How an expense audit can increase your savings rate

Image for post
Image for post
Photo: cottonbro/Pexels

Did you know that the higher your savings rate is, the less time you have to work? Assuming you’re investing the money you don’t spend, of course.

Mr. Money Mustache who popularized the FI/RE movement broke down the math behind this concept of saving more to work less in his article, The Shockingly Simple Math Behind Early Retirement.

For example, if you have a 10% savings rate, you have to work for 51 years. If you save 25% of your income, then that’s 32 years of working. What about 50%? 17 years of working. 75%? Just 7 years of working. …


Image for post
Image for post
Photo by Karolina Grabowska — Pexels.com

I am aware that the title sounds like clickbait and I am not surprised if my article gets dismissed for that reason, but in reality, it’s just math. When I crunched these numbers, I couldn’t believe how much money I could realistically make from $0.00.

This article is about my story that involves my experience with an accessible side hustle and compound interest. This story lives at the intersection of the reselling and long-term investing worlds. This article is written for people who are curious to know what process I am using to become a millionaire from $0.00.

This story began when I started my 0–1k challenge, which I wrote about in my other Medium article (Click here for Friend Link). If you are not interested in the reselling world or long-term investing, you may only find ways to critique the process I am using. For that reason, I think there may be better ways of spending your time than reading this article. I do hope, however, that whoever reads or skims this article, despite their views on reselling and long-term investing, will be inspired and challenged to grow $0.00 into an equally large, or larger number using this process or your own. …


A side hustle that anyone can do

Image for post
Image for post
Photo: Alexander Mils/Pexels

Money is laying all around us, and with some time and effort, you can turn $0 into a surprising amount of money. On August 7th, I started a 0–1k challenge where my goal was to turn $0 to $1,000.

To take it one step further, I then opened a Roth IRA account, and assuming I do not add anything, my $1,050 will grow to over $80,000 in 40 years assuming an 11.5% return.

I accomplished my 0–1k challenge goal in less than two months and netted $1,050 in 51 days. This is an article about how I did that.

Flipping

I accomplished this goal by flipping thrift items. What is flipping? Flipping is when you buy something for $X and sell it for $X + $Y, and make a profit. …


The first steps towards a work optional life

Image for post
Image for post
Photo: Breakingpic/Pexels

Financial Independence Definition

If you’ve heard of FIRE, you may know that FI = financial independence and RE = retire early. What exactly is financial independence, though? Imagine living a life where your wants and necessities are obtained without having to rely on your current job for a paycheck, or any job for that matter. That is what a financially independent life would be like. In a nutshell. . .

financial independence grants you a work optional life.

Ask your self this question: How long could you live without a paycheck? People who are financially independent could live without a paycheck for decades!

There’s a plethora of content on the web on financial independence, and most sources will converge on the definition that financial independence is a net worth milestone, where one is no longer dependent on a paycheck from an employer to cover their annual expenses. …

About

The Retired Millennial

A millennial en route to financial independence and early retirement.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store