Girl on FIRE

🎙 The race to FIRE is a tough one. It takes years of dedication to investing and growing your portfolio before you reach financial independence and you can retire early. When you retire early, you need a bigger nest egg because you’ll be drawing income from your investments for decades longer than traditional retirement. And it takes decades to build a portfolio that’s large enough. But what if there was a way to speed up your journey? You might be able to reach FIRE even earlier by taking advantage of a program that’s sitting right under your nose… 🤔

This episode discusses topics like:

🌟 Why simple FIRE calculations on the internet fall short and leave you vulnerable to running out of money or having to go back to work;

🌟 How FIRE works with an age-restricted retirement program like superannuation in Australia or 401 (K) in the US; and

🌟 How much earlier you can retire using a phased approach to early retirement as opposed to the simple FIRE calculations out on the internet (the 25x rule).

Links from this episode:

Retirement Timeline Graphic: https://bit.ly/3i1XkRB

Episode transcript and show notes: https://www.papermoneyco.com/gof30

Get your FREE Investing Starter Guide: https://www.papermoneyco.com/startinvesting

Savings rate and investing rate: https://www.papermoneyco.com/gof19

The 4% rule: https://www.papermoneyco.com/gof23

Calculating your FIRE number: https://www.papermoneyco.com/gof28

Time codes:

00:00 Hello and Welcome!

06:55 FIRE vs Traditional Retirement

08:18 FIRE and Superannuation or 401(K)

10:21 Reaching FIRE and Retirement in Phases

19:52 Simple FIRE Calculation

23:34 Retirement Programs Make FIRE Easier

24:58 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 This episode has the power to change your life. Once you learn this, you can’t unlearn it and you’ll be seeing it everywhere. In this episode, I talk about opportunity cost and what that means for your finances. But I also talk about how it reflects what your freedom is worth. The financial choices you make have more than just a financial impact. And I’m not just talking about your carbon footprint. 🤔

This episode discusses topics like:

🌟 What opportunity cost means and why it’s a fundamental concept of modern economics;

🌟 How to see the opportunity cost in all your financial (and personal) decisions; and

🌟 What the true cost of retirement is — what is your freedom really worth?

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/gof29

Get your FREE Investing Starter Guide: https://www.papermoneyco.com/startinvesting

Time codes:

00:00 Hello and Welcome!

03:36 What Is Opportunity Cost?

08:12 Sponsor - FIRE and Investment Calculator Spreadsheet

10:26 What Does It Mean When Building Wealth?

13:03 More Than Just Financial Cost

19:18 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 In this episode I give you a behind the scenes look at my FIRE number calculation and my expected early retirement age. I’m covering all the variables and assumptions that you need to calculate your own path to FIRE. Early retirement isn’t just for the super rich. If I can plan for it, you can plan for it too. But it’s super important that your FIRE number calculation and early retirement age are realistic. Otherwise, you run the risk of falling short and running out of money. And what you hear on the internet about multiplying your expense by 25 or increasing your savings rate isn’t always the best advice. So, how do you do a FIRE number calculation properly? 🤔

This episode discusses topics like:

🌟 Why rules like the 4% rule and 25x rules are often misguiding investors when planning for early retirement;

🌟 How to calculate how much money you need for retirement and be sure that you won’t run out of money; and

🌟 What it takes to be able to retire early.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/gof28

Get your FREE Investing Starter Guide: https://www.papermoneyco.com/startinvesting

Does the 4% Rule Really Work? https://www.papermoneyco.com/gof23

How to Get Rich While You Sleep: https://www.papermoneyco.com/gof25

How to Calculate Your Savings Rate: https://www.papermoneyco.com/gof19

Time codes:

00:00 Hello and Welcome!

04:57 FIRE Calculation Assumptions

14:20 Sponsor - FIRE and Investment Calculator Spreadsheet

16:15 Portfolio Growth

20:45 Other Assumptions

22:42 FIRE and Investment Calculator Spreadsheet Video

24:31 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 Emotional investing…speculation…market sentiment… these are all the things that drive the stock market. Which means that they determine what happens to your wealth, even when you have a solid and well-researched investing strategy. So, how do these forces actually work, and how can you protect your wealth against them? 🤔

This episode discusses topics like:

🌟 How emotional investing feeds market sentiment and speculation;

🌟 Whether choosing water over Coke really spells doom and gloom for your investments; and

🌟 Why the stock market can be a little stupid and investors can go a little crazy.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/gof27

Sign up for my free Masterclass: https://www.papermoneyco.com/masterclass

Day Trader definition: https://www.investopedia.com/terms/d/daytrader.asp

Dollar Cost Averaging: https://www.papermoneyco.com/gof24

Diversification: https://www.papermoneyco.com/gof17

Time codes:

00:00 Hello and Welcome!

