Why you should think about financial independence and mini-retirements | Lacey Filipich | TEDxUWA

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. I still have about $460k to invest in stocks. Pls how do I take advantage of the market turnaround?

It's unbelievable how much wisdom exists in these videos.

I’m at home growing food, raising a kid and farm animals... making a lot of my own stuff. This made me feel great about the path I’m on. Thank you!

Here's a cultural or generational twist: I'm not saying that ALL Asian families are like this, but most Asian friends I know are like this. It doesn't matter how much you earn or how much you save, most if not all your earnings go into looking after your elderly parents. They brought you up, given you an education, they have no savings of their own, and now they want to live the good life when their children are financially established. So the elders of the family place all the burden of care on the younger generations. It is happening right now in China. I like the FIRE idea and I'm working towards it too. But there is a cultural and generational element to it that we don't talk about. This idea is only possible in an individualistic culture and if each successive generation of a family is somehow financially secure (i.e. not dependent). Cycles of poverty are sometimes perpetuated this way. People can't escape poverty because of inter-generational economical marginalisation. Poor people make poor decisions. And many of us can't shake our own culture that keeps us trapped. Otherwise, this was an interesting Ted Talk.

FIRE works in stable economies. Growing up in post-USSR craziness, I saw my family's savings devalue to nothing -- and similar situations continue around the world. There is unspoken privilege in this video that does not extend to a lot of the world. Not every frugal person is so lucky to be born into a stable growing Western economy.

Young people if you’re reading this, please think about what you’re doing with your money. Your 20s is the most important time of your life. Yes your 20s not 30s not 40s. Your financial life depends on what kind of foundation you build in your 20s. If you’re 20 and start saving $100 a month in an Roth IRA, you’ll have at least $500k when you’re 65. Think about that.

I had several mini retirements throughout my nursing career. You have to while in the nursing field or you will burn out. I now work on call and pick my own schedule monthly. I make enough to pay my mortgage and invest and the normal food/bills. I’ve taken months off to stay home in summers with my son during his childhood. I had a great time. He’s 20 now. I’m 45. I just upsized in home rather than buy a rental as an investment. Building wealth is not an overnight event. It takes strategy, time and consistency. I feel like I’m time rich!

I’m aiming for part-time early retirement. I’d rather work 3 days a week than 0 days a week. I estimate one can hit the part-time retirement “number” in about 65% of the time of full fledged FIRE.

This is incredibly well articulated. Well done. I think most people see money as the goal, but I've been shifting my perspective ever since I learned that they've done research and it says that money only makes you happy as long as it buys you time. I quickly realized that the whole reason I was disillusioned with modern work culture is that you have no time left to be happy. It doesn't make sense to optimize for money except insofar as it affords you more time. Ever since I've had this shift in perspective, I've been rethinking my life plan and aiming to pursue what is meaningful and valuable in the world and I even decided to start my YouTube channel to try and contribute to the conversation about how to live a meaningful life and about how to make an impact.

So many naysayers here. Save 20% of your income even in an average job. You'll never regret that. Or just live month to month in uncertainty with any emergency causing complete chaos. You do not need to be rich to have compound interest, if 'Murican janitors can do it and grow rich, so can anyone.

Being financially free is a goal for many people. It generally means having enough savings, lnvestments, and cash on hand to afford the lifestyle you want for yourself and your family. Historically there has been no better way to grow your money than through investing. I grew to a 7 figure mark well-diversified portfolio having exposure to different prolific lnvestments

And King Solomon was right many centuries ago “Better one handful with tranquillity than two handfuls with toil and chasing after the wind” Ecclesiastes 4:6

Why don't they teach kids in school about money...investing and saving....that would be helpful...

Yep. Compound interest is amazing. Most people would choose a million dollars over a penny that's doubled daily for 31 days, which is over 10 million dollars.

Our mentality is so messed up we validate ourselves with wasteful vanities, you don’t need to buy that new shoe or that new car yet when you can’t even guarantee yourself financial freedom, why not invest and be your own boss. my opinion

Retirement is culturally constructed. Mentally We all have to be inclined in gaining productive in our finances. I don’t plan working when I can’t be productive at my 50s. I enjoy being productive and financially enabled. Thanks to my portfolio advisor for this financial reality.

I went FIRE when I was 35 and loving this freedom in life. Anyone who criticize one who lives FIRE only do so cause they do not understand.

Such a great talk, I didn’t know there was a name to it, but I’m in my early 30s with 4 mini-retirements behind me! One being a bartender in London for 6 months, worked as a flight attendant, lived in Thailand for 4 months, and almost 2 months in Spain as a documentary filmmaker! Live your life now! Keep learning and take risks. Tie your life experiences into your work and resume. The rest will always fall into place :)