I recently came across a CNA programe where a self proclaimed 57 year old Taiwanese lady with having "no advantages" due to a low educational background, low income, and not being tall or pretty was able to retire at 43 years old. The lady, named Fanny started her retirement planning at age 29 years old with a starting salary of just 30,000 TWD (around $1300 SGD), so it took her only 14 years to achieve FIRE which to me is quite amazing. The usual stories I heard of early FIRE achievers were either working in tech, investment bankers or working in some high paying industry, so Fanny's story was kind of refreshing since I also have the same goal to achieve FIRE. I strongly suggest fellow readers who aim to achieve FIRE to view the video at this link.
Here is a summary of how she managed to retire at 29 years old:
Early Planning and Discipline: At age 29, Fanny made two crucial decisions: she began saving as much as she could, and she decided on a minimalist international nomad lifestyle. She emphasizes that financial management is a long-term endeavor, not a quick path to wealth. She travels frequently and most of her belongings can fit readily into a backpack and she has developed several money saving skills over the years such as cooking simple meals using only a microwave. Along the way, it does take a lot of discipline to also prevent yourself from falling into the lifestyle inflation trap, hence her financial discipline is really admirable.
Aggressive saving and strategic investment: She mentioned she saved more than 50% of her savings and invested in mutual funds and insurance policies and her investments managed to generate about 600,000 TWD (around $26,000) annually for her. Sometimes you don't really need to over complicate your investments or chase the hottest stock. You just need a lot of discipline and patience to stay the course.
Decision Against Property Ownership: Fanny faced a choice between saving for a home and saving for retirement. She realized that buying a home might leave her with no cash and no retirement fund in old age, potentially needing social worker assistance. Instead, she chose to prioritize saving for retirement and chose to stay in co-living hostels which are more affordable as it's a pretty well known fact that Taiwanese face an uphill battle to own a property due to high property prices and stagnant wages. So after coming back from overseas, she will stay in the hostel for a few months before taking flight again. Another advantage of living in a hostel is that she doesn't need to sign landlord contracts and pays no management fees or utility bills. I think her decision not to own a home is the biggest reason she was able to reach FIRE so early.
She has also identified a wellness village where she plans to settle once she's ready to end her nomadic lifestyle. Her story offers several valuable insights, particularly the importance of starting retirement planning early and maintaining discipline to stay on track. While her decision to forgo homeownership and live in hostels represents a creative approach to achieving FIRE, it wouldn't suit my lifestyle as an introvert who values personal space. However, the most compelling takeaway from her journey is the freedom it provides which is having complete control over your life and the ability to pursue whatever path you choose.
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