It’s been a few months since I was first introduced to the idea of financial independence and early retirement, popularly known as FIRE (Financial Independence / Retire Early). We’ve been financially responsible for years (living below our means) but this takes our goals to a whole new level! Here are some of my favorite resources that I’ve come back to time and time again as we learn more about and work towards FIRE.
If You Have Debt
If you have any kind of debt, except a mortgage, then please don’t read the rest of this post past this section. Most of the FIRE journey resources start with the assumption that you have already paid off your debt and live at or below your means. Before getting to that stage, you need to start with a budget, pay off your debt, and start saving for retirement. Learn to live below your means and THEN start to learn about the Financial Independence / Retire Early movement.
We discovered Dave Ramsey right after our first child was born. His plan taught us how to budget, live below our means, pay off debt, and start saving for retirement. Following this process we were able to cut our household expenses in half so that I could quit my job to stay home with our girls.
You can get the gist of Dave Ramsey’s plan by reading his website and listening to his podcast for free. If you’re look for something a little more detailed and “start to finish” then pick up one of his books. I suggest starting with The Total Money Makeover. If you need more hand-holding through this process or are really serious about getting things done, then check out the Financial Peace University course. It’s a 9 week class in person with a group or at home. We bought the home version years ago and still dig it out from time to time for some inspiration and to help us remember why we’re on this path.
Financial Independence Blogs
If you are out of debt, except a mortgage, and are ready to kick start your journey to financial independence, these are some resources that we’ve found valuable. Most our knowledge about FIRE so far has come from reading many blogs and listening to podcasts. There are so many out there! Some days it feels like I’ve found and read them all but then I find a few more. I’ve picked my favorites that I keep revisiting.
Mr. Money Mustache – This seems to be the first blog recommended to most newcomers but I do see some people cautioning against that recommendation because his information can be a bit extreme and hard to swallow for those just starting out on this journey. I came across this website years ago and read some articles but had to walk away because it was “too much too soon”. However, there are a few gems that are amazing even for beginners. I’d recommend reading The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” and The Shockingly Simple Math Behind Early Retirement
The Mad Fientist – I’ve seen this blog recommended many times, but it was a podcast interview that moved it to the top of my to-read list. The interview was mainly about the Roth Conversion Ladder which answered all the questions we had about how to access our retirement money early. It took a bit to wrap our brains around it but this article is something I go back and reread again and again.
JlCollinsnh – This is the blog of an author mentioned below in the book section. The amount of articles on his website will keep you busy for a very long time. I’ve seen some say that everything in his book can be found on his website. I’m still on our library’s wait list for the book so I’ve been poking around the website – in particular the stock series of posts.
ChooseFI – This is the blog for the podcast with the same name. I mention the podcast down below but their website is also a great source of information. Most of the podcasts have a corresponding article that mentions the highlights but I think ChooseFi’s biggest resource is the podcast.
1500 Days to Freedom – Yet another blog I found through an interview podcast. Thanks ChooseFI! I love that he made a goal, developed a plan, and put it all out there for everyone to see whether he succeeded or failed. It also takes a lot of courage to put real numbers out there when talking about investments and networth. I love reading blogs with these numbers even though I’m not brave enough to go down that road. The wanna-be math nerd in me also likes all the number crunching charts. Reading his posts has given me ideas on how to track our progress.
Go Curry Cracker – I haven’t had a chance to dig into this blog much yet but it’s high on my to-read list after listening to a…yep, you guessed it…a podcast interview. Location independence is what sets them apart. It’s a common goal of people in the FIRE community, especially homeschoolers, and this family has achieved it. I’m excited to learn more about their journey.
Financial Independence Podcasts
I’ve seen many podcasts recommended but I’ve only listened to a few so far. Only one has not bored me to death. I prefer blogs because they’re easy to skim. It’s not so easy to fast forward through podcasts and videos. In order for a podcast to hold my attention, it has to be packed with information, fast paced, and inspiring. Podcasts with long intros, commercials, and people who take forever to make a point don’t hold my interest. I don’t have the time or patience to listen to those. Here’s the one that has always left me inspired and ready to take action.
