This is the No. 1 money habit of early retirees, says CFP—and it only takes 30 minutes (via CNBCMakeIt)
Rachael Camp, a certified financial planner and owner of Camp Wealth, says her clients aiming for financial independence all have one thing in common: They track where every dollar they make goes each month.
to put toward financial goals, such as paying down debt, building an emergency fund and investing for retirement, many FIRE adherents supercharge that rate by upping their income and keeping their fixed costs low. Checking in regularly makes it harder for you to let your spending get away from you, says Camp. "You may not have realized before that you're overspending in a certain category," she says. "It's just really hard to let your spending get out of control when you track it so well."
This number can fluctuate from person to person depending on their goals, desired lifestyle and if they plan to have other sources of income, such as real estate income, once they leave their 9-to-5. While some FIRE adherents are naturally and happily frugal, others deprive themselves of things that might improve their quality of life. Some may work a lucrative job that makes them unhappy in order to bank as much as possible.
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