Have you heard of the new F.I.R.E movement? It stands for financial independence, retire early. Actually it’s not a new concept, it’s just a new way of talking about early retirement. It touts a different–quicker way to leave your 9 to 5. The ultimate goal with F.I.R.E is to be free from debt and live off your investments and savings at an early age. Some, who are part of the movement are trying to retire as early as age 30.
How? Historically, financial advisors have encouraged investors to save and invest 10%-15% of their income. Members of the F.I.R.E community suggest you save more–significantly more. Many in the community have challenged themselves to save as much as 50%-70%. That sounds like a very lofty goal, but they are doing it by any means necessary. Here are a few of their suggestions:
- Live frugally
- Bikes over cars
- Grow your own food and cook at home
- Become a minimalist
- Live in a tiny house
- Low cost investing
- Low taxes
- After retirement, take on seasonal or short-term jobs
Not everyone will latch on to the idea of retiring early. It sounds good, but the execution can be challenging. If the suggestions above don’t make you feel uncomfortable, you may be a good candidate for the movement. F.I.R.E can offer you the opportunity to find your God-given purpose and live the life that you really desire without focusing on money.
I’m here if you need me,