FI/RE Diaries: A 34 year old musician living in Canada and FIRE-ing in 20 years with $1M
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Occupation: Professional Musician. I teach kids piano, tour with bands, and perform with orchestras.
Industry: Arts & Entertainment
Location: Canada
Age: 34
Salary: $40-60k/year (though COVID has wreaked a bit of havoc this year)
FI/RE Number: $1M
Years Until FI/RE: 20 years
Current financial situation: DINK - but these numbers are my own. 100% self-employed and used to think it was impossible to be anything other than a “starving artist”, but discovered that a lot of my assumptions about money were false. Now I’m a real estate/stock market investor while earning a modest income as a musician.
Ethnicity: Caucasian
How did you first hear about FI/RE?
Mr. Money Mustache
Why do you want to reach Financial Independence/Retire Early?
To be able to live my life with the most fun/ease as possible. I also just wanna prove that I can be a self-employed musician millionaire!
What does FI/RE mean to you?
Less stress, more taking advantage of opportunities that light me up!
What is your % savings rate?
About 33% after taxes
Are you doing anything to achieve FI/RE faster? If yes, what?
Coaching business/online courses to help artists get their finances together and start saving for retirement.
Any advice you'd give to someone who has a similar FI/RE lifestyle as you, especially if it seemed hard or unattainable?
You don’t have to speed through FI/RE for it to be applicable; retiring at ANY age on your own terms is not a given, so having any target date at all is a win. Don’t avoid starting because you can’t get there “fast enough” or don’t see anyone in your exact situation. Break your FI/RE number into a realistic timeline for you, not someone else.
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