Editorial IndependenceWe want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
Julien and Kiersten Saunders are on a mission to bring more education about the Financial Independence, Retire Early (FIRE) movement to the Black community.
Whether or not people decide to pursue the FIRE life or not, or to what extent, is not really up to me, says Julien. But I certainly want to make sure people in our community, the Black community in the United States, are aware that FIRE is a viable option.
Julien first learned of FIRE in college; Kiersten learned about it from Julien when they started dating in 2012. After a trip to Panama in the summer of that year, the couple broke up. Part of their reconciliation process involved an agreement to pay off debt, start investing for their future, and work toward achieving FIRE.
Over the next five years, they paid off $200,000 in debt, quit their jobs (Julien in June 2018, Kiersten in April 2020), and launched a brand called Rich & Regular to share their journey with others. Heres the Saunders advice for anyone curious about pursuing FIRE and why financial independence can be about more than hitting a specific number.
The Saunders met in 2012 when both got jobs working for the same travel company in Atlanta. They started dating, and that summer they went on vacation to Panama for 10 days.
While they were away, Julien learned that Kiersten had put the entire trip on her credit card.
I had about $30,000 of consumer debt and a problem with spending, says Kiersten. The honeymoon phase went real quick for us. The couple broke up after that trip, but eventually began talking again and reconciled. They agreed that if they were going to make it as a couple, they had to agree about their finances.
Julien shared with Kiersten his passion for the FIRE movement, and together the couple calculated their FIRE number: the net worth benchmark at which you can become work-optional. A ballpark FIRE number can be calculated by multiplying your annual expenses by 25; the Saunders settled on a FIRE number of $1.3 million.
Between 2013 and 2017, the Saunders buckled down. They lowered expenses by cutting cable, not having a car payment for Julien (because he drove a paid-off 2008 vehicle), and shaving expenses wherever they could.
I couldnt sell the luxury vehicle I had, so I just refinanced it, says Kiersten. I also had a fancy midtown Atlanta apartment I downgraded into something much smaller in a less sexy part of town. I had a habit of eating out quite a bit; I never really cooked at home. I went and bought coffee every morning instead of making it in the kitchen, so I stopped doing all of that.
Julien and Kiersten also focused on raising their income.
I ultimately spent ten years at my company and was promoted five times. I almost tripled my salary, says Julien. We were counting coins and throwing ourselves into work. Kiersten was also able to increase her income and got several promotions. By 2018, they had paid off $200,000 in debt, including auto loans, student loans, credit card debt, tax debt, and one mortgage.
In addition to their employee-sponsored 401(k) plans and IRAs, they opened a savings account to invest in real estate. In 2014, they bought their first rental property for $62,000.
The Saunders saved and invested more than half of their combined income by keeping their expenses low.
While paying down their debt, the couple also launched a personal finance blog called Rich & Regular in September of 2017 to share their story and offer financial independence advice. They were inspired to call it Rich & Regular after a trip to South Africa.
For the first time, we didnt have to be so aware that were Black while in South Africa, says Kiersten. We didnt have to be aware that were Black and well off. It completely changed our lives because thats the norm there we werent the other. We wanted to create a space to attract more people to a community where theyre not the other. Youre just a rich and regular person.
The Saunders wanted to grow this blog into a full online business and create multiple revenue streams of income. More importantly, though, they wanted to help others in the Black community create financial independence.
Our goal is to continue building wealth and inspire Black people to explore the financial independence movement as a way to achieve economic freedom, says Julien.
The Saunders built Rich & Regular while working, saving, and raising a son. In 2018, they felt comfortable with how much they had invested and Kierstens salary, so Julien quit his job to focus on the online business full-time. Julien poured all his effort into building multiple revenue streams in the online business.
In 2020, the couple realized they had enough cash and investments to live a Lean FIRE lifestyle in which they had minimal expenses. They had also shifted their view of the FIRE movement from trying to hit a number to living a good life.
