Camp FIRE Finance
A personal finance community for those seeking FIRE, by those seeking FIRE
In the world of FIRE and early retirement is that "what" and financial independence is the "how." Simply stated: no FI, no ER.
Financial independence, or FI for short, is when you're investments generate enough cash to cover your expenses. That's the holy grail because it means that money is no longer an object. You're financially free!
Not Everyone Should Pursue Early Retirement, but EVERYONE should absolutely strive to become financially independent.
When you're financially independent, you've got options. You can go to work or quit. Take a vacation or lie on the couch all day. What you do doesn't matter because you're financially free.
The best thing you can buy with your money isn't more stuff - it's freedom. When you no longer have to trade your time for a paycheck, then suddenly you can do whatever you want with your time. You're free! And that's what financial independence is all about.
Building long term wealth is the cornerstone of the FIRE movement, but it takes more than cutting back how much you spend on groceries to get there. While watching your budget and keeping your expenses down help, you need lasting wealth if you hope to achieve financial independence.
So, what’s the secret to lasting wealth? Unfortunately, if you’re searching for the mystic yellow brick road leading to success, you’ll be disappointed.
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?
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
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? 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?