03:31 What Is Emotional Investing?

05:39 How Does Emotional Investing Impact Your Wealth?

08:07 How Does Investor Sentiment and Speculation Impact the Stock Market?

14:00 Sponsor - FIRE and Investment Calculator Spreadsheet

15:55 How Does Emotional Investing Impact Your Wealth?

19:33 Ways to Beat Emotional Investing

23:59 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 Day trading is often seen as a way to get rich quick. But it’s almost impossible to day trade your way to a million-dollar retirement, especially with the effects of emotional investing and stock market sentiment. So, why does it seem like it’s the winning lottery ticket you’ve been waiting for? Why does it go wrong? And why is long term investing the better strategy? 🤔

This episode discusses topics like:

🌟 What day trading is and why most people who try day trading end up losing a lot of money;

🌟 How emotional investing impacts the stock market as a whole and your personal wealth; and

🌟 Why long term investing is the better way to get rich.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/26-emotional-investing-stock-market-sentiment

Sign up for my free Masterclass: https://www.papermoneyco.com/masterclass

Day Trader definition: https://www.investopedia.com/terms/d/daytrader.asp

Time codes:

00:00 Hello and Welcome!

02:52 What Is Day Trading?

04:03 Supply and Demand Inefficiencies in Day Trading

08:21 Sponsor - FIRE and Investment Calculator Spreadsheet

10:16 Day Trading vs Long Term Investing

13:13 Why Do People Day Trade?

14:21 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 Making money while you sleep sounds great, doesn’t it? And the good news is that it’s available to anyone when you invest in stocks that pay good dividends. It’s a great way to add extra income to your wallet and boost your financial goals. Income investing through dividends is also a great option for creating an income stream in retirement. But how do dividends work? 🤔

This episode discusses topics like:

🌟 How to choose which stocks to invest in when you want to earn dividend income;

🌟 What steps you need to take when you invest in stocks to earn an income; and

🌟 How to identify good dividend-paying stocks and how to identify the ones to avoid.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/25-invest-dividends-stocks

Sign up for my free Masterclass: https://www.papermoneyco.com/masterclass

Time codes:

00:00 Hello and Welcome!

03:28 How to Make Money From Dividends

10:49 Sponsor - FIRE and Investment Calculator Spreadsheet

12:49 Dividends and Your Investing Strategy

18:20 How to Invest for Dividends

23:38 Ways to Evaluate Dividends

26:57 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 Dollar cost averaging is a common investing strategy that’s often considered to be good for beginner investors and those investing under a long term buy and hold strategy. But it may not be the best option for you. How does it work? And how does using a dollar cost averaging strategy impact your wealth? 🤔

This episode discusses topics like:

🌟 How dollar cost averaging works and how you can implement this strategy;

🌟 How dollar cost averaging can be beneficial for beginners and emotional investors; and

🌟 How dollar cost averaging can increase your wealth and when it’ll result in you leaving money on the table.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/24-dollar-cost-averaging

Dollar Cost Averaging: Truth or Fiction study by Morningstar: https://www.morningstar.com.au/learn/article/the-dollar-cost-averaging-myth-why-lump-sum-i/197410

Investment frequency calculator: https://investcalc.github.io

Time codes:

00:00 Hello & Welcome!

02:11 What Is Dollar Cost Averaging and How Does It Work?

