Phantasm
Banned
The FIRE (Financial Independence, Retire Early) movement is a lifestyle and financial movement focusing on getting financially independent and retiring at an early age, frequently in the 30’s, 40’s or early 50’s. It advises saving much of one's wages, living a simple life and investing wisely with the goal of accumulating enough wealth to perpetually meet living expenses. Some core principles of the FIRE movement include saving money for future investments, cutting costs through expenditures reduction and investment returns maximization; aiming at retiring early so that one can move forward to other personal interests away from the traditional labour market; targeting high saving rates of above 50% of what one earns; practicing frugality by being cautious about every dime that we spend and avoiding unnecessary expenditures; making investments in diversified assets for long term capital appreciation and recurring incomes; carving out supplementary earnings from part-time jobs or passive sources; emphasizing deliberate choices regarding lifestyles based on individual values and priorities as opposed to materialism. Although it has gained popularity over time, FIRE is not universally applicable but calls for strict adherence to discipline, commitment and financial management. People with huge expenditure levels, debts or other obligations may find this model unsuitable for them. FIRE does not only mean quitting employment but achieving financial independence so that individuals can have more authority over their lives.
