By Iakov Filimonov @ Shutterstock.com
Are you familiar with the FIRE movement? You should be, and you will be shortly. And I’m not talking about a fire where, for example, a tree falls in your backyard onto power lines, ripping them down along with a transformer and nearly burning down your house on a quiet afternoon in Newport, RI. (You can read about that here).
The FIRE I’m talking about stands for—Financial Independence, Retire Early—and it’s a big-time movement especially with Millennials. Because more and more of them, are disillusioned with a life working for “the man” and not “working” enough, i.e.: saving, for themselves.
The FIRE men and women I’m talking about seek a reset from the pressure of two car payments, a mortgage, private pre-school, private primary and secondary school, never mind college. And other smaller expenses like occasional dinners out, etc. that put “pressure” on one’s peace of mind.
Because peace of mind and living your best life are at the heart of the FIRE movement.
Imagine this; Instead of going into debt in your 20s and hoping you can pay it all off during your working years, you forgo the debt all together—and save. You save until it hurts.
With the FIRE group, we’re talking about herculean savings rates in the mid-70% of their salary range, and perhaps even higher. Impossible you say?
It starts with living a lifestyle about 50% less expensive than the lifestyle you’re currently living.
Meet Mr. Money Mustache.
Mr. Money Mustache, through his blog, which has several million-page views per month, shows you exactly how he’s done it.
Hi there. If we haven’t met, my name is Mr. Money Mustache. I’m the freaky financial magician who retired along with a lovely wife at age 30 in order to start a family, as well as start living a great life. We did this on two normal salaries with no lottery winnings or Silicon Valley buyout windfalls, by living what we thought was a wonderful and fulfilling existence. It was only after quitting the rat race that we looked around and realized why we had become financially independent while most people, even with higher incomes, end up stuck needing to work until age 65 or later.
Or the Saving Sherpa who lives a cool life on a monthly grocery bill of $60 (no zero missing).
“I’m a Mississippi native working in Boston and want to help everyone find their path to becoming financially independent and, if you so choose, retire early. There are many other bloggers out there but few that are at the early stages of their journey so that you can follow along. Fewer still that are not making a six figure salary, had no inheritance, paid their way through college, and no risky investment strategies. Basically, I want you to follow along as I prove that retiring in your late 30’s early 40’s range is possible for anyone.”
Now I’m not saying this is the right life for you. But it might be for your children or their children. And there is most certainly a benefit for you if you’re retired. Because we have a live front row seat to a serious group of savers trying to make their nest egg last 60-plus years. Believe me we can learn something from this group. Stay tuned.
Follow along with my entire series on FIRE here.
E.J. Smith - Your Survival Guy
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