AMA The Woke Salaryman
Asked on 23 Sep 2020
Hello! For context, I am a recent graduate as well, trying to get involved in the fire movement!
I personally feel what is most important is to cultivate discipline.
With a disciplined approach, you can keep track of your expenses, increase your savings thus enabling you to build a larger asset base. If you have a nice income figure but do not have the discipline to retain most of it to further your FIRE goals, then it will be quite counterproductive.
For example, it takes a huge amount of discipline to refrain from giving in to temptations which you can then leverage on to reduce expenses. The little expense savings add up and soon you will find that you can save much more than before.
Also, by being disciplined, you can then budget and allocate your income to your expenses, savings, and investments. You will also find that you will start to set little milestones for your journey to inch you nearer to your FIRE goals.
As such, the problem is not when you start, but your ability to sustain what you started. (:
All the best!
If you are interested, I am documenting my personal finance journey here. I am also a beginner in this area that's why I am documenting my processes and perspectives in this space to receive feedbacks/ on best practices. (:
Adopt the mindset, and you soon feel that quickly a lot of things are changing.
The $40 meal at the cafe does not feel as good anymore. The grab rides are spent worrying about how much money you spend, and each splurge comes with regret.
The urge within you will push you to learn more, whether it is about investing, saving or side hustling.
Prevent yourself from being caught in highly expensive paid courses (common mistake). Focus on learning for free, experiment without losing money (mistake i made) and grow your wealth and skillsets consistently but over a long time.
You;ll make it in no time.
26 Sep 2020