💰Easy savings

It’s so exciting to see our readership grow in leaps and bounds. Every week we come back to more and more of you reading our newsletter and sharing your experiences with us and on the 25th issue of Hack Your Money all we want to say is thank you. It’s been an absolute joy watching our community grow and we promise we have some amazing things still to come. 

Until then, let’s dive into the details of the FIRE Movement and talk about a strategy that can help you save - even if you’re the worst at it. Here’s to supercharging your money, one step at a time!

- Milan

IN THE STOCKS

• S&P 500 4,839 (1.23%)
• NASDAQ 15,310 (1.70%)
• Dow Jones 37,863 (1.05%)

*Stock data as of closing on January 19th.

THE MONEY BREAKDOWN

“The FIRE Movement”

Picture this: achieving financial independence sooner rather than later, followed by early retirement if you so choose. The Financial Independence, Retire Early (FIRE) movement is not just about quitting your 9-to-5 but gaining the financial autonomy to live life on your terms. 

If you’re thinking of joining the movement and retiring early, the game plan involves aggressive saving, strategic investing, and mindful spending. Here’s the gist of it:

1. Aggressive Saving and Investing:
• Save a significant portion of your income, ideally 50% or more.
• Develop a strategic investment plan to grow your wealth efficiently.

2. Optimize Your Lifestyle:
• Embrace frugality by scrutinizing and minimizing discretionary spending.
• Consider alternative lifestyles that align with your values and financial goals.

3. Continuous Learning and Community Engagement:
• Stay informed about personal finance and investment strategies.
• Engage with the FIRE community through forums, blogs, and social media for support and insights.

Putting the right strategies in place can help you achieve financial independence and pave the way for true freedom 

MILAN’S HACK OF THE DAY

Build Wealth With Automatic Savings

If you’ve been struggling with saving, automatic transfers could be the answer to your worries. More often than not, financial commitments and unnecessary expenses get in the way of building your wealth; on payday, everything seems more important than building your emergency fund. But setting up automatic transfers is like putting your savings on autopilot, ensuring a consistent and disciplined approach. 

Begin by determining a realistic savings goal – whether it's for an emergency fund, a down payment, or retirement. Then, set up recurring transfers from your checking to your savings account every month. This method removes the need for active decision-making and reduces the chances of you reprioritizing your spending habits - it’s like a reality check from pre-payday you to post-payday you and you’re welcome to guess which one makes better decisions. Embracing the power of automation can make your wealth grow effortlessly, so don’t delay this step!

Discover more ways you can save, make, and invest your money with my top money hacks at milansingh.co/hacks