Only 3 Years: When Compounding Takes Over
from From Paychecks to Purpose Hosted by Blue
In this week's episode, I break down the relationship between savings rate and timelines to FI, and share a breakthrough that has me flipping conventional FI wisdom on it's head. What I realized is that for my specific situation, there is only a few years difference in my FI timeline if I continue to save at my current rate vs stopping saving completely. And so the reframe I am doing is: instead of having to wait until FI to make any career changes, examining the tradeoff between doing my current job for the next 10-15 years, vs. pivoting to a different one, since the reality is that even if I save nothing in a new role, the FI timeline wasn't as different as I expected. This reframe changed the way I am thinking about the next 10 years of my life. Hopefully this will be useful for those of you in the messy middle as well. Disclaimer: this is not financial advice, and is for educational purposes only. ChooseFI Years to FI: https://choosefi.com/financial-independence/savings-rate Money with Katie Perfect Savings Rate: https://open.spotify.com/episode/37SkkaG8r1u7DV4X7jUdk3?si=cS_Wu4pqRJWxXIxhEQU1Jg Risk Taker Types and How to Optimize: https://open.spotify.com/episode/0oa135SjX7FVyW4AwSRA1r?si=4BcArqlaTbCYp2WuSIY4Dw Patrick Boyle: https://youtu.be/nJtL9MBVj48?si=VkYMUIZhZJi_jNwj
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