Have you heard about the FIRE Movement? If not, now it’s time to find out more about this new movement, that’s for sure not what you are expecting. We will tell you what it is and also four interesting facts about the FIRE Movement in this article!
What is the FIRE Movement?
When you hear the term “FIRE Movement” chances are good that you assume this movement is about the element, but it is not! FIRE is the short version of FI – Financial Independence and RE – retire early. The goal is therefore to earn enough money to be financially free and to retire early. This movement is all about motivating each other and exchanging information all around these topics. These can be new tips and tricks on living as cheap as possible, but also giving encouraging advice on how to earn more money and invest it to get the best possible return. These people want to step out of their 9 to 5 lives rather sooner than later! You can find this movement on Reddit, but there are also a lot of YouTubers, Instagrammers, and bloggers, who will give you plenty of information about this topic. You don’t see yourself retiring early, or you don’t even want to? No problem! There is also something called COAST FIRE, which describes being financially independent but still working to cover the current expenses.
These are the four interesting facts about the FIRE Movement:
Are you interested in the FIRE Movement? If so, we will share four interesting facts with you. This will help you figure out if you want to be part of this movement, but also to understand the idea behind FIRE.
Trading is the key!
FIRE isn’t possible without trading! If you look at, for example, Reddit, you will notice that trading is an essential part of retiring early. If you want to begin trading, we recommend finding the right brokerage before starting your trading journey. Look at, for example, the broker Quotex review and read what current and former customers have to say. Therefore you can determine if this broker is the right option for you!
It is possible for everyone
You don’t need a 150K+ income to be part of the FIRE Movement. Sure, there are many people in the tech industry that make this amount of money per year, but it doesn’t mean that you aren’t able to FIRE with a lower income. It might take a bit longer, but your savings rate is much more crucial than your income.
More important than the income is the savings rate
More important than the income is how much money you can save and invest each month. Even someone with a high salary doesn’t necessarily retire early if they don’t save money each month. Calculators online will help you figure out how much money you need to commit to retiring at a certain age.
There is a massive Community on Reddit
What’s the purpose of being part of a movement if I can just follow the FIRE journey myself? Sure, there is no need for you to be part of this FIRE Movement, but the movement can be beneficial to keep the motivation up or to find helpful advice. Most people of the FIRE Movement are on Reddit, so even if you aren’t sure if you want to follow this path, have a look and see!