To Attain Financial Independence and Retire Early (AttainFIRE) is a dream and goal for millions of people.
What is FIRE?
FIRE combines two terms Financial Independence (FI) and Retiring Early (RE). Now, although FIRE is used collectively very often, there are specific differences between FI and RE.
Financial independence refers to having enough money that you can stop working. The money could be in form of passive income or savings or both. Essentially, you achieve Financial Independence if you have enough money invested that provides a return that you don’t rely on a traditional income anymore. Most of the time, people who pursue and reach Financial Independence have plans to pursue their passions and other things in life and tend to retire though sometimes, they continue work just to keep them engaged.
Early retirement, while similar, takes an ode to its traditional retirement counterpart. It generally means that you retire early and stop working. But instead of retiring at the regular retirement age of 67, you may retire in your 40’s or 50’s. Financial Independence is a sort of pre-requisite to have an early retirement.
The concept of FIRE was intriguing to me. I have saved well over the years but I never thought of the possibility that I may be able to tune my saving and investing strategy such that I would actually be able to retire earlier than 67. The total freedom over what I want to work and how much is too good to be taken lightly. Now, I am still years from achieving it, but I have definitely accelerated my investment and Financial Independence strategy. This site covers strategies to achieve FI by saving better, Investing the money better and identifying strategies to turbo-charge your financial independence goals.