When I first heard about the Financial Independence, Retire Early movement (aka FIRE), I was certainly intrigued. Afterall, the idea of retiring at 35 sounds like a dream! Then I crunched some numbers on how much money I’d need to save by 35 and began to feel a little overwhelmed. As someone recovering from frugal …
Why I Hate The FIRE Movement: 9 Cons To Early Retirement Read More »
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F.I.R.E (financial independence, retire early) caught a lot of flack over the last couple of years. Many people think it’s unrealistic and risky. Some think you need $1 million in the bank to achieve early retirement, while some think that’s setting yourself up for failure; leading to a major numbers debate. Others think it sends …
While the F.I.R.E. movement (financial independence, retire early) has given rise to many millennials and Gen-Zer’s attempting to break free from their 9-5’s and retire before 45, it has led to one major question: how to handle health insurance in early retirement? After all, the ever rising cost of healthcare can stress anyone out. Today’s …
How To Handle Health Insurance Under FIRE [Early Retirement] Read More »
While doing F.I.R.E research, I found little about what it would actually look like to retire early with a family. Calculating what we’d need to achieve financial independence and retire early I came up with two numbers for our budget: Dropping our annual living expenses as a family of 3 to $40,000 we could retire early in 9 years! If we drop it down to a total of $20,000 a year, we could retire in THREE years! Honestly, when I saw that number, my excitement levels shot through the roof! Who wouldn’t want to achieve financial independence in just three years for their family?!
In case you’re new to the early retirement movement: F.I.R.E stands for Financial Independence, Retire Early. You can read more about it here. It became so popular for a lot of reasons which we’ll look at in this post. Then I’ll break down the five different types of FIRE’s plus 3 alternative retirement strategies for achieving financial independence so you can retire early in a way that is realistic and sustainable for you.
Millennials and Gen Z need to be thinking about retirement in a way Americans never have before which is why Lexington Law sponsored this post and series on retirement. I’ve been sharing everything from what the FIRE movement is to steps to achieve FIRE, and today we are looking at other financial independence strategies to help you achieve early retirement without feeling deprived.
I recently shared my Ultimate Guide To The F.I.R.E Movement where I broke down everything from what it is, to a broad overview on how to do it, and a discussion on whether or not you should (SPOILER: you should!). Today, I wanted to dive even deeper into the “how” of financial independence with the goal of retiring early. This post is really why I think everyone should jump onto the F.I.R.E. bandwagon. There is something for each of us to take from it.
Before we get into my steps to achieve financial independence so you can retire early, I want to stress the importance of a strong financial foundation. F.I.R.E. requires focus and motivation. A strong financial foundation increases the likelihood of achieving your goals.
However, it was only recently that I stumbled upon a new wave of people who are taking financial independence to a whole new level with the F.I.R.E. Movement which has people retiring as young as 30 years old!! And no, they didn’t start some viral internet company! Seriously, everyday people like you and me are retiring at 30, 35, and 45 years old and I’m spilling all their secrets. Today’s post is the ultimate guide to the F.I.R.E. Movement. I’m tackling what FIRE is, how to do it, and even helping you figure out if you even should attempt it!
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