Financial Independence Retire Early (FIRE): Is it right for you?
The Financial Independence Retire Early movement, also known as the FIRE movement, is becoming increasingly popular. Those who are part of this movement are seeking to retire in their 40s or even earlier. These people start planning and working towards retirement in their early 20s when retirement hasn’t even crossed the mind of most in that age group. Being a part of this movement means choosing the lifestyle early on. In order to be financially independent and retire early, you’d have to start with a very low cost of living. Therefore, you’d sacrifice things today to achieve your goals in the future. Basically, it comes down to saving as much as you can and living with the bare minimum. While saving is a big part of the plan, you also need to count on compound interest to boost your savings. So, investing in the S&P500 Index Fund, for example, can increase your chances to retire early with the FIRE movement.
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Casey Smith
President, Wiser Wealth Management
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