ChooseFI – This is the podcast that goes with the ChooseFI website above. I particularly enjoy the episodes where they interview others within the FIRE community. It’s how I’ve found many blogs and books. While I’ve enjoyed most of them, there have been quite a few that have given me the chills. Literally.
It is so energizing and inspiring listening to people who have such as different perspective on life than what we’re used to hearing in normal everyday situations. Often times on social media or with our real life friends and family we hear people lay out excuse after excuse about what they can’t do, can’t achieve, places they can’t go. This podcast not only shows us what IS possible by highlighting people who are well into the journey (or have already achieved financial independence) but it also shows us what to do to get there ourselves. Actionable steps. I love it!
If you’re new to the podcast, I recommend scrolling to the middle of ChooseFI and clicking on the Essential Listening Guide under Recommended Resources. That will take you to a document that outlines all the episodes.
Financial Independence Books
These are some books that I’ve seen recommended time and time again. I’ve only actually read one of them but the rest are on my to-read list. There’s a long wait list at our library for most of these so I may give up and just go buy my own copies. Even though I haven’t read them yet, a post about FIRE resources wouldn’t be complete without a few books mentioned. I’ll update this as I read them.
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy – This is the first financial book I read outside of Dave Ramsey’s books. This book shows that most millionaires are not who we think they are. We’re surrounded by them but they’re very hard to pick out of the crowd. It lays out simple steps on how you, with a bit of determination, can achieve millionaire status. While writing this post, I discovered that an updated version of this book, titled The Next Millionaire Next Door, was published just this year. My to-read list just got longer!
The Simple Path to Wealth – This is an investing book from the perspective of financial independence. We’ve been following Dave Ramsey’s investing advice and it has worked well for us over the years but I want a deeper understanding of this seemingly complex topic. I do have a few reservations about some of the investing advice I’ve seen in the FIRE community because it’s different than what we’ve been taught but I realize that there are many different ways of investing and countless books on the topic. I’m excited to dig into the details of a different perspective.
The Bogleheads’ Guide to Investing – This is book and the one above are two investing books I see recommended over and over again within the FIRE community. It doesn’t seem to be directly from the FIRE perspective but it is a resource that community highly values.
Your Money or Your Life – This is an updated version of a book originally published in 1992 that is often recommended in the FIRE community. I listened to a podcast interview with Vicki several weeks ago and it was incredibly inspiring. I don’t know how the book compares to what I heard but it the interview made her book jump to the top of my to-read list. She did get into a some politics at the end of the interview that I strongly disagree with and I don’t know how much of that message is in the book. However, the other information she shared in the podcast was so inspiring that I’m trying to ignore the politics that made it into the last few minutes of the interview. The rest of her message was too good to miss.
Meet the Frugalwoods – This is the story of a family that left life in the big city to create a homestead out in the country. They also at blog at Frugalwoods. This is another resource I found through a podcast interview. I love the idea of escaping the city and heading out to the country. We did that once before for several years before work took us back into a city. There are quite a few days when we think about a time when we can be location independent and head back out into a rural area. Perhaps someday. I haven’t read this book yet but our library has it as an ebook. I normally don’t like ebooks but I’m on the wait list because I really enjoyed the podcast and would love to hear more about their journey. Until then, I’ve been checking out their blog.
Related Posts
October Grocery Budget – 10 Ways We Saved $200 on Groceries
Grocery Budget Challenge – July 2018
Hi Terri! I followed your link to Mr. Money Mustache and really have been enjoying it (meaning, I’ve spent hours on there reading already!). I look forward to hearing more about your financial independence journey!
Hey Betsy! I’m glad you found that website helpful. There’s so much good stuff out there! I’ve “lost” many many hours on these blogs. Thanks for stopping by!