Episode 105. How To Achieve FIRE With A 9-5 | EFG, Everyday Finance Gal

Episode 105 is filled with advice on how to leverage your 9 to 5 for financial independence, reflect on the money habits that have been passed down to you, and hear from a single mom about how she’s pursuing her journey towards FIRE.

Everyday Finance Gal (“EFG”) is an anonymous blogger & financial independence educator that empowers the everyday person to build generational wealth. She does this by sharing actionable money moves on side hustles, budgeting, saving, paying off debt and investing as well as providing everyday financial literacy tips and sharing her personal wealth journey.

EFG is a single mom and immigrated to the U.S. when she was 4. Her goal is to not only create generational wealth for her daughter, but also for her parents, which she calls it “upstream and downstream generational wealth”.

You can follow Everyday Finance Gal on Instagram & her blog.

Episode 105 Highlights:

• How she leverages her 9 to 5 as her primary wealth builder—you’ll hear us talk a lot about diversifying your income streams. But we want to make it clear: this is not the only way to be on your wealth building journey. EFG talks about the different ways she has leveraged her 9 to 5 to boost her journey. One way: saving her bonuses!
• Picking up on money habits from your immigrant parents—what we as first-generation wealth-builders learn from our immigrant parents ranges. From learning about what it means to hustle, to how to make a dollar stretch, EFG breaks down some of the money habits she’s learned from her parents.
• What financial independence looks like for her—FIRE can look very different for everyone. While some people stick to the traditional practice of saving upwards of 50% or stick to a 3-4% withdrawal rate per year, EFG created her own plan, and keeps a goal to save 30% of her income and invest it in low cost index funds. As a reminder: personal finance is personal! Listen to hear how else she pursues financial independence and what she chooses to focus on.
• Pursuing financial independence as a single mom—EFG talks about some of the positives, like not having to ask someone to be on board with your financial goals. But she also talks about some of the challenges, like needing to seek extra support for childcare. If you’re a single mom who is interested in starting your financial journey, this is a MUST listen!

This episode is great to listen to if the thought of building alternative sources of income is too overwhelming, you want to hear how someone else has developed their money habits from immigrant parents, or you’re a single mom starting her financial independence journey.

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