Now that we've got your attention let's jump into what the term actually stands for.
FIRE = FINANCIAL INDEPENDENCE EARLY RETIREMENT
There we said it and got it out there in the open. While you may have heard of it before as with most other industries out there, there's a heck of a lot of jargon and acronyms, who doesn't love acronyms right?
Let us get further into what it actually means in 3 key points:
- It will mean different things to different people. Unfortunately we won't be able to give you an exact formula that will mean you are FIRE'D (don't you love that term). What this means is that you can become creative in what it means to you
- You can get creative in the quest to reach it. Sure it is important to consider risk although designing your own FIRE isn't always about the money. It can be about the type of business you create, how much you require, where you spend your life etc
- It means and is about more than the money. Ultimately FIRE holds a place in the personal finance that shows that it is mostly about the journey rather than the destination. Sound too corny, oh well, the journey to Financial Independence is about your why, what is the reason you want to not have to rely on a single source of income? Is it to give back to the community, spend time with your friends and family or start a booming business?
We'll leave it at that today although we'll be sure to pick this topic up another time
What do you know about FIRE? Have you heard of the term before?
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