Interview: Frederik – A strong vision of Passive Income to FIRE!

Introduction

Time if flying and Fire Dave was fortunate enough to be recently listed on Firehub where I met Frederik who is from Denmark and just 24 years old yet already crafting a vision for his future and showcasing entrepreneurship since the age of 10 years old.

I give everyone a chance to share their Financial Independence story on the website from any location. We are not all focussed on early retirement and so many of us are creative and want to work (just on the projects we enjoy!)

Frederik dreams of passive income, and I believe he will achieve it.

I am sipping on a cold glass of H20 with a dash of lemon and some ice cubes (and eating biscuits!) as I finalise this post, so whatever you were doing before you landed on this story; stop, give your self permission to put on the kettle and have a read of this new interview story..

Same 3 questions I ask everyone, although I have also started asking new Fire Dave guests for some books, podcasts or you tube videos recommended. Continuously sharing FIRE interview stories with you all I hope will help you FIRE faster as indeed we all learn together by sharing our vision, strategies, thoughts, tips and ideas.. enjoy!

Who are you, and how did you discover FIRE?

I’m a 24 year old guy from Denmark named Frederik. In late 2020 I finished my Bachelor in Architectural Technology and I currently work at one of the leading engineering companies in Denmark. Besides my full-time job I run a blog about personal finance on ungmedpenge.dk. My main interest has been in educating the younger generation but I quickly found out that interest for FIRE and personal finance spans over all ages.

Since I was very young (about 10 years old) I’ve also had a passion for running my own business and being an entrepreneur. At age 13 I started building small websites that would generate some sort of passive income through different kinds of ads. I quickly became highly interested in acquiring or building assets that would generate income.

Unfortunately when I was 15-16 years old the interest was lacking. As I grew up I discovered other things that would acquire my attention (some not so sensible) and I somehow forgot my dream about passive income.

A couple of years later I discovered a fellow blogger. He made my gain my interest again but this time the main focus changed. My interest wasn’t on passive income as I discovered the term FIRE.

These two things relate a lot but it sparked my interest again. Quickly I began to optimize my expenses as it was clear for me that I had some bad economic habits. I also rediscovered my talent for passive income and started building websites again.

What is the backbone of your FIRE strategy?

I don’t have a clear strategy for FIRE besides putting aside a lot of money. I have different element in my strategy that hopefully will help reach my goal quicker.

On a personal level I focus on lowering my costs. I emphasize on using money where it makes sense. If there’s something that makes sense for me and adds value to my life, I’ll gladly spent the money even if it might seem expensive. The important thing for me is that you take deliberate choices. It is okay to spend money if you know what you’re doing. I focus on removing unnecessary expenses.

Besides this I focus on that my full-time job reflects tasks that I enjoy. The more I enjoy my work, the easier the ride for FIRE. An important point is also that if you’re improve your skill set based on enjoyment that would in many cases also be compensated decently. It’s also much easier to get good at something if you enjoy doing it.

For now my main focus has been building passive income using my time and investing in dividend stocks with my funds . In the near future I expect to get invested in real estate as I see some potentials combining this and my skill set from my job. That would help me increase my return from investing in real estate.

In the future I expect to combine dividend stocks, real estate and passive income through building websites as my main investments. However I’d also like to do more educational material on personal finance which could be another stream of income in the near future.

What do you plan to do once you reach FI?

I still expect me to enjoy my work at that point so I would still do some work of some sort. I do plan to incorporate more free time and travel in my future schedule. The main thing for me is that I’m able to do what I enjoy. Whether that’s working on an exciting new project, building a real estate business or whatever. The thought of not having to worry about money appeals a lot to me.

The plan also depends on what happens with my business. Fat FIRE is also very appealing but that would require things to go very well. I currently have a lot of exciting projects and I wouldn’t expect me to slow down in the near future – also after reaching FI. The potential is very high. It just depends on how far I want to take the project.

I do dream of having more flexible life and traveling a lot life. The digital nomad life could be very relevant as many of my projects doesn’t have geographical bindings.

The plan might change in the future. After all I’m only 24 years old at the moment – who knows what I would want to do in 5 – 10 – 20 years? I don’t know. Building a family and having children is also a priority and they would have a big influence.

Thank you.

What are some books, podcasts or YouTube channels you recommend?

Books

– Rich Dad, Poor Dad by Robert Kiyosaki

– 4-Hour Work Week by Tim Ferriss

Youtube

– Nate O’brien

– Graham Stephan

Contact:

Instagram: @ungmedpenge

Blog: Nyhedsbrev | ungmedpenge.dk

LinkedIn: LinkedIn