At ELFIN, we are fans of the FIRE (financially independent & retire early) movement. Did you know that ELFIN was first called “fire for women”? After all, we want to inspire you to become financially independent too! And inspiration also comes with role models, doesn’t it? Therefore, in this series, we interview women who are actively engaged in their FIRE journey. How are they addressing this? What does FIRE mean to them? What do they run into and what is their tip for you? This edition we ask Jessy (27) how her journey is going.
‘The past year has completely changed my life, and I am expressing myself softly. I got into a car accident, had a relationship breakup, cancelled my rent and quit my job in financial services. I now live somewhere in North Holland, babysitting a house to save costs. And now I’m studying to be a wealth advisor and blogging and entrepreneurship as a
Happy Rich Millennial
. So I have my life pretty much back on track, and becoming FIRE is part of that.’
When did you come into contact with FIRE?
‘The seed for FIRE was planted in New York. I interned as an event supervisor at really high end weddings. There it was like the rest of New York: consume a lot and always show how well you are doing. They lived there from pay check to pay check, which made everyone stressed. It soon became clear to me: I didn’t want to live like that. I began to wonder if I could do something with my money that would be sustainable for the long term. Investing was the answer to that.
And then what did you do?
‘I realized that I was actually already living by the FIRE principles. I was doing everything I could to keep my expenses as low as possible and was working to increase my income. The difference between them I invested. As a student, I was into frugal living anyway because I liked to travel. But when I read the book Rich Dad, Poor Dad read, I decided to go full for that FIRE journey.’
What does being financially independent mean to you?
‘For me, it’s the freedom to live on my own terms. For example, I left employment because I felt very trapped as an employee, with fixed hours and limited vacation days. FIRE for me is being able to do what I love every day, without financial worries.
And how far along are you in the meantime?
‘I am not FIRE yet, but I do believe that everything I am currently doing or where my money is in is going to make me financially independent in the long run. On the one hand, many things are expanding: my company Happy Rich Millennial keeps growing, I have my investments, and I meet more and more like-minded people through my company. On the other hand, I also gave up a lot: my rent and my job, to name a small thing. Therefore, I plan to find a temporary job for two days to cover this period. But I feel I am on the right track, this phase is a preparation.
I’m sure that’s not always an easy phase.
‘Definitely not. But I try to think in long term. I didn’t at first. I saved up for a trip and then spent it all. Now I dare to invest money in my business and investments because I know it will eventually make me money again. I’m confident about the future because I’m focused on that now.
What do you dream of once you are FIRE?
‘My first and biggest dream is that I want to be able to do remote business. I’m already doing that a little bit, by babysitting different houses all the time. But eventually I hope to buy a house in Spain, which I will then rent out for part of the year. And the other part of the year I sit there enjoying, and working.’
Do you have one last tip?
‘You’re probably expecting a savings tip, but I’ve found that knowledge is the most important thing. Not only knowledge about what you do, but also about who you are. Becoming financially independent takes discipline, so you want to know where your pitfalls lie. How do you deal with emotions and triggers? And also delve into the world of finance: how does money really work? Don’t be afraid to invest in that through a course or coach, because in the long run that knowledge will help you the most in your FIRE journey.
Also starting your FIRE journey? Then download ELFIN’s free e-book now, where you will learn all about becoming FIRE.
