When Can I Retire? is a question many have asked. There’s no perfect answer, because everyone has a set of unique circumstances that makes the answer different for them. But We can give you a ballpark answer to the question: When can I retire?
The FIRE Movement
The FIRE Movement
The FIRE Movement is a lifestyle choice with the end goal of financial independence and an optional early retirement. FIRE, an acronym standing for Financially Independent Retired Early, is based on two financial rules of thumb: The Rule of 25 and The 4% Rule.
Financial Independence
Often called FI (rhymes with hi), Financial Independence is achieved with your living expenses can be met by income generated from your investments. Basically, one if financially free when working for a paycheck is optional.
Retired Early
Not everyone should pursue an early retirement, but everyone should pursue financial independence. Many in the FIRE movement have no intention of giving up work once they are FI.
People of The FIRE Movement
Check out what others are saying about the FIRE movement:
- What is Financial Independence, from Mr. FI Guy
- Starting a FIRE, from Caught on FIRE
- What FIRE Means to me, from Enchumbao
- Light Yourself on FIRE This Year, from Funding Happy
- What is Financial Freedom and Why You Should Want It, from Smart Money Manners
- FIRE Fundamentals, from Partners in FIRE
- What is FIRE, from Your Money Blueprint
- FIRE By Any Other Name, from She Picks Up Pennies
- What Do You Mean, "On FIRE"?, from Physician on FIRE
- The Financial Community is on FIRE, from Little Brother Life Coach
- The Five Personas of FIRE, by Prairie FIRE Canada
Additional Reading
Keep scrolling to check out some of the following articles related to Financial Independence and Early Retirement.
The Basics Steps I Used to Reach Financial Freedom
They say money doesn’t make you happy, but I can’t fully agree. Who doesn’t want to reach financial freedom? I love money, and I believe it’s normal. We all work to earn. How else can you achieve financial freedom? However, money is not a goal; its an instrument to make your dreams come true, to live a fulfilled life, travel, be able to pay kids education and finally retire.
Money is simply a necessity like food or water, it helps you buy the things you need.
[Read more…] about The Basics Steps I Used to Reach Financial Freedom
6 Biggest Regrets Retirees Have (And How to Avoid Them)
Your retirement may be far off, but you need to start your retirement planning early. That’s because whether you like it or not, sooner or later, you’ll have to retire someday. Putting off retirement planning is a huge mistake. Below are six of the biggest retirement mistakes people make, and how you can avoid them.
[Read more…] about 6 Biggest Regrets Retirees Have (And How to Avoid Them)
Your Break Even Point is the Best Day of the Month. Do You Know When it Is?
Your financial Break Even Point is the best day of the month, and you probably don’t even know when, or what, it is. That’s a huge mistake. Understanding your Break Even Point can help you reach financial independence sooner.
We believe in the number so much that we just developed a Break Even Point calculator so that you can quickly and easily figure out your number, and then get to work fixing it! So read on, determine your financial break even point and tip the financial scales in your favor.
[Read more…] about Your Break Even Point is the Best Day of the Month. Do You Know When it Is?
Is FIRE Worth the Effort?
Is FIRE worth the effort? Sometimes I wonder if chasing after FIRE (Financial Independence, Retire Early) is really what I want and whether it’s a movement I should enthusiastically encourage. I ask myself if maybe I’ve just been sucked into the hype, running after something I don’t really understand or appreciate?
Don’t get me wrong – it would be great to have the freedom to decide how I live my life and how I choose to spend my time and money. But is it worth the effort to chase after FIRE if I don’t have plans to retire early? More importantly, is it worth pursuing if I’ve joined the FIRE movement too late to retire early?
As a 30-something year old, I understand that time may still be on my side. I’m no spring chicken, but I’m also not staring retirement in the face. I’m in that awkward in-between phase. And this possibly makes me one of the lucky ones.
But what about my family, friends and colleagues who don’t have the same luxury? Should they be discouraged from chasing after FIRE, simply because the movement was birthed too late for them?