As we started to have a child and then supported my mom, who was financially insecure, our interests evolved, says Julien. We went from being focused on trying to retire early to focused on creating a better quality of life, which is kind of where we are right now. We are in a sweet spot where we dont have to touch our investments. Kiersten joined Julien by quitting her job in 2020 to work on Rich & Regular full-time.
Julien and Kiersten Saunders are passionate about educating the Black community about financial independence.
We have a post called The Racial Wealth Gap that explains all of the big barriers and why the gap exists for Black people specifically, says Kiersten. But for us, it was acknowledging that and affirming that yes, you are right, it is harder, but it is still possible. We talk about the disconnect when you have cultural obligations that conflict with financial ones, and we help people pinpoint where their values are. That doesnt exist when youre just talking about the math, and a lot of FIRE focuses on math.
One reason we felt so comfortable sharing our story was because FIRE is a wake-up call for people who are making a good living but still at risk of downsizing or not on the path to grow, says Julien. We wanted to make this introduction to FIRE as a viable path we wanted to make sure people knew about it and that it was up to them to decide if this is something they would want to pursue.
View original post here:
- Weaving Hope and Financial Independence: Fatima's Path to Empowerment - United Nations Development Programme - May 13th, 2024 [May 13th, 2024]
- Mother's Day 2024: Top 6 ideas to empower your mother with financial independence | Mint - Mint - May 13th, 2024 [May 13th, 2024]
- The Simple Path to Wealth - New Trader U - May 13th, 2024 [May 13th, 2024]
- Bitcoin Halving: A History of Economics Shift & Financial Independence - Crypto Times - April 20th, 2024 [April 20th, 2024]
- Your Excuses Will Never Help You Build Wealth - DataDrivenInvestor - April 14th, 2024 [April 14th, 2024]
- Financial expert comments on Brits methods of obtaining financial freedom - IFA Magazine - April 14th, 2024 [April 14th, 2024]
- Women reveal why they chose financial security over love - Yahoo News UK - April 14th, 2024 [April 14th, 2024]
- This 48-year-old dad retired early to move to Panama with his family: 'This has been the greatest thing' - Fortune - March 29th, 2024 [March 29th, 2024]
- More than just housewives: Ministry encourages women to embrace leadership, financial independence - Sinar Daily - March 29th, 2024 [March 29th, 2024]
- Gender equality through Financial Independence (CSW68 Side Event). - Welcome to the United Nations - March 16th, 2024 [March 16th, 2024]
- Journal Club 03-15-24 - Passive Income MD - March 16th, 2024 [March 16th, 2024]
- How much money Americans need to earn to be 'financially independent' - CNBC - January 29th, 2024 [January 29th, 2024]
- What is Financial Independence, Retire Early (FIRE)? - Bankrate.com - January 29th, 2024 [January 29th, 2024]
- HUYNH: The Student Council endowment could ensure financial independence - University of Virginia The Cavalier Daily - January 29th, 2024 [January 29th, 2024]
- Crypto Sundae The Dog $SUNDAE: Your Path to Financial Independence - Medium - January 29th, 2024 [January 29th, 2024]
- Financial Independence through Crypto: Top 3 Coins That Could Transform Your Portfolio in 2024 - CryptoDaily - January 29th, 2024 [January 29th, 2024]
- Salary Success: Is $94000 the Magic Number for Financial Freedom? - Study Finds - January 29th, 2024 [January 29th, 2024]
- Early Retirement Is Just A Big Lie - Seeking Alpha - January 29th, 2024 [January 29th, 2024]
- 4 Strategies to Achieve Financial Independence in 2024 - Business Insider - January 4th, 2024 [January 4th, 2024]
