Where can you learn more about F.I.R.E?
"Your Money or Your life"​
​​​​One of the first books on financial independence, Your Money or Your Life by Vicki Robin and Joe Dominguez, was published in 1992. It’s an easy and engaging read that tells the story of how Vicki, an Ivy League graduate, and Joe, who worked on Wall Street, became financially independent in their early 30s. The book focuses on the relationship between money and life energy, prompting questions like: What is your real hourly wage? and How much money have you made in your life?
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Frugality, according to the authors, is actually a form of freedom—not deprivation—and stems from being resourceful. It’s about spending wisely and considering whether goods or services truly add value to your life.
Both Joe and Vicki achieved financial independence through frugal living and investing in bonds. However, retiring solely through bond investments may not be as viable today due to lower returns. As such, it's important to adapt their principles to the modern financial landscape.
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Unfortunately, Joe passed away in 1997 at the age of 58 due to health issues. Nonetheless, he enjoyed over 25 years of financial independence, dedicating his time to meaningful projects of his choosing.
"The Psychology of Money"​
This book really resonates with me because Morgan’s father was a doctor who limited his family’s expenses, increased his income, and invested the surplus. This is the core of personal finance. The result was that when Morgan's father became burnt out from working as a doctor, he was able to take time off and spend it with his family. Therefore, even if you have a high-earning job like a doctor, dentist, or tech professional, the principle of financial independence is important to avoid inflating your lifestyle.
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Another important aspect of the book is understanding what is “enough” for you and resisting the urge to keep moving your end goal. While reading the book, you should reflect on what truly matters in your life and what doesn’t. This helps you define where the finish line is.
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Compounding is essential in building wealth, as demonstrated by Warren Buffett himself, who has continued to grow his wealth by compounding and holding assets for the long term.
"Die with Zero - getting all you can from your money and your life"​
This is also a great book for finding a balance between being too frugal and spending money on what truly matters. Bill Perkins wrote it really well. He actually read Your Money or Your Life and initially followed the path of frugality. However, he found that it didn’t resonate with him, so he took a different approach. Bill continued to work on his career and built significant wealth for himself, which allowed him to enjoy life more fully.
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He focuses on the idea that experiences continue to pay dividends for the rest of your life. As your health declines, there are certain activities you won’t be able to do—so you should prioritise doing them now rather than later.
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I would caution against reading the book and immediately rushing to spend money on expensive experiences. Instead, take time to explore what you truly want to spend your money on. This clarity will give you more purpose in continuing to work in your career or building a life that you actually enjoy and feel excited about.​
"Mad Fientist"​ - Podcast
Brandon is from the US and is married to Jill, who is from Scotland. He was able to achieve financial independence while maintaining a relationship across the Atlantic Ocean.
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Although Brandon no longer interviews people on his podcast, the interviews he conducted are considered timeless. He explored various aspects of what financial independence can bring, including its darker sides. I found his podcast episodes helpful in living a more well-rounded life.
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