What Can We Learn from the Financial Independence, Retire Early Movement? – MyNorth.com

Are You FIRE Material?

Does the idea of tossing the conventional retirement age of 65 out the windowor at least trimming a few years off sound appealing? Join the slew of millennials embracing the extreme-saving lifestyle. Begin with holding onto 70 percent of your yearly income and when you reach approximately 25 times your yearly expenses, the FIRE method says you can quit your day job. Investing some of this money in equities or real estate is a common way to finance a comfortable lifestyle over the next 30 years.

My acquaintances in the FIRE movement have had a goal in common: They dont want to become their parents, says Craig, who authored Piece by PieceTM A Commonsense Approach to a Secure Retirement.They have seen their parents working and struggling into their golden years without any gold.

One key to FIRE method success is having a partner to keep you motivated. Making a budget and sticking to it while earning as much money as possible is crucial. This may require a job promotion, adding a second one, or creating additional revenue streams through side hustles. A final major component is investing a larger portion of retirement savings than the average person is comfortable with. Basically, go big and do it early.

View post:

What Can We Learn from the Financial Independence, Retire Early Movement? - MyNorth.com