Podcast › #54
About this episode
In this episode, from a FIRE point of view, I help you rethink what the first step really is for people on a modest income: not investing, but building three things that form the foundation of your life.
When your income is limited and the pressure is huge, saving blindly just makes you anxious and doubt yourself, and you may even give up halfway. More important than saving a little to invest is giving yourself the ability to move up.
What you'll get from this episode: • A money priority list that really fits people on a low income (not stocks, but three more important things) • How to work out your survival baseline — the lowest living costs you can bear • How to adjust your mindset and walk your own path when others don't understand or support you • Why the most important investment for people on a small salary isn't stocks, but ability • Using psychology (herd behavior, cognitive dissonance) to understand how your thinking affects your finances • A way of thinking about money that can help you really jump up a level
If you're stuck on a low salary, or feel you can never catch up however hard you try, this episode will give you direction and help you see: earning NT$30,000 a month (about US$1,000) isn't the problem; standing still is.
Who is this episode for? • You earn around NT$30,000 a month and find saving painful and slow • You've just started working and your first paycheck can't support the life you want • Friends or family keep asking "why are you so stingy?" • You've saved for so long you've started to doubt yourself, and aren't sure you're heading the right way
If you're looking for "the first step that can really change your life," this episode is for you.