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.
More in Investments & Savings
Thoughtful Holiday Messages from the Royals Needed in 2021
The year 2020 was very challenging and much has changed for families, who lost much and had to cope more times...January 14, 2021
Let The Property Brothers Give You the Best House-Buying Tips Ever
HGTV’s infotainment reality show The Property Brothers, which is hosted by twins Jonathan and Drew Scott, offer expertise on buying new houses,...January 13, 2021
Kim Kardashian Fans Reveal the One Inspiring Quality that Made Them Admire Her Despite Her Past
Kim Kardashian has earned her fair share of haters and critics over the years. Fortunately, they’re balanced out by the many...January 12, 2021
Outrageously Expensive and ‘Extra’ Gifts Celebs Have Given Their Kids
Kids rarely remember the mountain of gifts introducing them to Santa, or when we tried to get them to blow out...January 11, 2021
Chrissy Teigen Talks about How She Teaches Her Kids to ‘Give Back’
Chrissy Teigen is very active on social media, which makes her an easy target for detractors, especially the ones who question her parenting...January 8, 2021
Super-Rich People Spend Money In Ways That Us Plebs Cannot Comprehend – II
The super-rich and their silly spends, never fail to amaze us: Submarine sports car to avoid traffic cops underwater If bored...January 7, 2021
Six Tell-Tale Signs that You’re Spending More Money than You Can Afford
The secret to growing wealth over time is living below your means. This simply means that you need your spending to...January 6, 2021
These Historical Tours Broke All Records and Made Millions
The lives of musicians today are vastly different from before, due to the proliferation of streaming platforms and social media access....January 5, 2021
Super-Rich People Spend Money In Ways That Us Plebs Cannot Comprehend – I
We know the Lannisters pay their debts and Uncle Scrooge enjoys diving into his ocean of money. But how do super-...January 4, 2021