How Financial Independence, Retire Early (FIRE) Started - Deepstash
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How Financial Independence, Retire Early (FIRE) Started

Borne out of the 1992 best-selling book "Your Money or Your Life" by Vicki Robin and Joe Dominguez, FIRE came to embody a core premise of the book: juxtaposing expenses and time spent at work against hours of your life. Every expense is compared to the time spent at work in order to earn the purchase.

In more recent years, Millennials, in particular, have embraced the FIRE movement with the aim of retiring well before the traditional retirement age of 65.

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Variations on FIRE

  • Fat FIRE: an individual with a more traditional lifestyle who saves more than the average retirement investor
  • Lean FIRE: refers to stringent adherence to minimalist living and extreme savings, necessitating a far more restricted lifestyle.

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Financial Independence, Retire Early (FIRE)

Financial Independence, Retire Early (FIRE)

FIRE is a financial movement of extreme savings and investment that allows proponents to retire far earlier than traditional budgets and retirement plans would allow.

  • By dedicating up to 70% of income to savings, followers of the FIRE ...

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smokyjoe

Get out of my lawn. You are distrubing my learning.

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How to retire early

A good early retirement strategy is built on maximizing three aspects: Income, expenses, and savings.

To build your early retirement strategy, you need to determine your retire early or financial independence (FI) number. It is the amount of money you need for work...

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