What is F.I.R.E.

F.I.R.E. Stands for “Financial Independence Retire Early.” So, it has two key parts: financial freedom and early retirement. The majority of people want financial freedom; however, they forget the early retirement part of it. Most employed people assume that putting money into a 401(k) and IRA is the way to go. Employees are guided to maximize these options, believing they will be financially free at retirement age. I do not see a problem with this from a financial independence point of view. However, it misses a significant aspect of early retirement.

On the other hand, F.I.R.E. philosophy emphasizes building passive income streams to take care of your expenses. As a result, you are free from an active job and can decide how you spend your time and do whatever you want. Fire philosophy drives you from an employee mindset to an entrepreneur mindset. Building passive income streams takes time, education, and effort. You do not have to quit your full-time job to start building your passive income streams. The first step is to change your mindset. Spare some time out of your busy life and start learning about running a business. Learning does not require money in most of the cases. There are tons of online resources and local meetup groups to join. Start going there and develop your understanding of what it takes to build a business From scratch. This will broaden your mindset and will also build relationships with like-minded people.

This is the first blog post in the F.I.R.E. series. Subscribe to our newsletter for future posts on navigating the journey of financial freedom and early retirement.