Hello there friends!
Today we will talk to my friend Mrs. Miller, she blogs about her journey to reach FIRE (Financial Independent, Retire Early) at www.millersonfire.com.
I have not dealt much with the FIRE movement on the blog yet, so this episode will give you an introduction to what the movement is all about. It has gained traction in the last 10 years or so in the personal finance space (and people in Europe also seem to gain interest, see here for yourself). It was thus about time for me as well to touch on the subject!
In the second part of the episode, we talk about the feeling of “wealth guilt” and how Mrs. Miller started to feel guilty when her salary started reaching a certain threshold. This was something new to me, I do not know about you but the more money I make, the more excited I am. We discuss why those feelings came into play and how to overcome those.
This episode is for you if you are curious about reaching financial independence and want to know more about it and/or if you are currently struggling with wealth guilt.
Here are my quick takeaways from this episode
- Track your expenses and start spending your money responsibly, see what brings you joy. (Hello Joney Kondo)
- Make use of tax-advantaged accounts that will let your money grow to benefit from the compound interest and delay the tax impact as much as you can. This will vary from country to country, so check with your local banks, tax authorities and/or local financial advisors to optimize your savings in the best way possible.
- The environment in which we grow up will impact on our money perspectives and beliefs (T. Harv Eker calls it the Money Blueprint). This, however, is not a constant and can be changed by getting educated in financial literacy and negative feelings associated with wealth or money can be overcome!
Who are the Millers?
The Millers are a couple in their 30’s sharing their money optimization skills. Mrs. Miller is Latina and native New Yorker. She is a first-generation college graduate who is on the FIRE journey. Mrs. Miller is a personal finance blogger at Millers on FIRE who focuses on financial independence and early retirement. Millers on FIRE is full of money hacks, cost-cutting tips, money mistakes and what the Millers have learned about budgeting, saving and investing. Mrs. Miller has been featured on Her Dinero Matters podcast and websites like Clevergirl Finance and the Financial Diet.
- Main site: Millers on Fire
- Instagram: @mrsmillersonfire
- Article on Wealth Guilt: Wealth Guilt – How I overcame it
- Her favorite book: The Simple Path to Wealth (I actually just downloaded it on Audible)
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