What does FI mean?
FI stands for Financial Independence which typically means having enough income to pay your living expenses for the rest of your life without having to work full time. Some people achieve this through saving and investing over many years, while others build successful businesses that can generate passive income. This can also mean, being debt free and financially free from owing something to others.
What is FIRE?
FIRE describes achieving Financial independence in order to Retire Early. The goal here is you develop a means to receive passive income that supports the cost of your lifestyle. This can be retirement income, real-estate, online business…you name it! The 9-5 and typical work till you are 60 are not the norm in this community.
FI vs. FIRE??
The two go hand-in-hand, financial independence gives you the choice, rather gives you time back to do whatever you want. That includes still working your 9-to-5 job; if it’s something you love and are passionate about then by all means keep doing it. Maybe you love your job and want to keep working, but a 30 hour work week sure sounds nicer.
That 10 hour work week still sound too long? FIRE it up and retire early.
Covering the Basics
Here are a few posts that cover the basics:
- A Money Detox: 12 Ways to Save Money
- Put $1,000 in your savings account
- 20 Ways to Drastically Cut Expenses
- Should we Splurge? Hell Yes.
- Benefits of Saving Money
- How to Create a 5 Year Money Plan after Falling out of FI
- Our Dumb Money Mistakes
- 5 Ways to Prevent Identity Theft (Plus a horror story)
If you are already seasoned in the basics be sure to check out these posts:
Be on the same page.
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