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The 9 Financial Independence Retire Early Steps

money mindset tips self care tips Oct 09, 2022

Dear amor,

I really want more BIPoC, women, and LGBTQ+ folk to self-care themselves to financial freedom. I want them to work because they want to, not because they have to. 

Theoretically, it's simple make sure you have at least 25 times your expected annual expenses at retirement invested in the stock market so you can become work optional. 

Even the following 9 Financial Independence Retire Early (F.I.R.E.) steps that I lead all my clients through are "simple:" 

  1. Engage in daily self-care
  2. Maintain a checking account buffer
  3. Pay off all credit cards in full weekly to maintain a credit score above 760
  4. Keep at least 3 months of living expenses in a high-yield savings account for an emergency fund 
  5. Save for upcoming large expenses poco a poco in a high-yield savings account or in Series I savings bonds 
  6. Make a plan to eliminate all debt with an interest rate above 9% ASAP 
  7. Max out a Roth IRA every year 
  8. Max out an employer retirement account every year 
  9. If retiring before the age of 59 1/2 invest for retirement in a taxable brokerage account 

What makes working towards financial independence complicated are the beliefs and expectations people have of themselves due to their lived experiences.

Some people who have spent their lives as the "fixer" in their family really struggle with engaging in daily self-care. It's challenging for them to unlearn that it's not selfish to take care of themselves first

Some people who avoid setting and maintaining boundaries really struggle with respecting their checking account buffer or the money that is supposed to be just for emergencies. It's challenging for them to maintain rigid financial boundaries because the boundaries they set with their employers, family and friends are so porous.

Some people who have relied heavily on perfectionism as a coping mechanism struggle with applying to higher-paying jobs that could provide them with the extra cash flow to invest more annually. It's challenging for them to release attachment to the idea that they are "not enough as is.

Obviously, all our lived experiences are impacted by white supremacy and the cisheteropatriarchy.

Obviously, the trauma of misogyny and bigotry add extra hurdles for BIPoC, women, and LGBTQ+ folk.

And obviously, I believe you can STILL reach financial independence poco a poco amor you have to commit to understanding what thoughts are interfering with you being able to follow the nine steps above.

If you're one of my 1:1 clients, Voxer me about what unintentional thoughts are impacting your progression along the 9 F.I.R.E.

If you're not one of my 1:1 clients (or even if you are), join me on Wednesday, October 19, 2022 at 5pm PST/ 8pm EST for "Thought Work Group Coaching Session #3." Starting January 2023, these sessions will only be available to Wealth Para Todos Academy members. Sign-up now and get coached by me for FREE while you still can. 

May you choose to be proud and kind to yourself on your journey towards financial freedom. Poco a poco, you got this!




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