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What I've Done Since Discovering the FIRE Movement | Four Years Later 

First Gen Money
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Today's video is really looking back at the last five years and the different life milestones that were achieved. I've mentioned in the past that my money journey started in May 2017, the same is true of my FIRE journey.
I came across the financial independence / retire early while on my long commutes to and from work. In 2017, my main focus was debt pay-off then in 2018, it shifted to saving for an emergency fund and to move out of my parents' basement. In 2019, we moved out and the reality of paying for rent hit me, this was also the year I finally asked for the promotion I wanted. Then in 2020, we were suddenly working from home 24/7 and on lockdown so we made the decision to move back to the suburbs and into the basement at Ari's mom's. With this move, I was able to increase my savings rate.
I'll be following this video up with a Net Work through the years look at where and how my money was growing.
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22 июн 2021

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Комментарии : 100   
@ryanchinh1040
@ryanchinh1040 2 года назад
i achieve my fire movement this month i told my manager i quit my job. i say i have enough money last for the rest of my life. i am 34 years old now it took me 16 years to achieve financial independence retire early.
@guntz-nga
@guntz-nga Год назад
I know this video is 1 year old already, but I just came across it and it's amazing! It's so good to see a video and perspective from a "normal" person. Someone we can relate too - not someone who was born with rich parents or god-knows-how made millions while in college! Subscribed and gonna watch the newer videos!!
@FirstGenMoney
@FirstGenMoney Год назад
Thank you SO much for watching Nicolas, I appreciate you taking the time :)
@millennialmoneyprogress
@millennialmoneyprogress 3 года назад
I love all these podcasts too! They are so motivating. Every time I feel frustrated at work I think about why I’m on this financial independence journey.
@FirstGenMoney
@FirstGenMoney 3 года назад
Yesss I need to have an actual vision board to help remind me!!
@inea-fijourney22
@inea-fijourney22 3 года назад
Definitely liked and subbed! I started my fire journey last June 2020. Oficially a year in and very close to a positive net worth! im sharing my journey as well! So awesome to see others journey! Thanks for sharing
@theretiredmillennial
@theretiredmillennial 3 года назад
$0 NW is going to feel so good!
@FirstGenMoney
@FirstGenMoney 3 года назад
Thank you!! Yesss positive net worth is the best feeling. Congrats, excited to follow along!
@sally7284
@sally7284 7 месяцев назад
i love the content!! i'm graduating next month, and i've been OBSESSED with fire and figuring out how to do it once i start working
@FirstGenMoney
@FirstGenMoney 6 месяцев назад
YES LOVE THIS FOR YOU! Starting early!! And congratulations on being so close to graduating :)
@Sukerkin
@Sukerkin 2 года назад
Good lord! Just goes to show how circumstances can vary! I have three degrees, twenty five years experience in my field (engineering) and an excellent reputation. … and I earn half what this young lass fresh out of university does!
@aprofessor5862
@aprofessor5862 2 года назад
Invest and create passive income
@FirstGenMoney
@FirstGenMoney 2 года назад
Yes! Circumstances vary so much, thank you for watching and sharing your perspective!
@aprofessor5862
@aprofessor5862 2 года назад
You can also retrain its never too late you have a bunch of life experience that is valuable that the young lass and lad wont have. Tapping into that will allow you to earn more if that is what you want. Know your worth.
@eglevaleikaite2022
@eglevaleikaite2022 Год назад
You can always ask for more!
@dallassukerkin6878
@dallassukerkin6878 Год назад
@@eglevaleikaite2022 Sadly these days you run into the problem that if you stay with a company you don't get rewarded for it. I finally got aggrieved enough to quit and within a week had a job elsewhere for 25% more.
@BillyBob-rr8se
@BillyBob-rr8se 2 года назад
Glad you found out to take care of your finances early in life! My big “ding ding” moment was August 2018. I had a -40k net worth at age 29. Im now 32, and have a 95k net worth. You have time on your side, and you will go far with your finances! Great job!
@FirstGenMoney
@FirstGenMoney 2 года назад
Thank you Billy!!
@nomafmaroga6827
@nomafmaroga6827 2 года назад
Wow Bill. I'm super pro of you. You are really motivating me to continue paying my debts.
@ProjectFrugal
@ProjectFrugal Год назад
Good stuff Billy :)
@theretiredmillennial
@theretiredmillennial 3 года назад
Upping investments is a great sign that the light bulb went off! Love the Slow FI mentality, I’m definitely in that camp as well.
@FirstGenMoney
@FirstGenMoney 3 года назад
Yup and now that I’m technically househacking while living with parents, I just have so much more to invest with. Best decision of 2020 we made.
