Texasmoneyman300 wrote:
It stands for Financial Independence Retire Early.Basically people in it invest 50 to 90 percent of their income live very frugally and then retire much earlier than everybody else.It does not have to be like sitting on the sofa everyday watching daytime tv but rather you are free to do your own thing like passion projects that bring in extra income.The preferred investment in the movement is index funds.
I've been FIREd for many years now. People in my family have been doing this for generations although there wasn't a name for it then. Basically we're educated about financial literacy from an early age, taught to minimise outgoings and not pay attention to advertising, buy appreciating assets as young as possible. Continue to work hard for a few years when young and keep acquiring appreciating assets. After that ease right back off and work for recreation if/when you want to and let your assets work for you. Retire if/when you want to. Passive investments quickly snowball and earn income allthewhile increasing in capital value.
My partner and I both have similar financial discipline.
No dramas, no shortage of available money, but also an inbuilt discipline not to go pissing money up against the wall for trinkets.
08 Jul 2023, 12:10 pm