11:38 FIRE & Investment Calculator Spreadsheet

13:40 Advantages and Benefits of Dollar Cost Averaging

16:55 Disadvantages of Dollar Cost Averaging

21:30 How Priya Invests

24:32 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 The 4% rule is a common rule of thumb used by financial experts for decades to determine how much money you need for retirement. But it’s not necessarily the best advice for a number of reasons, especially when you’re aiming to FIRE and retire many years earlier than traditional retirement. So why doesn’t the 4% rule work? And how do you then determine how much money you need to be able to retire? 🤔

This episode discusses topics like:

🌟 The biggest problem with the 4% rule that many financial experts overlook;

🌟 Why the 4% rule isn’t the best tool to determine how much money you need for early retirement; and

🌟 How to calculate your FIRE number.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/23-4-rule-retirement

The 4% rule of thumb for retirement withdrawals: https://www.thebalance.com/dont-confuse-these-two-retirement-rules-of-thumb-453920

How to 4% rule works in retirement: https://www.thebalance.com/what-is-the-4percent-rule-in-retirement-2388273 

Aussie HIFIRE: The 4% rule in Australia: https://aussiehifire.com/2018/11/21/sequencing-risk-the-trinity-study-and-the-4-rule-in-australia/ 

Life expectancy at birth in 1998: https://www.cdc.gov/nchs/data/nvsr/nvsr48/nvs48_18.pdf 

Wade Pfau: Retirement Researcher: https://retirementresearcher.com/the-4-rule-and-the-search-for-a-safe-withdrawal-rate/

Time codes:

00:00 Hello and Welcome!

01:49 What Is the 4% Rule?

05:14 Drawbacks of the Trinity Study and the 4% Rule

15:35 FIRE and Investment Calculator Spreadsheet

17:30 Portfolio Asset Allocation

25:07 How Priya Determines How Much She Needs for Retirement

31:16 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 It’s super important to pay off your high interest debt before you start investing and then continue paying off your debt while you’re investing. But paying off debt isn’t easy. And the longer it takes, the more returns you sacrifice in the market. But there is hope! This episode goes through some successful strategies you can use to pay off your debt smarter and faster so that you can start investing sooner and watch your money grow. But what are those strategies, and how do they work? 🤔

This episode discusses topics like:

🌟 Why making only the minimum payments on your debt will keep you in debt for as long as possible;

🌟 Why you should start with a debt snowball and switch to a debt avalanche to become debt free; and

🌟 How to freeze your credit card debt at 0% interest to pay it off faster.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/22-pay-off-debt-faster

Time codes:

00:00 Hello and Welcome!

04:02 How to Pay Off Debt Using a Debt Snowball

09:45 How to Pay Off Debt Using a Debt Avalanche

12:25 FIRE and Investment Calculator Spreadsheet

14:19 Should You Use a Debt Snowball or a Debt Avalanche

16:00 Reducing Your Debt With a Balance Transfer

17:54 Become Debt Free Using Debt Consolidation

20:34 Other Options for Reducing Your Debt

23:11 Next Weeks’ Episode

Remember to:

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

🎙 Budgeting may be the foundation you need to start investing and building real, lasting wealth. But it’s often seen as a chore that no one wants to spend time on. It’s easy to keep making excuses and believing the myths that tell you budgeting isn’t going to work for you. But those myths are keeping you broke, keeping you miserable and stopping you from building the life of your dreams. It’s time to bust those myths and stop making excuses. 🤔

🌟 The #1 excuse I hear about why people don’t like budgeting and why it’s completely wrong;

🌟 Why earning weekly, bi-weekly or irregular income doesn’t mean you can’t budget; and

🌟 The worst excuse that’s going to keep you broke, unhappy and struggling with money for the rest of your life.

Episode transcript & show notes: https://www.papermoneyco.com/21-budget-myths

20 Lottery Winners Who Lost Every Penny: https://www.businessinsider.com.au/lottery-winners-lost-everything-2017-8?r=US&IR=T

00:00 Hello & Welcome!

03:05 #1 Budgets Are Too Restrictive & You Can’t Have Any Fun

06:56 #2 I Can’t Budget Because I’m Bad at Maths

09:58 FIRE & Investment Calculator Spreadsheet

11:52 #3 I Can’t Budget Because I Make an Irregular Income

15:32 #4 I Get Paid Weekly So a Monthly Budget Won’t Work

18:46 #5 It’s Only for People Who Are in Debt or Struggling Financially

23:36 Next Weeks’ Episode

Join our exclusive community by becoming a Patron: https://www.patreon.com/girlonfirepodcast

🤩 Subscribe so you don’t miss any future episodes.

🏆 Rate and review the show on Apple Podcasts: https://www.papermoneyco.com/podcastreview

Podcast reviews are crazy important to the iTunes algorithm. The more reviews we receive, the more likely we’ll be able to get this podcast in front of more people and grow the PMC Squad!

💖 I'd be super grateful for your help in making financial education available to everyone.

The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.