Discover and read the best of Twitter Threads about #FinancialIndependence

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The amazing power of compounding 💸💸

Compounding is when your savings generate additional earnings for you over a period of time. Huh??

A thread 👇🏾

#FinancialHealth2020
#FinancialIndependence
Simply put, compounding is the growth of your savings.

This growth is the interest earned on the amount saved; each month you earn interest on the initial amount plus the interest already earned (your money increases over time with very little action required from you).
Compounding in action:

Let's say I save R1200 on 1 Jan, the bank offers me an interest rate of 6% per annum. A simple interest calculation tells me that I will have R1272 at the end of the year. But come 31 Dec I will actually have R1274.01 🥳🥳
Read 10 tweets
Long Thread on F.I.R.E.
Financial Independence & Early Retirement

#financialindependence #financialfreedom #earlyretirement #financialplanning #retirementplanning
FIRE = Financial Independence Retire Early
Less than 1% people really understand the true meaning of financial independence. And even less than 1% (of that 1%) are capable of aspiring for it. And even less than 1% (of that 1% of that 1%) are capable of achieving it.
Read 48 tweets
Started the new year by watching Playing With Fire documentary (@PlayWithFIRECo). Very well made with many nuggets of #FinancialFreedom wisdom which I'm putting down here as thread for handy reading. (1/n)
@PlayWithFIRECo It's more important to be rich than look rich because it allows you to focus on the things important in your life. (2/n)
@PlayWithFIRECo Spend lavishly on things that you care about, but cut back ruthlessly in other areas. Don't get swayed by society's expectations of what you should spend on. (3/n)
Read 18 tweets
THREAD. Four years ago, my wife and I made the final payment on a collection of debts that were sizable. It took us 22 months of intense focus. It was, in retrospect, perhaps the most valuable thing we’ve ever done for our marriage. #DebtFree #TBT #babysteps #ThursdayMotivation
The vast majority of this debt was student loan debt, potentially dischargeable through public service debt forgiveness. When I began telling people that we had decided just to pay it all off, some people thought it crazy to NOT coast for ten years and then watch it go away.
In retrospect, I believe we made the right choice. My wife’s dealings with her loan servicer were a regular pain. Payments were often not applied correctly, and even as we were making double/triple payments, dealing with them was a regular annoyance.
Read 24 tweets
THREAD: Financial Independence:Retire Early (FI:RE) Series Part 1a. Understanding Money: PERCEIVED vs. ACTUAL value. #FIRE #FinancialLiteracy #FinancialIndependence #RetireEarly #TayoOyedeji
Formula 1. FI:RE is not about Money. But you need to understand money to attain FI:RE.
Money is:

1. A means of exchange for PERCEIVED value.
2. A store of ACTUAL value.

Understanding the dichotomy between PERCEIVED and ACTUAL value is the key to FI:RE.
Read 14 tweets

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