Why #FIRE has so many devotees
On Reddit, half a million people are obsessed with FIRE. But don’t worry, they’re not a bunch of oversharing arsonists. These people are part of a community who want “financial independence, retire early”: the freedom to stop working forever.
That’s a thing you can do?! With really careful management and a bit of luck, it might be. The financial independence movement is basically about saving enough money during your working years to have a big enough pot to see you through the rest of your life. There are people in this movement who’ve managed to retire in their 30s as a result – a pretty exciting prospect.
Why do people do this? Some want to retire because they hate their jobs. But others just want the freedom that comes with having a big enough savings pot. They might not actually quit their jobs, but it’s quite liberating to know that you’re choosing to work rather than needing to. That independence is a big driver of the movement: the idea that we can be empowered through having financial stability.
So how do I do it? The basic concept is pretty simple: spend less, save more, invest wisely. But of course that’s all much easier said than done. In this pack we’ll look at exactly how to set yourself up for a magical future, going through how much you’ll need and how you can get there.
That’s it for session one. Start dreaming about that Mexican beach house… and let’s kindle the FIRE.
Big Tech kept downsizing, with Amazon nixing another 9,000 jobs
JPMorgan’s leading the charge to save First Republic Bank – but not out of pure generosity
With all this volatility, you may want to write that useful old adage down.