefits in the US, as pointed out our AVCs, low medical and property taxes etc are better.
 
High savings rate is the key. If you can save 80% for 5 years, you can take next 20 years off. Ignoring inflation, and investment returns. Look up ERE, its for honours students only.
 
fistophobia said:
High savings rate is the key. If you can save 80% for 5 years, you can take next 20 years off. Ignoring inflation, and investment returns. Look up ERE, its for honours students only.
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This statement is too vague to be meaningful for me and so I do not get this at all. 80% of what - Gross income/net income? What about AVCs/Co. Contr? is that included in the savings figure. Taking off the next 20 years with no understanding of the income vs expense fluctuations from year 1 to 25 - perhaps you could do a simple calculation for the non honours students amongst us?

I haven't looked up ERE yet - have you any references/links for this? be interested to look into

tnx
50+O
 
50andOut said:
This statement is too vague to be meaningful for me and so I do not get this at all. 80% of what - Gross income/net income? What about AVCs/Co. Contr? is that included in the savings figure. Taking off the next 20 years with no understanding of the income vs expense fluctuations from year 1 to 25 - perhaps you could do a simple calculation for the non honours students amongst us?

I haven't looked up ERE yet - have you any references/links for this? be interested to look into

tnx
50+O
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Google early retirement extreme.

It is extreme. Not for the masses.
 
PGF2016 said:
Google early retirement extreme.

It is extreme. Not for the masses.
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thanks - searching for ERE on google, goes to info on some dis-functioning body parts lol

The extreme nature whilst might make interesting reading, as you say is not for the masses - as mentioned earlier, plan ahead but don;t miss out on living for now...
 
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