The FIRE movement stands for ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ป๐ฑ๐ฒ๐ฝ๐ฒ๐ป๐ฑ๐ฒ๐ป๐ฐ๐ฒ, ๐ฅ๐ฒ๐๐ถ๐ฟ๐ฒ ๐๐ฎ๐ฟ๐น๐ ๐ฅ
Itโs a growing trend that is gaining popularity among people of all ages. The core objective of the Fire movement is to achieve financial independence at an early stage in life, allowing individuals to retire early and live a life of financial freedom.
๐๐ผ๐ ๐ฑ๐ผ๐ฒ๐ ๐๐๐ฅ๐ ๐๐ผ๐ฟ๐ธ?
To achieve FIRE, the most common approach involves saving and investing a large portion of your income, often up to ๐ณ๐ฌ%. By doing this, your wealth grows over time, eventually reaching a point where you can sustain your lifestyle solely from investment returns.
The goal is to generate enough ๐ฝ๐ฎ๐๐๐ถ๐๐ฒ ๐ถ๐ป๐ฐ๐ผ๐บ๐ฒ from their investments to cover their living expenses in retirement.
๐๐ผ๐ ๐บ๐๐ฐ๐ต ๐ฑ๐ผ ๐๐ผ๐ ๐ป๐ฒ๐ฒ๐ฑ ๐๐ผ ๐ฟ๐ฒ๐๐ถ๐ฟ๐ฒ (๐ฒ๐ฎ๐ฟ๐น๐)? ๐ฐ
FIRE principles suggest that you need to accumulate ๐ฎ๐ฑ ๐๐ถ๐บ๐ฒ๐ your annual expenses in investments. During retirement, it is recommended to withdraw no more than ๐ฐ ๐ฝ๐ฒ๐ฟ ๐ฐ๐ฒ๐ป๐ per annum from them.
๐๐ผ๐ ๐๐ผ ๐ฎ๐ฐ๐ต๐ถ๐ฒ๐๐ฒ ๐๐๐ฅ๐?
๐กSave as much as possible by cutting non-essential expenses.
๐กPrioritize paying off high-interest debts.
๐กSet a budget that aligns with your financial goals and stick to it.
๐กEstablish a detailed financial plan and budget to stay on track.
๐กSeek opportunities to increase your income, such as side hustles or career advancements.
๐กInvest consistently and strategically towards your retirement.
FIRE is not a one-size-fits-all approach. Achieving FIRE requires considerable discipline and financial sacrifice, and it may not be suitable for everyone.
However, even if you're not ready to fully commit to the movement, adopting some of its principles can significantly accelerate your progress toward your financial goals.
So, Is FIRE for you? ๐ฅ
Note: The term FIRE originated from the book "Your Money or Your Life" by Joe Dominguez and Vicki Robin, which discusses how to achieve financial independence and live a fulfilling life.
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