Hey Friends,
This is was the very first edition of the 60 Seconds to Fire Newsletter from back in 2023. I hope you enjoy and keep your eyes peeled for more of these.
Andy
It’s my intent to produce this on a monthly basis and keep it to around a 60-second read, because let’s face it—I’m competing with the 50 other emails you received today, right? This first one will be a bit longer as I want to explain the concept behind what I’m doing.
I aim to extract the hidden gems and actionable steps from the vast ocean of finance and retirement content available. Then, I’ll bring these insights to our community so we can act and improve our lives together.
The Gems!
- The Habit Loop creates a positive feedback cycle that, once understood, can be edited to create, replace, or refine your daily habits. That’s the power to achieve anything, right there
(The Habit Loop)
An Example of the Habit Loop in Action to Introduce a 20-Minute Financial Reading Habit
- Cue: Sitting down to enjoy your morning coffee or tea.
- Craving: The desire to boost your financial IQ, knowing that smarter investments mean a faster track to your dream retirement.
- Response: Spend 20 minutes reading financial wisdom while sipping your favorite hot beverage.
- Reward: Feel the satisfaction of expanding your financial knowledge, visualize making smarter investment decisions, and give yourself credit for taking steps toward a retirement that’s not just comfortable but luxurious.
By dedicating 20 minutes each morning to enhancing your financial education, you’re not just learning—you’re building your path to early retirement. This habit helps you make more informed investment decisions, seize opportunities, and construct a solid financial foundation that can accelerate your journey to retirement bliss.
The Four Laws of Behaviour Change are a simple set of rules we can use to build better habits or stop bad habits. They are.
How Can You Use This to FIRE Earlier?
Whether you want to create new money habits or change a bad spending habit, this book can empower you to edit your life for maximum gain. According to a Duke University study, as much as 45% of the habits we perform each day are on autopilot. If we can alter these unconscious actions, we can dramatically improve the quality of our lives and reduce the time it takes to reach personal and financial freedom.
- Cue: Make it Obvious
After Sunday dinner, when the kids are tucked in bed, becomes the cue for Sarah and James to review their expenses.
How: Place a visible reminder note on the fridge or set up a phone alert in the kitchen to prompt them to review their expenditures.
- Craving: Make it Attractive
The craving is the desired outcome. Sarah and James can look forward to the satisfaction of financial control and reward themselves with a bottle of wine.
How: Visualize the joy that comes from understanding their finances better. Create a cozy space for their expense review, where they can discuss financial goals while enjoying that bottle of wine and some treats together.
- Response: Make it Easy
Simplify the process to make the habit easier to maintain. Sarah and James can establish a straightforward routine for reviewing expenses.
How: Designate a specific area for reviewing finances and use a budgeting app to streamline the process. Keep all necessary financial documents in one easily accessible place.
- Reward: Make it Satisfying
Ensure there’s a satisfying reward tied to the habit.
How: After completing the weekly expense review, Sarah and James can treat themselves to some wine and quality time together.
This positive feeling closes the loop and reinforces the habit. As the weeks go by and they get more practice, they will start to look forward to their weekly expense reviews. This is how powerful new habits are created.
I highly recommend that you take the time to read or listen to this book. I revisit it yearly, and it has been instrumental in improving my daily morning routine. Take a moment to reflect on your habits and see where you can level up. Honestly, when you realise you can reprogram the things you do (good and not so good) automatically, a new world opens up.
If you found this helpful, please subscribe here and share this newsletter with like-minded people who want to speed up their retirement journey. Also, let them know about the Geo-FIRE Retire Abroad FB Group through this link.
Until next time folks.
My first Coda alla Vaccinara
Looking to the heavens for words to describe it.
Andy
(Rome/Stuttgart)