If you’re tired of working for the man, the FIRE retirement movement could help you to retire ASAP.
Keep in mind, there are plenty of trends that come and go in the personal finance industry, but only the truly impactful ones stick around.
FIRE is one of those trends that has been written about by countless individuals, and it remains in the spotlight thanks to the many people who have successfully implemented it through the years.
What does FIRE mean?
FIRE is short for Financial Independence, Retire Early. If you can hack it, it may the lifestyle dream for any digital nomad or remote worker. Those looking to cultivate a fuller life will at least be intrigued by this trend.
Obviously, it sounds enticing, but the name in itself doesn’t give away any actual advice. If you want to know how to achieve FIRE, you’ll have to consult the woman who literally wrote the book on it, Vicki Robin.
Your Money or Your Life
Published in 2008, the book titled Your Money or Your Life has been shared by everyone from morning talk show hosts to the one and only Oprah Winfrey.
The book, which is subtitled “9 steps to transforming your relationship with money and achieving financial independence,” literally lays out the step-by-step legwork of achieving FIRE like everyone dreams of.
It’s laid out like this:
1) The first step is all about making peace with your financial past. Ask yourself: How much have you earned in your life? How much do you have to show for it?
2) The second step is about being in the present. How much are you trading your life energy for?
3) The third step is about figuring out where it’s all going. Track every penny that comes into your life and every penny that leaves your pocket.
4) The fourth step requires you to ask three questions to the mirror:
a) Did you receive fulfillment, satisfaction, and value in proportion to your life energy spent?
b) Was the expenditure of life energy in alignment with your values and purpose?
c) How would your expenditure change if you didn’t have to work for money?
5) The next step is about making your life energy visible to you.
6) In the sixth step, you work to minimize spending.
7) In the seventh step, you work to maximize income.
8) The eighth step involves capital and figuring out the “crossover point” of your money.
9) The final step is about investing to achieve financial independence.
Authors Vicki Robin and Joe Dominguez (with help from Mr. Money Mustache) did a fantastic job of breaking the rather complex process of achieving FI into a simple, easy-to-follow format.
And, it’s not just another one of those books selling hope to line the authors’ pockets. Your Money or Your Life has received countless accolades for good reason: It keeps things real. You’re not only gaining real strategies; you’re also pushed to think about your life in a way you probably haven’t before.
More than that, it gets you thinking about your own life and asking the questions that really matter. They can actually be hard to answer, but the first step really covers a lot of the process by helping you make peace with your past and realize that today is a new opportunity to work towards achieving FIRE.
Success on FIRE: Does it work?
It’s almost wrong to call FIRE a “trend” since it’s a goal that many have shared and worked towards since the beginning of free enterprise itself.
Regardless of what you call it, nothing can change how many people have found success with it.
Here are a few inspiring FIRE adopters who have seen success with the strategies:
The Mad Fientist
The proud founder of the website, The Mad Fientist, is an advocate for the FIRE method and even runs a podcast where has interviewed Mr. Money Moustache himself about being financially independent and achieving early retirement. On his website, he gives a lot of great resources that you can use to accompany you as you walk through the Your Money or Your Life book.
Root of Good
Dad and founder of the Root of Good blog retired at age 33 back in 2013, bringing his wife into early retirement with him just a few months later. He’s the happy father of three children and says he knew he’d have fun, but never thought he’d “have this much fun” as he continues on into the sixth year of his retirement.
Go Curry Cracker
The couple behind the Go Curry Cracker blog used the FIRE method to retire early and begin traveling the world. Now, both Jeremy and Winnie are in their 30s and enjoy 52 weeks of vacation every single year as they explore new places on their “permanent vacation” that is their lifestyle.
What Reviewers Say
On Amazon, plenty of people have added their own testimonials about the system and its incredible effectiveness.
“Legendary. A must-read for everyone everywhere. Especially those on the path to fi. Easy to read and follow. Highly recommend.” – Amy E. Brown
“Very practical advise on viewing finances from a strictly analytical basis (without emotion & desires).” – Russell J. Manzo
“It’s straightforward and essential for anyone who wants to make an effort to financial independence.” – Leyla Lesmes
Add Yourself to the List
Sound too good to be true? Like everything to do with your career and lifestyle, FIRE can be achieved if you follow the right steps and you work for it.
The above examples are not really out-of-the-ordinary in any way, they just demonstrate how an “average” person can accomplish something that many people perceive as extraordinary with just one thing: strategy.
There are hundreds of people every year who decide to take the plunge and begin learning about the FIRE method themselves.
If you want to learn more about it, follow these links to discover some additional resources that can aid you in finding your own FIRE:
• Reddit for Financial Independence / Early Retirement
• Reddit for Financial Independence, Retire Early, Richly
• Early-Retirement.org is a community about FIRE
• Purchase a copy of Your Money or Your Life
Is the FIRE retirement movement for you?
Let us know in the comments if you think FIRE could help (or hinder) you in your pursuit for a fuller life.
