Not too excited about having to work until well in your 60’s? Me neither! Learn more about the FIRE movement and start taking control of your finances and your life.
What is FIRE?
Financial Independence, Retire Early (FIRE) is a movement that became popular particularly for millennials in the 2010’s.
You can imagine that after experiencing multiple recessions, decreased purchasing power, skyrocketing housing prices and an epidemic of burnout cases, this group of people wanted to take their lives back into their own hands. Care to join?
Here are a few of the basic principles of the “FIRE” movement:
- Decrease your expenses and increase your income
- Prioritize saving and investing
- Create multiple streams of income
The end goal is to retire earlier than the standard retiring age.
When am I Financially Independent?
You are Financially Independent when you have enough money to live comfortably for the rest of your life without having to work.
Many in the FIRE movement claim you will reach this goal once you have saved at least 25 times your expected annual living costs. Of this amount you will be able to withdraw 4% or less yearly to live comfortably in retirement. This also means that if you have a simple and frugal lifestyle you will reach your wanted amount way faster than people who like a bit more luxury in life. Obviously this is a personal choice but know that there have been cases of people in their 30’s already reaching FIRE!
Is it easy to become FIRE?
As much as I would like to say yes, this can be harder for some than for others. Life can throw you curveballs and family troubles, unexpected illness and other personal situations can all affect your path to FIRE.
HOWEVER…..
The journey will be more than worth it. You will learn valuable money lessons, you will be able to spot opportunities that you would never have imagined and it WILL BUY YOU MORE TIME & FREEDOM.
Even if you won’t be able to retire as soon as you like, you will be able to reduce your working hours to spend with loved ones or on passion projects. After all we should not forget what is really important in life.
“Money buys you the freedom to live your life the way you want”
Where do I start my path to financial freedom?
Your path starts with educating yourself!!
This blog will provide you with information on important topics, more specifically:
- Personal finance: about budgeting, saving & investing
- Productivity: being organized, how to get more done in less time
- Mindset: your outlook on money can change your whole life
All articles are written with beginners in mind, so what are you waiting for?
