Advice to young people starting out towards FI

They say 'free advice is worth what you paid', but I have noticed several posts recently from younger folk starting out on their FI journey, seeking general advice.

So, from a near-50-year-old who has been lucky enough to achieve FI, I offer the following suggestions. None of this is original, all of it is freely stolen from people far wiser than me...

At the outset, the fact that you are asking questions, and seeking out wisdom, already puts you far ahead of me at your age, and no doubt ahead of the vast majority of your peers.

So you are on the right track. Well done.

There are plenty of guides on doing the practical things to achieving FI (e.g. the resources in this subreddit, the excellent https://passiveinvestingaustralia.com, and Dave Gow's book 'Strong Money Australia', are all worth checking out).

These cover fundamental things like budgeting and knowing exactly how much you spend (a critical and ongoing responsibility), building emergency funds, building your earning capacity, and investing in low-cost index funds and ETFs etc.

However, the things I would offer are more about attitude and philosophy. These are some of the things that helped me towards FI and I wish I had taken them on at a much earlier age:

• Preference experiences over stuff. Build wealth with the aim of giving you more time to do the things you want to do, not the aim of buying fancy things. So-called 'luxury' goods - fancy cars, shoes, watches and clothes etc. - are essentially a tax on people crippled by status anxiety, perpetually seeking a level of validation from strangers that they will never receive. In reality, no one else gives a shit about your stuff, honestly. So avoid the need to destroy your wealth through wasteful conspicuous spending. Instead, look to accumulate memories - experiences of travel, time with family and friends, events, concerts, art, nature, culture, food - whatever experiences float your boat. It is doing things that bring you satisfaction in the long run, not having things.
• Your biggest asset is you. So invest in yourself by improving your skills in whatever career you want to follow. Join any professional bodies linked to your field, and volunteer with them if there are opportunities (e.g. sit on committees or help organise an event). There is an incredible amount of free educational resources online across every domain. Some universities offer at least part of their course materials for free. Join your local library for a wealth of free resources. Schedule in some time each week for learning even if you are not in a formal study program of any kind. Mix it up as well - explore something that interests you that might be completely unrelated to your work. Keep your mind supple and stay curious about the world.
• Minimise your exposure to social media. I would extend this to include all social media (including reddit), commercials/ads, and people who are social media-obsessed. These platforms, ads and people will make you unhappy and are trying to offer you a solution (buy shit) that doesn't work. People's lives are distorted and distilled into the 'best' (often fake) moments on their social media. It is a crafted image that is false. Comparison (see below), as they say, is the thief of joy. Similarly, commercials eat away at your sense of satisfaction in order to get you to buy whatever it is they are selling. Also, avoid people who judge you based on your spending. They just don't get it. Minimise exposure to all of that as much as you can.
• If it sounds too good to be true, it most definitely is. Most recently, crytpo bullshit for a start (and NFTs), but the list is endless. There are so many scams out there and they will evolve and change over time, but they will always be promising something that cannot be delivered. If something or someone is trying to get you excited about making money (exciting products or exciting courses to take), they are only excited about how much of your money they are going to take. There is no exciting magical secret to wealth they can offer you. Sensible investment is dull, unexciting, stable, and consistent. Anything 'trending' in investment is also likely to burn you. This includes things like thematic ETFs - see Ben Felix's excellent videos on YT.
• Minimise comparison with others. It is hard to avoid completely, as we conceive of our happiness and achievements in relative terms. But focus on your own goals as best you can. Lots of people will do better than you, across every measure in life. So what? Lots more will do far worse. If you want to make a comparison, think about what you have in life (and not what you lack) compared with others around the world. If you have somewhere safe to sleep, food to eat and a hot shower every day, your life is lived to a level of comfort that is out of reach of literally millions of people right now, and would be considered unimaginable luxury to people a few hundred years ago. Be grateful for what you have.
• Nothing matters more than your health. Physical and mental health have to be your highest priority. We know what to do: eat food (not junk), not too much, and mainly plants. Exercise regularly, and build that habit as soon as you can. I wish I had done that much earlier in life. It is simple, but it's not easy. Without your health, everything else becomes meaningless. Mental health is equally important, and again, don't give a shit about other people’s attitudes if you ever need help when mentally unwell. Don't delay seeking help because an illness is mental rather than physical. It's all about your health in the end.
• Surround yourself with people who share your core values. This can be hard, and not always something you really have control of, but don't waste your time on people who don't treat you with respect, or whose values and goals are completely opposed with yours. Unfortunately, sometimes this can mean reducing time spent with some family members too, if they are not good for your mental health. People will treat you the way you allow them to. Find your tribe.
• Don't be too hard on yourself. Build an inner voice that speaks to you like a good friend. Sometimes you will fuck up, and that's ok. Sometimes you will have setbacks beyond your control, and that's ok (and to be expected). Keep encouraging yourself and be your own champion. Remind yourself of your goals and your plans. Adjust, adapt, but stay the course.

Best of luck.