FIRE is a relatively new movement and is dedicated to removing the premise that we should all be working until we’re in our 60’s, before then having fun and doing what we want to do with our lives.
Those that follow the FIRE concept become uber-savers and delayers of gratification, with a significant amount of their money and income being put aside each month to secure their version of financial independence as quickly as possible.
They’re not interested in gaining more wealth in order to live a lavish lifestyle. They are instead intent on living the best possible life for them, for less.
Some of the core beliefs for FIRE are as follows:
- Automate your savings.
- Track what you spend.
- Socialise, but not expensively.
- DIY is king. Or look to swap services.
- Shop smartly.
- Travel smartly.
The journey to secure your version of financial independence may mean some temporary sacrifices along the way. However, and once secured, it will mean more control over your work/life balance, and potentially a chance to live a life of more meaning.
To do this you may need to rethink your relationship with money. We capture this in our video ‘What does wealth mean to you?’
The FIRE movement lives and breathes this approach.