I’ve been writing about our path to financial independence (FI) for a bit. In this post, I’ll explain what financial independence is, the different stages of FI, and which stage we’re at.
How I got out of the paycheck to paycheck cycle and grew my net worth
Before I started budgeting, I was horrible with money. I had a minimum wage, part-time job, and was living paycheck to paycheck. I also got help from my parents with tuition and some living expenses. But, I still wasn’t making any progress in my financial situation, as my checking accounts always dwindled back down to zero at the end of the month. I couldn’t build up any savings or emergency fund, which was horrible since I couldn’t come up with the funds for an emergency root canal.
In 2014, I started to learn about personal finance and budgeting, and tried YNAB. I credit the YNAB method on getting out of the paycheck to paycheck cycle. Here, I want to go over how I got out of the paycheck to paycheck cycle and was able to save for emergencies and future large purchases.
I’ve been thinking more and more about financial independence and retirement, even in my early career as a postdoc. It’s important to think about retirement
If you are a postdoc or newly minted faculty working in academia, or if you’re working for a non-profit, you may be able to contribute
I have two brokerage accounts with Fidelity. One is for a future car purchase, and the other is for house down payment. I don’t plan
You recently graduated and got a job, congrats! You start to go through your benefits package and you stumble upon the 401(k) account. You read