His & Her Toolbox
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.
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