- 3 Legged Stool of Retirement | investing.com - Investing.com Canada - January 4th, 2024 [January 4th, 2024]
- What is Coast FIRE? Should you pursue this instead of vanilla financial independence? | Mint - Mint - December 25th, 2023 [December 25th, 2023]
- Book Recommendations on Money, Investing, and Financial Independence - Business Insider - December 25th, 2023 [December 25th, 2023]
- How 12 years of tracking investments has been a life-changer - freefincal on YouTube - December 25th, 2023 [December 25th, 2023]
- Understanding the Path to Financial Independence in Retirement - TickerTV News - December 25th, 2023 [December 25th, 2023]
- Females On FIRE: 3 Diverse Women Share Their Journey To ... - Bankrate.com - November 30th, 2023 [November 30th, 2023]
- WA Parents Lead in Funding Adult Kids, Survey Shows - Source ONE News - November 30th, 2023 [November 30th, 2023]
- Saving, Investing, and Running Marathons: My 25-year Journey to ... - freefincal on YouTube - November 30th, 2023 [November 30th, 2023]
- The Clash Against The Magnificent Seven - Community Advocate - November 30th, 2023 [November 30th, 2023]
- What is the perfect age to retire? Here are the 5 crucial questions you need to answer now - AOL - November 30th, 2023 [November 30th, 2023]
- Italy Searches for Museum Leaders, With Nationalism in the Air - The New York Times - November 30th, 2023 [November 30th, 2023]
- In Africa, Gender Equity in Construction Shapes Tomorrow's Workforce - Autodesk Redshift - November 30th, 2023 [November 30th, 2023]
- How Lifestyle Inflation Is Keeping You In The Rat Race (Avoid To ... - New Trader U - November 30th, 2023 [November 30th, 2023]
- Small business ideas to start at university - Arizona Big Media - November 30th, 2023 [November 30th, 2023]
- Top 5 Investment Ideas for Beginners: A Comprehensive Guide - Goodreturns - November 30th, 2023 [November 30th, 2023]
- How Huawei Is Helping China Build Up Its Semiconductor ... - Bloomberg - November 30th, 2023 [November 30th, 2023]
- Patient experiences of being advised by a healthcare professional to ... - BioMed Central - November 30th, 2023 [November 30th, 2023]
- When You Should Consider Buying Even More Stocks | White Coat ... - The White Coat Investor - July 19th, 2023 [July 19th, 2023]
- Sanaipei Tande's insights on marriage, polygamy and financial ... - Nairobi News - July 19th, 2023 [July 19th, 2023]
- Real jobs for eager young people: The Heckscher Foundation ... - New York Daily News - July 19th, 2023 [July 19th, 2023]
- All about the Benjamins: Researchers decipher the secrets of ... - ND Newswire - July 19th, 2023 [July 19th, 2023]
- How To Become Rich With The Power Of Compounding - New Trader U - July 19th, 2023 [July 19th, 2023]
- Women Deliver 2023 | Together We All Lead - Procter & Gamble - July 19th, 2023 [July 19th, 2023]
- Acclaimed Temple psychologist's new book explores parenting adult ... - Temple University News - July 19th, 2023 [July 19th, 2023]
- Where Is Kate Chastain From 'Below Deck' Now? - We Got This Covered - July 19th, 2023 [July 19th, 2023]
- Programs that help NYC migrants achieve financial independence ... - New York Daily News - June 26th, 2023 [June 26th, 2023]
- ChatGPT gives 10 reasons why you should buy Bitcoin - Finbold - Finance in Bold - June 26th, 2023 [June 26th, 2023]
- Scottish independence reset undermined by confusion over SNP ... - Financial Times - June 26th, 2023 [June 26th, 2023]
- It's Never Too Late to Become a Millionaire - New Trader U - June 26th, 2023 [June 26th, 2023]
- Milford Foundation Partners With MoneyTime To Improve Financial ... - Scoop - June 26th, 2023 [June 26th, 2023]
- Bitcoin ETFs: What Are the Potential Implications for Crypto? - Captain Altcoin - June 26th, 2023 [June 26th, 2023]
