START YOUR myFIRE JOURNEY FOR BETTER FUTURE.
You need income. The higher, the better but any income can work if you’re diligent. For most people, the key to driving income growth will be to develop their careers but others may develop a business or side business to grow their earnings.
You must spend less than you earn. It’s vital. Even if you make $1 million a year, if you spend it all you won’t get to FI. You need to control expenses to maximize the difference between income and spending (within reason, of course. You don’t have to be frugal to the point of hating life).
You take your savings and invest to grow it. While I opt for index funds, exchange traded fund and single stocks, there are many other ways to invest for success.