How to achieve financial independence while still enjoying life?
<div class="user-question">Hi Frich! My burning money question is: How can I optimize my income, savings, and investments to achieve financial independence as quickly as possible while still enjoying life today? I want to understand the ideal balance between earning more through strategic career moves, saving effectively without sacrificing quality of life, and investing wisely in diverse opportunities like stocks, real estate, or business ventures. Specifically, what steps should I prioritize, and what common pitfalls should I avoid when pursuing this balance to secure long-term wealth while staying adaptable to life's uncertainties?</div>
Hey Frichies! It’s Yuval here, Founder & CEO of Piere. We all dream of financial freedom - the ability to live life on our own terms, without worrying about money. But how do you grow your income, save strategically, and invest wisely without feeling like you’re sacrificing fun today?
The secret? Balance. You don’t have to be frugal to the point of misery or work 24/7 to build wealth. Let’s break it down into what to do and what to avoid so you can grow your wealth and enjoy the ride.
1️⃣: Make More Money (Without Working More Hours)
1️⃣ Negotiate a 20-50% Raise
If you haven’t asked for a raise in the past year, you’re probably underpaid. Most companies won’t offer more unless you ask. Here’s how to do it:
- Track your wins. Keep a doc of every major impact you’ve had on revenue, efficiency, or growth. Here’s a quick format to use:
- Benchmark your salary. Use Levels.fyi, Glassdoor, and LinkedIn to see what others in your role make.
- Leverage other offers. Apply for new jobs - even if you like your current one and don’t intend to move - to negotiate better pay.
<div class="frich-tip">This week, update your resume (Canva has great templates!) and apply for 5 higher-paying roles.</div>
2️⃣ Upgrade to a High-Income Skill That Puts You Ahead
If you want to earn way more without working way more, you need to learn a skill that directly impacts business growth.
One of the fastest ways? Data analysis.
Companies are drowning in data but starving for insights. If you can take raw numbers and turn them into something valuable, you become indispensable. And here’s the best part - you don’t need to be a math genius or spend years learning to code.
Here’s your unfair advantage: GPTs (like ChatGPT or Claude) are completely free tools that can instantly analyze data and uncover insights that no one else is seeing.
3️⃣ Launch a Side Hustle That Pays More Than Your Day Job
Most side hustle advice online is either too niche, too tech-heavy, or too slow to make real money. You don’t need to start a blog, build an online course, or sell digital products that take months to make a dollar. Instead, let’s keep it realistic - something you can start this week and see actual income from.
- Good at Excel? Charge $25/hour to clean up spreadsheets for small businesses on Upwork or Freelancer.
- Fluent in another language? Tutor online for $15-$40/hour through Preply or iTalki.
- Decent at writing? Offer resume reviews or LinkedIn profile rewrites on Fiverr or LinkedIn Services Marketplace.
- Like organizing? Offer virtual assistant services (calendar management, research, email clean-up) through Belay or Fancy Hands.
<div class="frich-tip">Pick one skill you already have, list a simple service on Fiverr or Upwork, and set your rate at just high enough to make it worth your time.</div>
2️⃣: Save Smarter (Without Living Like a Monk)
Cutting expenses doesn’t have to mean cutting joy. Instead, focus on smart savings hacks:
1️⃣ Automate your savings – Set up auto-transfers so you pay yourself first. How much should you save? Start with 10% of your take-home pay (or whatever you can afford) and adjust based on your expenses. If unsure, start with $50-$100 per paycheck and increase it over time.
2️⃣ Use a high-yield savings account – Earn interest on your emergency fund instead of letting it sit in a low-yield bank.
<div class="frich-tip">Here are some HYSA accounts we like.</div>
3️⃣ Optimize credit cards – Use rewards cards to earn points on everyday spending (without carrying a balance!). Make sure you set the card to autopay.
<div class="frich-tip">Here are our favorite premium cards.</div>
4️⃣ Practice ‘conscious spending’ – Spend freely on things you love, but ruthlessly cut wasteful spending. If you never use your gym membership, cancel it.
<div class="frich-tip">Go through your last 30 days of transactions and highlight three things you could cut or optimize. Cancel, downgrade, or swap them out today. The Frich team loves Piere for this!</div>
3️⃣: Earn Money While You Spend It
If you’re going to spend money, you should be making money back at the same time.
