Financial Independence Retire Early [F.I.R.E]

[chigo]

introduction

what is F.I.R.E

is a lifestyle/investment plan with the goal of gaining financial independence and early retirement through savings. The model became particularly popular among millennials in the 2010s, gaining traction through online communities via information shared in blogs, podcasts, and online discussion forums.

Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and their income, and investing the difference. JL Collins, an author who has been called the "godfather of financial independence," has said:

"Spend less than you earn—invest the surplus—avoid debt. Do simply this and you'll wind up rich."

The objective is to accumulate assets until the passive income from these assets provides enough money to cover living expenses. Some proponents of the FIRE movement suggest the 4% rule as a rough withdrawal guideline, thus setting a goal of at least 25 times one's estimated annual living expenses. Others, such as economist Karsten Jeske, suggest planning for a more conservative withdrawal rate such as 3.25% or 3.5% (accumulating around 28 to 30 times one's estimated annual living expenses) when planning to retire very early.

FIRE has been criticized for its low accessibility, in that aggressive savings and large investment portfolios require a large sum of money to begin with.

Read More: https://en.wikipedia.org/wiki/FIRE_movement [nofollow]

In conclusion, this is a movement where you can immediately achieve early retirement as quickly as possible.

summarized from various sources, here are some tricks to achieve F.I.R.E

Reducing Expenses: Choosing to live more simply, for example by cooking at home instead of eating out, or buying more affordable items instead of luxury products.

Focusing on Financial Priorities: Having clear long-term goals, such as saving to achieve financial independence.

Investing Consistently: Setting aside most of your income to be invested in instruments that generate passive income, such as stocks, bonds, real estate or maybe you can choose Gold & Bitcoin in your portofolio

Source: Google

design your life for the future, don't just think about eating or buying snacks today.

For those who are currently undergoing this movement, perhaps you can share your journey here and for those who really want to start this movement, you can ask and have a good discussion here.

[Stompix]

FIRE is a concept that will kill everyone in the middle class before they reach retirement because of all the saving they have to do, the insane frugality demands means you will be left with no choice other than not having kids, reducing your expenses to the maximum while working to the max, so this will affect your health and it will cost you ten times more to fix it two decades later. For what?

FIRE is good for people earning 10 million a year than can live with 5 million, not for guys that live paycheck to paycheck.

[target]

^ Just in time when government tried changing the retirement age to 67. Two years more of suffering.

When today people lives paycheck to paycheck, we can't expect them to even have plans to buy a house anymore. Retirement plans seem to be too far for people to plan since we are busy figuring out which odds jobs to take when they are done with the current. We're all just jumping from odd jobs to odds jobs.

[0t3p0t]

Only few are I think really are doing this kinda plan majority still prefer to live life to the fullest as what they are believing. They spend lavishly and they don't care about their future and some of them only thinks of the present times and never making plans that is future proof. Some also don't know what to do abd I think exploring this concept will help us all in the future.

[Agbe]

introduction

what is F.I.R.E

is a lifestyle/investment plan with the goal of gaining financial independence and early retirement through savings. The model became particularly popular among millennials in the 2010s, gaining traction through online communities via information shared in blogs, podcasts, and online discussion forums.

Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and their income, and investing the difference. JL Collins, an author who has been called the "godfather of financial independence," has said:

"Spend less than you earn—invest the surplus—avoid debt. Do simply this and you'll wind up rich."

The objective is to accumulate assets until the passive income from these assets provides enough money to cover living expenses. Some proponents of the FIRE movement suggest the 4% rule as a rough withdrawal guideline, thus setting a goal of at least 25 times one's estimated annual living expenses. Others, such as economist Karsten Jeske, suggest planning for a more conservative withdrawal rate such as 3.25% or 3.5% (accumulating around 28 to 30 times one's estimated annual living expenses) when planning to retire very early.

FIRE has been criticized for its low accessibility, in that aggressive savings and large investment portfolios require a large sum of money to begin with.

Read More: https://en.wikipedia.org/wiki/FIRE_movement

In conclusion, this is a movement where you can immediately achieve early retirement as quickly as possible.

summarized from various sources, here are some tricks to achieve F.I.R.E

Reducing Expenses: Choosing to live more simply, for example by cooking at home instead of eating out, or buying more affordable items instead of luxury products.

Focusing on Financial Priorities: Having clear long-term goals, such as saving to achieve financial independence.

Investing Consistently: Setting aside most of your income to be invested in instruments that generate passive income, such as stocks, bonds, real estate or maybe you can choose Gold & Bitcoin in your portofolio

Source: Google

design your life for the future, don't just think about eating or buying snacks today.

For those who are currently undergoing this movement, perhaps you can share your journey here and for those who really want to start this movement, you can ask and have a good discussion here.

Reading the concept of Fire is good but the functionality of this idea the ordinary man will be hard let say a man with his wife and four children who have bills to pay at the end of the month telling him to spend less than he earns will be really hard because as a family man there are always expensis for one to spend so such people can't save and retire early in life lll

[_act_]

If you're working under an institution and being paid, you don't have freedom of your own and they are the ones that determine for when you're going to get retired, this decision may be suitable by you or not, but one has no choice because he is financially dependent, but when we have the control over what we do, we can determine for what is more good for us at the appropriate age we may want to get retired on our own because we are being self employed.

[Chilwell]

FIRE (Financial Independence, Retire Early) is a movement that aims to achieve financial independence through accumulating assets, wealth, and residual income. This enables individuals to fulfill their financial responsibilities with effortless income, unencumbered by the need for active, hard work. Upon achieving financial independence, individuals can choose to retire early, often in their 40s, 50s, or even below.

It's essential for an individual to carefully consider their financial future before pursuing early retirement. They should think about their financial situation, their family's needs, and the potential challenges they may face in the future. the FIRE movement can be appealing, it's crucial to approach it with a clear understanding of the potential risks and challenges. It's not about being greedy or lazy, but rather about making informed decisions about one's financial future.

[bisdak40]

FIRE (Financial Independence, Retire Early) is a movement that aims to achieve financial independence through accumulating assets, wealth, and residual income. This enables individuals to fulfill their financial responsibilities with effortless income, unencumbered by the need for active, hard work. Upon achieving financial independence, individuals can choose to retire early, often in their 40s, 50s, or even below.

It's essential for an individual to carefully consider their financial future before pursuing early retirement. They should think about their financial situation, their family's needs, and the potential challenges they may face in the future. the FIRE movement can be appealing, it's crucial to approach it with a clear understanding of the potential risks and challenges. It's not about being greedy or lazy, but rather about making informed decisions about one's financial future.

When prices keep going up, but your pay stays the same, it’s hard to imagine achieving financial independence, let alone retiring early. Bills pile up, saving feels impossible, and it’s unfair. You work hard, but it feels like the system’s always against you making FIRE seem like a tough dream for most people.

[Sim_card]

Bitcoin has given us the opportunity to have FIRE because if as a salary earner, you have a discretionary income/savings and invest in bitcoin through DCA every time you get paid, you can accumulate a good quantity of bitcoin for your retirement. However, you might not retire that early because you need to stack up good quantity of bitcoin. You can retire whenever, you feel that you have accumulated enough Bitcoin before your retirement age.

[Zed0X]

You probably have to do two to three jobs a day or 1 job on weekdays and a side hustle on weekends to have enough money to save and then invest in different types of assets. In order to do that, you'll most likely sacrifice 10+ years of your youth to consistent grinding before enjoying the fruits. That means not much night life and other social gatherings.