Zero Financial Liability - Audacity to F.I.R.E

 

I think the main factor why I had the "audacity" to FIRE is because we have zero debt. The house is paid for, so is the car. We do have two young kids though, both below the age of 5. Indeed, having kids will make it more difficult to FIRE, but it is not an either or situation. You can have both , that is if you really want to have kids, and also want to FIRE. If you dont want kids, and sure about it, that's cool, your FIRE journey is perhaps 50% easier provided you dont end up spending the “kids” money on other things like booze, travels, branded goods and etc.

I did my sum before, the amount I spent BK (Before Kids) and AK (After Kids) are some what similar. In the past, I spent alot on parties , alcohol and food. Now these decadent spending is spent on the kids.

And also having financial liabilities do not mean you cant FIRE as well. You just need to be sure of your cash flow.

Remember people, manage your cash flow. Passive income always have to be more than your expenses. If you are embarking on your FIRE journey, do this first. It will be the easiest piece to place in the whole FIRE jigsaw puzzle that you are starting to work on.

Thank me later. 😂

Have a review of your expenses to see what can be removed easily. If you have a gym membership for a while that you dont use, why are you still holding on to it? Do you need disney, hbo, netflix, prime and etc? Can you just make do with just 1 or 2? My wife imparted me with a very practical lifehack. If you havent used something for more than 6 months, you most likely wouldnt use it ever, unless something changed drastically. I realised it’s true, at least for me. Just end the subscription and renew it when you finally want to use it again.

Cutting expenses is easier than increasing passive income for sure.

Good luck.

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