1️⃣ Cashback stacking: Use Rakuten + a high-rewards credit card + store rewards = triple dip.
2️⃣ Preloading gift cards: usually 6-10% cashback rewards (yes, really). Some brands give extra rewards when you load money onto a gift card instead of paying directly.
<div class="frich-tip">Example: If you buy your Starbucks coffee with a credit card, you get 1-2% cashback - but if you preload a Starbucks gift card using that same credit card, you get bonus Starbucks Stars (≈6% in rewards!) on top of the cashback.</div>
4️⃣: Invest Wisely (Let Your Money Work for You)
Saving alone won’t build wealth - investing does. Here’s how to do it right:
1️⃣ Start NOW (even small amounts matter) – Thanks to compound interest, $100 invested today could be worth more than $2,000 by the time you retire.
2️⃣ Diversify your investments – A mix of stocks, bonds, real estate, and ETFs spreads risk and maximizes returns.
3️⃣ Use tax-advantaged accounts – Max out your 401(k), IRA, or HSA to build wealth and pay less in taxes.
4️⃣ Invest in index funds – They’re low-cost, low-maintenance, and beat most active investors over time.
<div class="frich-tip">Open a brokerage account and invest your first $100 this week.</div>
5️⃣: Don’t Pay Off the Wrong Debts First
Now that we know what to do, let’s talk about what to NOT do.
Not all debt is created equal - some should be paid off ASAP, some should be managed strategically. What shouldn’t you do when it comes to loans?
1️⃣ Pay off low-interest student loans before tackling high-interest credit card debt.
2️⃣ Rushing to pay off a 2-3% mortgage instead of investing that money somewhere earning 7-10%.
3️⃣ Carry a credit card balance when the average APR is 20%+ - this is the worst kind of financial bleed.
<div class="frich-tip">Attack high-interest debt first (anything over 6-7%). Minimum payments on low-interest debt are fine if you’re investing your extra cash elsewhere.</div>
6️⃣: Don’t Ignore Your Taxes Until It’s Too Late
Taxes aren’t just something you file in April. If you ignore them all year, you could be losing thousands—or worse, owing money you didn’t plan for.
1️⃣ Not setting aside tax money for side hustle or freelance income – If you make extra money, 30% of it isn’t yours. If you don’t set aside enough, tax season will wreck you.
2️⃣ Not taking advantage of tax deductions and credits – Most people don’t realize that tax-advantaged accounts (401(k), IRA, HSA) can save them thousands every year.
3️⃣ Overpaying taxes because you’re not tracking expenses – If you work for yourself, every business expense (software, internet, even part of your rent) could be a deduction.
<div class="frich-tip">Start treating taxes like part of your financial plan. Use tax-advantaged accounts, track deductions, and if you have a side hustle, set aside tax money every month. If you need support, the Frich team loves H&R Block!</div>
7️⃣: Don’t Buy a Home for the Wrong Reasons
Buying a home is not always the best financial move, yet people blindly assume renting is “throwing money away”. Here’s why that thinking can trap you:
1️⃣ Homeownership isn’t always an investment – If your home value barely appreciates or the market drops, you’re stuck with a huge debt that doesn’t grow your wealth.
2️⃣ People underestimate the real costs – Property taxes, maintenance, repairs, and closing costs add up way faster than most expect. In New York, where I currently live, monthly maintenance fees can be so high that they feel like paying rent on top of your mortgage.
3️⃣ Being “house poor” kills your flexibility – Pouring all your money into a house means you have less to invest elsewhere (stocks, businesses, etc.).
<div class="frich-tip">Run the numbers before buying. If renting allows you to invest more and keep your money flexible, it might be the smarter move for now. A house is only a good investment if it fits your financial plan.</div>
Btw - here's how others are doing👀
What are your financial goals for 2025?
🤓24% Improve my money habits
💰27% Save up for a big purchase
💼30% Earn more money
📈19% Learn how to invest
Building wealth and enjoying life aren’t mutually exclusive. The trick is being intentional with how you earn, save, and invest—while avoiding the common traps that hold people back.
That’s a lot about what we think about at Piere– and we want to make sure that you don’t have to do it alone!
Yuval
CEO, Piere
