Balance frugality & lifestlye quotient.
The best way to achieve financial freedom is to earn as much money as possible from a merit based career, live extremely frugally, and invest all your saved money in accounts not in your 401K or home equity. Stretching this habit over ten years will yield good results.
Again, when your goal is financial freedom as quickly as possible it doesn’t make sense putting your hard earned money in 401K accounts or your primary home. Why? There are penalties withdrawing wealth before 59.5 in your 401K. A primary home, without tenants, is not making you money. If you need more education in these topics there will be other blog entries diving deep on these topics explaining why a 401K/primary home are not actual real net worth generators but rather delay one’s ability to achieve financial freedom.
Currently, in my life, I could be doing a better job of saving more money each month. 80% is good. I’ve been a frugal professional for several years, working hard over many years starting my career, and I believe I need to enjoy things in my life that give me happiness. Those things include soccer, snowboarding, and golf. Everything else in my life is paid for while these activities cost money to maintain. A serious FIRE member would call me an idiot. But here’s the thing – life is meant to be enjoyed and lived fully. Not grinded out to financial freedom.
I know what grinding every single day feels like for months on end and I hated it. Never again.
You need to live a happy life. It’s your responsibility.
Give 85% of your frugalness to financial freedom and keep the other 15% going toward living a good life. God forbid we all die in two weeks having never really had happiness or fun. That’s why allocating 15% of your tax home pay to things you like doing is so important for LQ.