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Episode 3700:
Jacob Lund Fisker explains how his own attitude toward money moved through four distinct stages, from spending whatever arrives to owning assets that pay him. He argues that the jump from a six month emergency fund to genuine financial independence is a difference in kind rather than degree, and that most people cross it by spending ten times less rather than earning ten times more. Each stage, he says, runs on its own rules for investing and money management.
Read along with the original article(s) here: https://earlyretirementextreme.com/the-evolution-of-the-meaning-of-money.html
Quotes to ponder:
"Stage 1 is essentially stage 0 with some savings that are only used in special circumstances."
"There are two solutions: Earn 10 times more. Or spend 10 times less. Not everybody can do the former, but everybody can do the latter."
"If stage 1 is struggle-independence and stage 2 and 3 are financial independence, stage 4 is economic independence and it is different in kind from stage 2 and 3."
Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day.
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