On the road to financial freedom, please first ask yourself these 3 questions.

Brad Barrett, a 35-year-old former accountant, reflects on three essential questions to answer before pursuing FIRE: determination to act, definition of spending, and transparency with partners; otherwise, a 4% withdrawal rate won't save you. (Background: I tried two investment methods for Bitcoin: one successful, one a complete failure, which taught me valuable lessons.) (Background information: The gambler's mindset ultimately leads to loss, and mathematical analysis teaches the survival rules of investing.) If you didn't have to work for a salary tomorrow, how would you spend the whole day? As Silicon Valley and Wall Street discuss FIRE (Financial Independence, Retire Early), Brad Barrett, founder of the ChooseFI podcast, pours cold water on the idea based on his own experience. He suggests asking yourself three questions before relying on a 4% withdrawal rate for life; missing even one could turn financial independence into an empty talk. Barrett left the traditional workplace after 13 years of steady accumulation, surpassing a million-dollar asset, and now manages the ChooseFI Podcast and a travel rewards website to maintain cash flow. Ask three questions before discussing saving. Barrett emphasizes that achieving financial freedom is not about blind frugality but a shift in mindset. His three soul-searching questions help newbies calibrate their direction: Question 1: Are you really ready to change? The first step is facing your transaction history and letting go of "financial shame." Without action, you can't talk about compound interest. Barrett suggests reviewing your living expenses, eliminating instant gratification spending; once your savings rate exceeds 50%, then use part of that money to enhance your quality of life. In modern American society, saving money is seen as countercultural and unusual. This is absurd. To live a normal life, you need a certain savings rate. Every time you ask yourself if you can afford something, you need to consider this savings rate. The following table records the relationship between savings rates and working years: Savings Rate Time Needed to Work for 1 Year of Living Expenses 10% 9 years 25% 3 years 50% 1 year 75% 0.33 years Question 2: Can you redefine "affordable"? "Monthly income does not equal disposable income," Barrett points out a common misconception. He advocates saving before spending, with a savings rate of at least 30%. The FIRE community often uses "annual expenses ×25" or "×33" to estimate target assets, but in times of high inflation, even a million dollars does not guarantee safety. Barrett emphasizes that not spending does not mean depriving yourself; rather, it means prioritizing what matters most to you and saving for future freedom. Question 3: Are you willing to talk about money? Financial independence is a team sport. Barrett cites research from American Century Investments indicating that couples who manage finances together have average wealth 15 times greater than those who do it separately. He suggests holding a monthly "money meeting," using a shared budgeting app, and teaching financial concepts to children from a young age. In summary, the litmus test for FIRE is not market returns but whether you have the determination to change, whether you're willing to prioritize savings over spending, and whether you can openly discuss money. Answering these three questions correctly will align time and compound interest in your favor. Related reports: Is investing a trend or a bubble? What value does the AI + Web3 track still hold? Dealflow Den returns to Istanbul Blockchain Week 2025: A connection opportunity not to be missed by startups and investors. DRW Investments invests $100 million betting on Trump Media Group: Close to political dividends after SEC withdrew the lawsuit. "On the road to financial freedom, ask yourself these three questions first." This article was originally published by BlockTempo, the most influential blockchain news media.