Gourav Rohidas’s Reviews > First to a Million: A Teenager’s Guide to Achieving Early Financial Freedom > Status Update

I just finished Chapter 3 and learned about the FI equation: Passive Income + Asset Withdrawals > Lifestyle Cost. Its pretty simple, but also so very hard; kind of like being fit. To get FI early also means doing things that others don’t usually do, which makes it a sacrifice, though its one very worth living. Early FI isn’t for everyone, but its definitely a path worth considering. It saves time, the most import

A genuine interest for some. Getting FI early gives almost all the same benefits, but more.

I just learned about some of the realities of going about the usual path to the American Dream. 40-hour week? Wrong - Usually 60. Get payed well? Not really. Only around 15 dollars an hour. Free time? Non-existent till your 65. Your family is definitely on the backburner. Now obviously its not a wrong path, but people can get stuck doing it even though they hate it. It shows why not working the usual route should be

By reaching FI, many quit working, do a job they love, etc. But overall, they get decades worth of time to do anything they want, contrasting heavily with what the everyday 9-5 entails. Many try to criticize FI movements like FIRE, but they mostly do so because they weren’t passionate enough, went to the extreme, or simply didn’t try in general. FI, however, allows individuals to get loads of time, and CAN work.

I have started learning about the FI freak, or someone who cares a lot about their financial independence. There are 4 things that will help someone achieve early FI. 1: Increasing Earning. 2: Living frugal (below your means). 3: Saving the difference. 4: Investing what you save wisely. Overall, these are very fundamental and make sense. In the first chapter, I learned about the one big thing about FI: Free time.