The FIRE Program is on Fire! How to Retire Early and be Free from the Repetitive Job Cycles
Everyone has some life goals, and they do not always include a 9-to-5-job. Yes, some employees love doing their work and consider their job their passion. Still, they, too, would enjoy not depending on their regular job for their sustenance and would like to have an “out” if they ever need one.
After all, you may be a scuba diver instructor and love being underwater. Still, someday you might wake up and decide, “Well, what if I could enjoy the underwater thrill without a host of students badgering me with limitless queries?” That is entirely normal. Just because you love a job does not mean you are willing to commit a lifetime to it. And that is where the FIRE program digs its roots.
FIRE program: Your ticket to a lifetime of vacation
The FIRE movement, which stands for Financial Independence/Retire Early, promotes achieving financial independence as early as in the 20s by saving aplenty to begin a life as a retiree. If you are not that compelled by this idea, you would at least agree that you do not want to wait for your monthly income to scale your expenditure till you hit 65.
This means that you are not willing to lower your standard of living to suboptimal, yet you are seduced by the idea of Slow Fire, which allows you to save enough money to have the option of quitting the work-life early.
If yes, then this is how you can go about adopting the Slow FIRE movement.
Assess your monthly expenditure by calculating your regular expenses, the size of the family dependent on your income, and the total cost of fulfilling all your needs like health insurance, credit card bills, mortgage, and any hobby you plan to undertake after you retire.
Project it to your average life expectancy and then estimate the age at which you want to retire. Then, save and invest your money accordingly, so that by the time you stop working, you can draw enough to afford a good standard of living. When you are saving for FIRE, aim for an amount over and above your expected budget so that you are lined to safety.
Precious tips borrowed from the FIRE program:
- Spend wisely: Cut down on impulsive and unnecessary expenditures.
- Save Aggressively: Be firm on your saving goals. Try and save a higher proportion of your income every month.
- Invest long-term in low-risk ventures: Do not get captivated by quick returns. Your goal is to save for retirement, so it does not matter if the rate of interest is lower if it promises low risk and security of capital.
Even if you are not a supporter of the FIRE movement, you will surely benefit from these tips because they will strengthen your financial position and amass a healthy capital for you.
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