I started Banker On FIRE to achieve the following three objectives:
- Give me a creative outlet from the pressures of my job as an investment banker
- Explore, document and debate the various ways to build wealth and achieve financial independence
- Help others make better decisions, grow their net worth and live their best life possible
Why Should I Read Banker On FIRE?
Let’s get one thing straight up front: I guarantee that money alone cannot and will not make you happy.
However, I also guarantee you that achieving financial security WILL lower your stress levels, give you more optionality and help you live your best life.
Becoming financially independent requires making good financial decisions. And guess what? Making good financial decisions is hard.
It requires a lot of time, information, education, and effort.
You need to learn the basics of budgeting, saving and investing. Once you do, you need to run your finances like a business.
That means paying close attention to your investment portfolio, planning your asset allocation across all the investment vehicles available to you, optimizing your debt and taking care of a myriad of other things that impact your net worth.
Unfortunately, the reality is that life is busy, the relevant information is not always available and our energy is finite.
When we get home, we are exhausted, stressed and too preoccupied with everything we need to do take care of our families, keep our jobs and maintain some sense of sanity.
Time is scarce and while achieving financial independence should be one of our top priorities because of all the wonderful things it can do to improve our quality of life, in reality it usually falls to the bottom of the to-do list.
And guess what? This can and does have a disastrous effect on our financial future.
Fully Agreed, But What To Do?
Even the smartest, most focused and energetic people end up making sub-optimal decisions. No one is perfect.
Some decisions are frankly unavoidable and for the most part, inconsequential.
It could be grabbing an Uber to work instead of the tube because little Emma just wouldn’t eat her breakfast and now you are late for your 9 am meeting. Or perhaps someone asked if you want to grab lunch together and next thing you know, you ended up at Glamburger as opposed to Pret.
Other decisions, however, can end up costing you tens and hundreds of thousands of pounds of forgone wealth over the years.
You could forget to open the LISA – and lose out on up to £33,000 of free money over the years.
Or perhaps you did take advantage of it but never realized that your pension provider was taking advantage of you with eye-watering fees and suboptimal investment options.
Your best intentions to give your children a leg up in life by giving them a private education could backfire because you didn’t realize what the true cost of private schools is – now that school fees have outpaced inflation for over a decade (while your pay hasn’t).
Or you could be doing your absolute best, saving diligently year in and year out – only to see those savings wiped out because you don’t appreciate the concept of inflation and the inherent disadvantage of being cash-rich.
These are decisions that jeopardize your financial future. This is where you need to pay attention, learn and act. And this is where I choose to spend the limited time that I have.
Banker On FIRE not a website about saving money by giving up coffee, discount shopping or holding a garage sale. Living well within your means is crucial but there are plenty of other amazing resources on the web that can teach you the basics of budgeting and saving money.
What I choose to focus on is making good financial decisions that generate substantial wealth increases over a long time period.
I hope I can help you do the same.
About the author
I am an investment banker based in London. I am passionate about finance, capital markets, behavioural economics, financial independence and living my best life possible.
I was educated in a state school, have an MBA degree from one of the best US universities and have gone through a number of jobs and every single income bracket over the course of my career to date. It hasn’t always been easy but I treasure having a unique perspective that comes with knowing what life is like outside the investment banking bubble.
I look forward to having you here and hope that you will find Banker On FIRE helpful in your own financial journey, whatever it may be.