The FIRE Movement: What is it? The FIRE movement stands for “Financial Independence Retire Early”. Essentially, the movement is about prioritizing your savings and investing to achieve an early retirement. It is not about being as rich as the Wolf of Wall Street. Rather, FIRE is about reaching a net worth that allows you to […]
Net worth is the total value of a person or entity’s assets minus their liabilities. It’s a snapshot of their current financial situation and can be calculated using the formula: Net Worth = Total Assets – Total Liabilities. Basically, it is the final value of your financial assets, after subtracting debts. Understanding the median net worth across
Like many people, in my early 20’s I was not what you would call “rich”. Sure, I had a roof over my head and meals in my belly, but I was not flush with cash. Between my 3 part-time jobs which all paid near minimum wage, I did not have a lot left over at
You may have heard the term 401(k) before. No, this is not a type of car part or some obscure tax code. It is a qualified savings plan offered by many employers that can help ramp up your savings to the next level. Here is a definition of 401(k) according to Investepedia.com: A 401(k) is
Whether you are graduating college and starting your first job, continuing a blue collar career you started fresh out of high school, or just trying to make it work with gig-jobs, it can be difficult to make the right financial decisions in your 20s. The internet is full of financial gurus telling you to invest
