F.I.R.E.
Do you identify as a FIRE?
Do you know a FIRE?
Exactly what is a FIRE? IT is a label applied to someone that is considered to be
Financially Independent and desire to Retire Early
This term, label, has been prominent for several years now and is most often used to describe younger entrepreneurs that have multiple streams of income and desire to retire very early.
Today I want to focus on how to apply this same principal to any goal. To have a goal to retire early, before normal retirement age (today is 67 for full Social Security), you will need a solid plan for accumulation and income. Steps necessary to get them can vary widely from person to person based on interest, skills and expertise. If you are going to be financially independent, you will need the discipline and resources to maintain that income over a number of decades.
The steps to get you to financial independence can be applied to most any goal. A sample is:
- Assess your current situation
- Define your timeline to goal
- Evaluate steps necessary to reach goal
- Project the reasonableness to achieve the goal
- Modify the steps/projection/timeline as necessary
- Implement the goal steps
- Monitor progress
- Adjust the steps as necessary and repeat until you reach your goal
If your desire is to be financially independent and to retire early, then you can apply these steps to help you achieve that.
Logically, financial independence may be defined differently for everyone. At an elevated level it is just not depending on anyone for your income and living costs. You are 100% responsible for your income (whether its from an income stream or from savings and accumulation). So, you are going to be the BOSS of your business and your future income/lifestyle. If you have an ongoing business, podcast, blog, consulting, rental income, service, or royalty it is your efforts that provide your Independence.
To truly retire early for many is the flexibility of scheduling. To create an open architecture schedule to devote as few or many hours a week as needed to sustain your level of income. This freedom and control of time is a desirable goal for many.
Like most things, there are multiple ways to achieve a goal, including F.I.R.E. The concept of being in control of your finances and your time earlier in your life can be appealing to many younger workers. Set your goal and make it happen.
Rb2023-0324