Thanks to a recent Kiplinger article, I've found an entire movement of Millennials that I had no idea even had a name.
FIRE- "Financial Independence, Retire Early". What is the idea? Work hard for a number of years, pay off debt, stock up savings, live off of a small portion of what you are bringing in....then stock all the rest up into savings and retirement.
Sound familiar? If you've read our blog for long, this may sound familiar, as this is exactly what we do here. We call this making ourselves "Artificially poor" forcing ourselves to live on less than we bring in so we can pay off our mortgage (prior to that, the goal was paying off student loans), save for retirement and our daughter's college, travel and do things like have one parent stay at home.
Here is the part where we differ: For the FIRE movement, the next step is once you've hit your magic savings number...you actually retire.
I was skeptical, as is my BFF Suze Orman, but here are some…
FIRE- "Financial Independence, Retire Early". What is the idea? Work hard for a number of years, pay off debt, stock up savings, live off of a small portion of what you are bringing in....then stock all the rest up into savings and retirement.
Sound familiar? If you've read our blog for long, this may sound familiar, as this is exactly what we do here. We call this making ourselves "Artificially poor" forcing ourselves to live on less than we bring in so we can pay off our mortgage (prior to that, the goal was paying off student loans), save for retirement and our daughter's college, travel and do things like have one parent stay at home.
Here is the part where we differ: For the FIRE movement, the next step is once you've hit your magic savings number...you actually retire.
I was skeptical, as is my BFF Suze Orman, but here are some…