- De-dollarization will be a priority talk at BRICS meeting Cryptopolitan - Cryptopolitan - June 26th, 2023 [June 26th, 2023]
- Gen Z viewers are more inclined towards 'Financial Independence Retire Early' concept: Rachana Ranade - Times of India - February 7th, 2023 [February 7th, 2023]
- FIRE Movement: What It Is And How It Works - NerdWallet - January 31st, 2023 [January 31st, 2023]
- FIRE: Financial Independence, Retire Early Forbes Advisor - January 31st, 2023 [January 31st, 2023]
- Priyanka Chopra Jonas' idea of financial independence is inspirational and how! - Zoom TV - January 27th, 2023 [January 27th, 2023]
- Independence Realty Trust, Inc.'s (NYSE:IRT) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects? - Simply Wall... - January 27th, 2023 [January 27th, 2023]
- What Is Financial Independence? Forbes Advisor UK - January 19th, 2023 [January 19th, 2023]
- The FIRE Movement: Financial Independence; Retire Early | Britannica Money - January 19th, 2023 [January 19th, 2023]
- Home | NextAdvisor with TIME - January 6th, 2023 [January 6th, 2023]
- Why Financial Independence with Children is Challenging. - December 28th, 2022 [December 28th, 2022]
- 8 Levels Of Financial Freedom - Forbes - December 23rd, 2022 [December 23rd, 2022]
- Independence Contract Drilling, Inc. Reports Unaudited Financial ... - November 25th, 2022 [November 25th, 2022]
- How Much Money You Need to Retire Early in All 50 States - NextAdvisor - November 25th, 2022 [November 25th, 2022]
- Funding | The Official Website of The Duke & Duchess of Sussex - October 23rd, 2022 [October 23rd, 2022]
- What the Future Voices of Personal Finance All Have in Common - NextAdvisor - October 19th, 2022 [October 19th, 2022]
- How this 41-year-old went from 'living on credit cards' to retiring early with $3 million in California - CNBC - October 19th, 2022 [October 19th, 2022]
- Insights on What Really Matters to Participants - PLANADVISER - October 19th, 2022 [October 19th, 2022]
- On the road to financial independence - The News International - October 19th, 2022 [October 19th, 2022]
- Womens center announces expansion to address domestic violence throughout the region - Houston Public Media - October 19th, 2022 [October 19th, 2022]
- PSLF Waiver Application Deadline - The White Coat Investor - October 19th, 2022 [October 19th, 2022]
- Fairfax Financial and Independence Pet Group Receive All Regulatory Approvals To Complete Sale of Global Pet Insurance Operations - GlobeNewswire - October 19th, 2022 [October 19th, 2022]
- Sustainable Bitcoin Miner CleanSpark Welcomes Investors and Analysts to its Mining Campuses in Atlanta - GuruFocus.com - October 19th, 2022 [October 19th, 2022]
- Deep Well Project to host open house for new financial stability initiative - WSAV-TV - October 19th, 2022 [October 19th, 2022]
- IIM Grad Quits Job to Help Over 1000 Women in Bihar Scale Their Small Businesses - The Better India - October 19th, 2022 [October 19th, 2022]
- Harry's Memoir Will Be 'Quite Revealing' 'If We Ever See It'Jeffrey Archer - Newsweek - October 19th, 2022 [October 19th, 2022]
- Where Harold Weilbrenner and Janice Weiner stand on issues in the Senate District 45 race - Iowa City Press-Citizen - October 19th, 2022 [October 19th, 2022]
- Moliy Is Swimming Against the Tide of Mainstream Afropopand Succeeding - OkayAfrica - October 19th, 2022 [October 19th, 2022]
- From Chaos to Success: The Mike Koshatko Story - Digital Journal - October 19th, 2022 [October 19th, 2022]
- SEC Warns Auditors to Take Their Role and Independence Seriously - JD Supra - October 19th, 2022 [October 19th, 2022]
- Suze Orman Hates the FIRE Movement. Here's Why - The Motley Fool - October 13th, 2022 [October 13th, 2022]