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A Great Example of Working the ESI Scale

August 23, 2017 By ESI 14 Comments

Several months ago I wrote Working the ESI Scale to Financial Independence. In that post I rated my performance in each of the three categories we discuss here -- earning, saving, and investing. A couple weeks ago I had a reader send me an awesome email where he did the same thing. I just had to share it with you. Here goes: I am writing you today in great thanks … [Read more...]

Filed Under: ESI Scale, Financial Independence, Retirement

How a Side Hustle Business Can Get You to Financial Independence in 10 Years

August 9, 2017 By ESI 47 Comments

I've been writing about financial independence (FI) for many years now. More recently as I've dived deeper into the subject (i.e. retired and started a new blog) I've been considering the impact of a side hustle on FI. The bottom line: it's pretty significant. I thought I'd detail just how important a side hustle is so those of you out there working towards FI can … [Read more...]

Filed Under: Earn, Financial Independence

Examples of How to Get Rich on a Small Income

May 17, 2017 By ESI 25 Comments

In my post titled You Can Become Wealthy with a Lower Income, one reader commented: I agree with your original commenter, and would personally like to see more stories of people who make AVERAGE incomes because they love teaching elementary school, or working as a substance abuse counselor, or massage therapist or whatever. There are millions out there to whom even a $50k or … [Read more...]

Filed Under: Financial Independence, Net Worth

Make Small Progress Every Day

April 28, 2017 By ESI 17 Comments

How would you like to achieve your wildest dreams? How would you like to accomplish anything? No matter how large... Ok, perhaps that's an exaggeration. After all, I might want to "be richer than Warren Buffet" but that's very unlikely to happen no matter what I do. But I'm talking big goals that are reasonable, though tough: Becoming a c-level executive of a … [Read more...]

Filed Under: ESI Thoughts, Financial Independence, Net Worth

How to Become Wealthy Described in One Sentence

April 14, 2017 By ESI 16 Comments

Sometimes we make becoming wealthy way too complicated of a topic. After 25+ years of: Managing my own finances Studying how to manage money Writing thousands of articles and (probably) millions of words on the subject Achieving financial independence Retiring early with sizable assets I'm more convinced than ever that the way to become wealthy … [Read more...]

Filed Under: Financial Independence, Net Worth

You Can Become Wealthy with a Lower Income

March 6, 2017 By ESI 14 Comments

How to become wealthy on lower income

In my third millionaire interview, one commenter was a bit put off by the fact that two of the three interviews featured people with incomes of $500k. He was not rude by any means, but wanted to see some alternative interviews: May I then make the request my own… The interview series has been really interesting. It is useful hearing people’s suggestions and their mistakes. I … [Read more...]

Filed Under: Financial Independence, Net Worth

Working the ESI Scale to Financial Independence

January 18, 2017 By ESI 173 Comments

As you know, this site is about three easy steps toward financial independence (FI): earning, saving, and investing. In case you want more specifics see What Does ESI Money Mean? and The Essentials of Building Wealth. Separately I've been thinking about the various ways to reach financial independence. In How to Become Financially Independent I mentioned a whole host of … [Read more...]

Filed Under: About, ESI Scale, Financial Independence

The Gap is the Key to Wealth

December 26, 2016 By ESI 11 Comments

This will go without saying for most ESI Money readers...and yet I have to say it. We've talked a lot about the essentials of building wealth, how to retire early, how to become a millionaire, how to become financially independent, and a whole host of "this is how you become wealthy" posts. There is one aspect of money management that is VITAL to success and is demonstrated … [Read more...]

Filed Under: Cash Flow, Financial Independence, Net Worth

How to Become Financially Independent

November 29, 2016 By ESI 19 Comments

Now that we've had time to hash out the meaning of financial independence, I want to get to the topic I originally was going to write about: how to reach financial independence (FI). As you'll see below, there are many paths to FI and ultimately it comes down to working out a basic math formula. Let's review the key parts of the formula one by one. Financial Independence … [Read more...]

Filed Under: Financial Independence

What is the Definition of Financial Independence?

November 7, 2016 By ESI 19 Comments

Summary: This post answers the question "what is financial independence?" by providing a workable definition for the phrase. This post was going to be about the key factors people need to consider/manage to achieve financial independence (FI). But we're going to have to save that for another time. The reason we're going to have to wait is because I'm not sure what … [Read more...]

Filed Under: Financial Independence

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