Painful Percentages
Percentages % are subtle and unthreatening, while paying pounds stings. But does this mental accounting cost you money?
Today we assess how each approach impacts your costs, then further explore how this drives incentives in the finance industry.
Mind the Gap - lost generations
Defined Benefit pensions (also known as Final Salary) were more prevalent for the Baby Boomer generation, offering predictable and hands-off retirement income.
Generations lacking Defined Benefit (final salary) pensions and forced into managing their own future through Defined Contribution (DC) were never trained to handle this, there is a huge education gap and many have no idea if and when they can retire
Flavours of FIRE (Part 3)
Third of the series where we cover different flavours - CoastFIRE, BaristaFIRE, LeanFIRE, FIRE, FatFIRE.
Everybody is at a different age, career stage, and earning situation. Everybody values their present and future time differently.
Other flavours of FIRE prove useful in providing different approaches, and motivational milestones.
FIRE Mindset (Part 2)
In this second of the FIRE series there is of course more FIRE maths, but first we must explore what this means for your mindset and lifestyle.
Those pursuing FIRE or indeed simply owning their path to retire Retire On Time are different. They want control of their time and life, to decide when to go part-time, or retire - not when the state pension, the pension firm, or their employer says so!
These people plan ahead strategically, and are masters of delayed gratification.
What is FIRE? (Part 1)
First in a series of posts where we explore FIRE.
F.I.R.E. refers the concept of Financial Independence Retire Early (FIRE).
Some people are very focused on reaching the Retire Early (RE) milestone, others wish to become Financially Independent (FI) where work becomes optional, but may not rush to retire.
FIRE raises both lifestyle philosophy and personal finance mathematics