@theretiredmillennial
@theretiredmillennial 3 года назад
@@FirstGenMoney house hacking works miracles! I saw your financial diet interview and noticed you said that. Not paying full rent is honestly money goals. I’ve been using what I save from house hacking to save for real estate. Which isn’t looking too good rn
@aprofessor5862
@aprofessor5862 2 года назад
Slow FI like it!
@loganc1839
@loganc1839 7 месяцев назад
This is awesome. I am 26 also working towards FIRE. 115K net worth so far.
@FirstGenMoney
@FirstGenMoney 6 месяцев назад
that's amazing :) nicely done!
@rosettejones5050
@rosettejones5050 2 года назад
I love that you did this simultaneously!
@FirstGenMoney
@FirstGenMoney 2 года назад
Thank you so much for watching :)
@qmakesithappen
@qmakesithappen 3 года назад
What a rollercoaster, sounds like a similar journey to mine. Lots of work but so worth it!
@FirstGenMoney
@FirstGenMoney 3 года назад
SO worth it!! Glad you could relate :)
@annjean8709
@annjean8709 2 года назад
Great video, thank you for sharing your experience.
@FirstGenMoney
@FirstGenMoney 2 года назад
Thank you for watching, Ann Jean!!
@geraldpawlicki3321
@geraldpawlicki3321 Год назад
Financial Education is so important. Thank you for the videos.
@FirstGenMoney
@FirstGenMoney Год назад
Thank you for watching!!! :)
@brickinvesting
@brickinvesting 3 года назад
Love the video and channel! Liked and subscribed!
@FirstGenMoney
@FirstGenMoney 3 года назад
Thank you so much!!!
@MinnieOnCam
@MinnieOnCam 2 года назад
I also got started in 2017 I hit half way of 30 and realized I have nothing for retirement and the government is keeping me in legislative poverty.
@mjolnirmolerat278
@mjolnirmolerat278 2 года назад
How circumstances differ... I started a high paying job (in my area) in October 2018 right out of highschool and right away got a 28k car loan. After being laid off for 3 months after starting, it opened my eyes to how I was spending everything I made. January of 2020 I paid off that 28k loan and as of right now I've been lucky in stocks and crypto and have a net worth of $130k (not including my car's value). I enjoyed listening to your story! You have definitely earned a sub :')
@FirstGenMoney
@FirstGenMoney 2 года назад
Thank you for watching! Love how you're focusing on growth now!
@phyzix_phyzix
@phyzix_phyzix 2 года назад
Just a heads up if you're doing FIRE with a 401k you can't take out that money until you are retirement age (60+). Otherwise you incur a 50% penalty. I suggest putting your money in an S&P 500 index fund instead.
@FirstGenMoney
@FirstGenMoney 2 года назад
Hey Miguel! Index funds aren't investment accounts, they are the actual investment. So you can still invest in an index fund within a 401k since it's an account not the investment. There are ways to withdraw from retirement accounts BEFORE retirement. I would check out this post: www.madfientist.com/how-to-access-retirement-funds-early/
@jenniferselespara1327
@jenniferselespara1327 2 года назад
50,000 is discipline and money that works for you
@brianb7059
@brianb7059 2 года назад
I need to make sure I have money in the bank if shit hits the fan! 🤣 So true of a statement. It's time to start a small business for a side income
@FirstGenMoney
@FirstGenMoney 2 года назад
YES Brian! You got this!
@brittxnyakawaii12
@brittxnyakawaii12 Год назад
Love this 💕
@FirstGenMoney
@FirstGenMoney Год назад
Thank you for watching!
@DavyYap
@DavyYap 3 года назад
Wow! What a journey
@FirstGenMoney
@FirstGenMoney 2 года назад
Thank you for watching!
@stephaniealami399
@stephaniealami399 2 года назад
Wow you're timeliness sounds just like mine. Like almost exactly, same timeline. I am a fellow brown girl 🔥 enthusiast!
@FirstGenMoney
@FirstGenMoney 2 года назад
YAY!! Let's GETTT IT!
@Caaine
@Caaine 3 года назад
Hey, thank you for the video. it's the first one i've seen of yours. It would be good to see maybe a diagram or something showing how far along on your retirement journey you are. (not revealing your money of course) It's good to know what you've done so far, but i'm looking for a little more detail into how frugal you're being with spending on any luxuries or entertainment. Great video, I gave it a like.
@FirstGenMoney
@FirstGenMoney 3 года назад
Maybe like a net worth through the years?! Thank you for watching and the video idea!
