Welcome to Monethalia!
Feel free to work your way through Monethalia in the order I recommend below or start with the step you find most relevant.
Step 1: Get to know me
Monethalia exists to demonstrate that ordinary people with ordinary salaries can reach financial independence, retire early (FIRE). Even if you have no savings and no knowledge about money, you can start your journey today.
Financial independence means that you will never have to work again and have sufficient savings/investment for the rest of your life.
I am Jennifer and Monethalia is here to document my FIRE journey which I started in April 2019. Without family support, a large inheritance, or a six-figure salary, I aim to become financially independent within 10 years.
Step 2: Discover your potential
Yes, you have the potential to be financially independent too! It can be hard to believe but your financial situation is not set in stone. Currently, you may be in debt, your finances may be a mess, or you may be on a low income.
Do not let this stop you! We may all have a different starting line but that does not mean we cannot work towards the same goal. Monethalia is packed with information that will help you to turn your situation around, simply follow the steps below.
Step 3: Stop wasting money
You may be wasting money right now. Bad money habits often develop over time or are ingrained into us during our childhood. Then, we carry on wasting money left and right. But habits can be broken and the money drain can be plugged.
Step 4: Reduce your expenses
Spending less is easier than increasing your income for most people. Therefore, this is the first actionable step in your FIRE journey. Make a budget, assess with expenses are necessary for you, and find where you have the potential for savings.
Step 5: Increase your income
The more you earn, the more you can save! Not everyone has a well-paid full-time job so it is time to start looking around. There are numerous ways you can supplement your income without breaking a leg. Side hustles and odd opportunities can replace career success.
Step 6: Gain financial literary
In school, we learn about advanced math and ancient history but very little about finance. Thus, it is unsurprising if you find the financial world daunting and have little idea about savings types and investing.
Step 7: Enjoy the journey
You only live once. Thus, when working towards FIRE it is important to make sure you are happy and have fun. Remember, the journey is the goal!