What does the FIRE acronym stand for?
Simply put, it stands for Financial Independence Retire Early. It is a financial lifestyle that seeks to eliminate wasteful spending while dramatically increasing one’s savings rate. Thereby decreasing the amount of time a person needs to work. Instead of focusing on the “RE” part, we will focus in on taking control of your finances and reaching towards the “FI”.
What does Financial Independence mean to us?
Financial independence means having the flexibility to take risks and seek out new opportunities. Early retirement may not be for everyone, but it could be having the ability to decide between being your own boss or opting for part time work. For instance, in our case it meant having the opportunity to change course early in our careers. From taking off time from work to finish a degree, to shifting to a new field, it gave use the flexibility that we needed.
While we don’t plan to retire in the next year, we are taking charge of our money future. We now understand the power of earning potential, compound interest, and eliminating debt. Hard cuts were made to our budget for housing so that we could instead begin traveling. Ultimately, our spending has shifted to be more in line with our values.
As we continue on our journey to freedom, we will share some of the insights that we have gained with you. Let’s break the stigma and start talking about money. Yes, personal finances are personal, but together we can learn how to make the best moves for our future.
So what are you waiting for?
Your money journey starts today! Get a jump start by reading our latest posts…
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