What is Financial Independence Retire Early
Welcome to back to the Millionaire investor mindset blog. Here I share simple steps you need to create financial independence for yourself and loved ones. I share the basics and encourage you to take your finances to the next level.
What is FIRE?
To understand what financial independence is, consider the reasons why you'd want to retire early. After all, being financially free will allow you to enjoy time with your family and do things you've always dreamed of. Financial independence doesn't mean that you'll sit on a tropical beach and play golf all day long. Instead, it means that you can stop working or scale it back to a part-time gig.
The FIRE movement has been around for nearly two decades. It started with a 1992 book, "Your Money or Your Life," which emphasized financial independence and included the core principles of the movement. The concept of financial independence has caught on with millennials in the past decade. It's about separating life and career, and focusing on financial independence as a key part of a happy life. The simplest way to become financially independent is to start putting money away early and spending your time however you want.
Those who have chosen to FIRE typically earn six figures or more. People who don't have inheritances or other forms of wealth typically have to work for years in order to earn this much money. However, FIRE also encourages frugality because a person can only spend as much money as he earns. By combining this strategy with proper spending habits, early retirement can help one set up a financial life that doesn't involve spending too much money.
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