@Caaine
@Caaine 2 года назад
@@FirstGenMoney It's a little while since I saw the video. I think I was wondering about any luxuries or entertainment etc and how much you had to cut back on everything.
@Zaerki
@Zaerki 3 года назад
If you ask me, the debt is an emergency, no real reason to stack cash wasting away by inflation while also making the bank rich.
@FirstGenMoney
@FirstGenMoney 3 года назад
Agreed! I think the problem is when you use all your cash to pay off debt and then don't have cash for an emergency. Then you're back in debt :/
@Zaerki
@Zaerki 3 года назад
@@FirstGenMoney The vicious cycle lol. Technically though you're still on the come up in that situation, imagine if you weren't paying on the debt and the interest just starts building more
@journeytofire1832
@journeytofire1832 3 года назад
Mine started 2017 too. Now i am in a whole different world.😁👊
@FirstGenMoney
@FirstGenMoney 3 года назад
YESSS
@nightcorelove2626
@nightcorelove2626 2 года назад
I am a 18 year old german girl and my total net worth just hit 20.000€ this january
@FirstGenMoney
@FirstGenMoney 2 года назад
Yay! That's amazing :)
@withyoctopus
@withyoctopus Месяц назад
Wow, that's awesome. I had 50.000 at 30 so that's really impressive. Especially since we have way more taxes in Germany. The best thing is that you're already educated on investing at that age. People told me that buying a house is the most important investment for everyone and stocks are gambling. That was the common sense opinion of the time.
@jenniferselespara1327
@jenniferselespara1327 2 года назад
10k is financial stability
@jenniferselespara1327
@jenniferselespara1327 2 года назад
100,000 growing as a person
@stephtraveler7378
@stephtraveler7378 2 года назад
Just be careful as you are living in the largest economic expansion in history....Its been a great time to be in the market. "the ball has been tossed high in the air" but what goes up... must come down. The expansion is over extended and that rubberband is due to snap back at any time. Consider some defensive positions with some of your market gains. The averages over the last 5 years should NOT be used to predict future gains.
@FirstGenMoney
@FirstGenMoney 2 года назад
100%!!! Looking to diversify my investing into real estate in the next year! But yes I don't assume 10% returns when making calculations!
@beatagozdziaszek2642
@beatagozdziaszek2642 2 года назад
Starts at 1:34
@patmartin9727
@patmartin9727 2 года назад
The link for you coaching sessions does not work
@FirstGenMoney
@FirstGenMoney 2 года назад
Thank you for flagging!
@patmartin9727
@patmartin9727 2 года назад
@@FirstGenMoney by the way forgot to say I loved the video and will watch your channel again
@chantellcoyour7877
@chantellcoyour7877 Год назад
So did you pay off your loans?
@FirstGenMoney
@FirstGenMoney Год назад
hi! yes - paid them off in 2019!
@Ryan-ud8tx
@Ryan-ud8tx 3 года назад
Where did you get your CFP?
@FirstGenMoney
@FirstGenMoney 3 года назад
I don't have my CFP!
@Ryan-ud8tx
@Ryan-ud8tx 3 года назад
@@FirstGenMoney oh I’m sorry…you were just talking about scholarships for courses on your cfp education or something to that effect. My mistake.
@FirstGenMoney
@FirstGenMoney 3 года назад
@@Ryan-ud8tx Ah yes, I didn't finish the program but went through Dalton!
@Ryan-ud8tx
@Ryan-ud8tx 3 года назад
@@FirstGenMoney thanks 🙏
@brandonkoeller7478
@brandonkoeller7478 2 месяца назад
i DO have this question. if you get along with your folks and don't have kids then why move out on your own? is it just because its "what people do"?
@FirstGenMoney
@FirstGenMoney Месяц назад
Good question! Everyone has their own reasons for sure - I just want my own space!
@Magnetar83
@Magnetar83 2 года назад
Please, your intro is way too loud....
@FirstGenMoney
@FirstGenMoney 2 года назад
Thanks for the feedback!
@turnovertheleaf5505
@turnovertheleaf5505 Год назад
You relating bcs she's black is stupid! Everyone has money/ budgets (etc). It has literally nothing to do with race.
@FirstGenMoney
@FirstGenMoney Год назад
hi! I'm a first gen latina and have different experiences than others that might not identify as one. so I'm sorry if you feel that way, but this channel might not be for you. wishing you the best in 2023!
@turnovertheleaf5505
@turnovertheleaf5505 Год назад
@First Gen Money Yeah, and I'm 2nd gen Greek.. but financial responsibility doesn't see color! If your target audience isn't for EVERYONE, than yeah, your channel isn't for me!
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