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Who Are You? Financial Self-Assessment via the FI:RE Model

FI:RE

Let’s review the model below. It contains 4 quadrants (Racers, Builders, Flashers, and FI:RE) surrounded by 4 boundaries (Employment, Investments, Assets, and Liabilities). Everyone lives in one of the 4 quadrants. We visit other quadrants but primarily live in one.

The boundaries: The key factor is physical or psychological presence. If you need to be physically or psychologically present to make money, then you have job. In contrast, investments don’t require your presence. Assets make you money, liabilities take money away from you.

The quadrants: If you answer YES to 2 of the 3 questions in a single quadrants, then that’s your HOME quadrant.

Rat RACERS:

1. Do you have a job? Do you need to be physically or psychologically present somewhere to make money?

2. Do you have some debt?

3. Do you need your salary to meet your monthly expenses?

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BUILDERS:

1. Do you have a job? Do you need to be physically or psychologically present somewhere to make money?

2. Do you save up to 30% of your monthly income?

3. Do you save more than you spend on non-essentials every month?

FLASHERS:

1. Do you have investments that can meet your monthly living expenses?

2. Do you spend a significant portion of your income on luxuries?

3. Does your living standard reflect your income?

FI:RE

1. Do you have investments that can meet your monthly living expenses?

2. Do you live below your means?

3. Do you do what you what you WANT to do or what you NEED to make a living?

Please share your results and the steps you need to take to move to the FI:RE quadrant.

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