Good morning Beautiful Women Supporting Women,
Happy Monday to you all! I hope you had a fantastic weekend. I spent my time in Maryland with my family and celebrating my son’s 20th birthday. It’s amazing how time flies. This is one reason why I look to capture all moments on camera and enjoy life to the fullest. You only have one life to live, so might as well live it up.
Speaking of enjoying life, last week we ended our 3 part Financial Series with the retirement segment. Today I will introduce the F.I.R.E. Movement. This is another method of accumulating wealth at rapid speeds adopted by millennials around 2010. The goal is to save enough money so that you may be financially independent AND retire earlier than the average individual of 67/68 years of age. So ask yourself: Are you frugal or feel you have what it takes to cut expenses if needed? Do you wish to retire early? Do you want to be financially independent? If you answered yes to these questions, then you probably want to know more about the F.I.R.E. Movement.
The acronym F.I.R.E. stands for Financial Independence, Retire Early. This is a concept that was introduced in the early 90s, but through podcasts, blogs and other online communications, the F.I.R.E. Movement started to take off. The thought behind this method is to aggressively save (more than the 10 -15%, which we in the industry share with clients to save into their retirement plans) while increasing your income by way of investments, real estate, etc… and cutting expenses. This is also assuming a withdrawal rate of 4-5% (the industry standard), during retirement so you do not run out of money. In other words, the more you are able to minimize your expenses and increase your income, the quicker you can reach retirement. Individuals who have followed this method saved 50% and above of their paychecks. The outcome is people are retired in their early 30s!
As mentioned, there are bloggers who share strategies and knowledge about how to become part of this movement. Not sure if it’s for you? Here are some of the top bloggers of the F.I.R.E. Movement:
- Mr. Money Mustache
- Early Retirement Extreme
- Millennial Revolution
- Retire by 40
- Budgets Are Sexy
- Making Sense of Cents
If you are interested in finding out more, start to review these blogs and see how you can make early retirement a reality.
Questions or comments? Please post here or feel free to email me at: firstname.lastname@example.org
Next Up: Budgeting with a Purpose
Thank you for reading!
Have a beautiful and blessed week!
Changing the lives in our community….one family at a time