The 10 Commandments of FIRE

Photo by Austin Neill on Unsplash

1. Thou Shalt Calculate your Savings Rate

Source: Mr. Money Moustache

Two steps to calculating your savings rate

Step 1: Calculate your Take-Home Pay

Step 2: Determine how much Money you are Currently Investing each Month

2. Thou Shalt Track thy Expenses & Create a Budget.

3. Thou Shalt live a Frugal Life

Making more money takes time, but you can immediately choose to spend less money.

4. Maximize your Income

If you want your employer to pay you more money than you currently make, the value you bring to your organization must exceed your current salary.

5. Thou Shalt Not fall Victim to Lifestyle Inflation

If you don’t learn to manage money while you have little of it, you’ll never be able to manage money when you have a lot of it.

6. Clear your Debts

Do you want a guaranteed 20% return on investment? Pay off your high-interest credit card debt.

7. Thou Shalt max out your tax-Sheltered Accounts

If you are not receiving the full employer match in your 410(k), you are literally leaving free money on the table.

8. Minimize your Investment Fees

Low-cost index funds are the investment of choice in the FIRE community

9. Thou Shalt not try to time the Market

More money has been lost trying (and failing) to time the market than in actual stock market declines.

10. Talk About Money



Making of a Millionaire

Publishing Stories on all things related to personal finance

Ben Le Fort

Written by

Here to write about personal finance, & economics… For business and freelance inquiries reach me at benlefort1988@gmail.com

Making of a Millionaire

Publishing Stories on all things related to personal finance