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You can be a Millionaire if you Save, invest and repeat!

Over the last few months I have actively enjoyed reading various blogs, websites, listening to podcasts and participating in forums on the topic of FIRE. Nobody can really teach you to be a millionaire, without really knowing your personal situation and struggle. However, you can still take first steps towards it by Save, Invest and Repeat.

Reading other popular FIRE blogs and hearing podcasts is also scary. There are so many active participants who are younger than I, and are miles ahead. Many earn way more than I do, and seem to have figured it all out.

At this stage, it feels like a lost opportunity, but that does not mean we cannot start now. Being late to the party does not mean we won’t enjoy it. Maybe Save, Invest and Repeat (or SIR as I would like to call it) later than others will not make you a millionaire, but it will still get results.

So, the first step is setting your goals, the s is in bold, because there are no singular goals in life. Instead of just looking at a goal of say 1 million Euros at 50, lets break them down to chunks which will allow us to focus on shorter time periods.

How do I set my goals when I do not know how much I will need after retirement! True, but you can come close in estimating it, some mention that 70% of your average expenses are a good indicator. However, the problem with this approach its more accurate as you age and less accurate if you are relatively younger(because inflation and life events will change this). The other way of doing it is tracking your monthly expenses for upto 2 years, remove those expenses which you believe will exist at the time of retirement and then estimate your monthly expenses. The big ticket fixed numbers will not vary so much.

Minimum expected expenses =  (Average Monthly Expenses Now - Expenses Not expected to happen at retirement )

Finally,

Real Retirement Needs = Minimum expected expenses + Unknown + Old Age Tax

Here, 
Unknown = This is a number which we cannot plan for now, so assume a percentage (say 2%)
Old Age Tax = For lack of a better phrase, it is the costs of care and services needed at the sunset. It may be circumvented via care insurance.

So, now may I ask you to first come up with your magic number?

Next step, setting up a plan with byte sized goals.

I have been following blogs, books and podcasts on the FIRE movement, some of them are simply brilliant but yet most are often relevant if you are from the US. I believe German content or other European content might also exist out there but with my crap language skills its all but a lost cause.

So, our goal is to write blog posts and share ideas/insights with the goal of attaining Financial Independence or at-least getting close to it. I would like to outline the GetFI Manifesto.

The GetFI Manifesto :

I am by no means an expert, which means there might always be a better way of doing things. If you notice that, share your opinion and correct me.
I will not sell products or services barring having ad support on the website or referral links of services/books which I actually use (without sponsorship). This is also because I only aspire to monetize this blog to the extent of making it pay for itself.
I will help you make a plan if you wish to share your financial challenge or situation, and publish them only if you give consent.
I will also share a list or reviews of podcasts, books and other media which I find interesting or relevant.
I would love if you say Hi and spread the word. At times I will hold giveaways, because writing without anyone to read is often uninspiring.

So, if the above makes sense, and you are in the mood for making changes for a better future, I suggest you to start with You can be a millionaire.