Movement whose goal is financial independence and retiring early
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The FIRE (Financial Independence, Retire Early) movement is a lifestyle movement with the goal of gaining financial independence and retiring early. The model became particularly popular among millennials in the 2010s, gaining traction through online communities via information shared in blogs, podcasts, and online discussion forums.[1][2][3][4][5]
Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and their income, and investing the difference. JL Collins, an author who has been called the "godfather" of financial independence,[6] has advocated:
"Spend less than you earn—invest the surplus—avoid debt. Do simply this and you'll wind up rich."[7]
The objective is to accumulate assets until the passive income from these assets provide enough money to cover living expenses. Some proponents of the FIRE movement suggest the 4% rule as a rough withdrawal guideline, thus setting a goal of at least 25 times one's estimated annual living expenses. Others, such as economist Karsten Jeske, suggest planning for a more conservative withdrawal rate such as 3.25% or 3.5% (accumulating around 28 to 30 times one's estimated annual living expenses) when planning to retire very early.[8]
When a person reaches financial independence, paid work becomes optional, allowing them to pursue new activities or retire before reaching a typical retirement age.
^Brenoff, Ann (2018-04-24). "7 Things You Can Learn From The FIRE Movement". Huffington Post. Retrieved 2018-07-07.
^Wong, Kristin. "The Basics of FIRE (Financial Independence and Early Retirement)". Two Cents. Retrieved 2018-07-07.
^"Young People Say Screw It, Retire in Their 30s". Vice. 2018-06-05. Retrieved 2018-07-07.
^Avenue, Next. "What 30-Year-Old Retirees Can Teach The Rest Of Us". Forbes. Retrieved 2018-10-22.
^"A Growing Cult of Millennials Is Obsessed With Early Retirement. This 72-Year-Old Is Their Unlikely Inspiration". Money.com. April 17, 2018. Archived from the original on March 1, 2021. Retrieved 2018-10-22.
^JL Collins: The Many Paths to Financial Independence, 31 October 2023, retrieved 8 March 2024[unreliable source?]
^Collins, J. (8 March 2021). The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life. JL Collins LLC.[self-published source?]
^Karsten Jeske: Cracking the Code on Retirement Spending Rates, 2024, retrieved 9 March 2024[unreliable source?]
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