Author Topic: What does FIRE mean to you?  (Read 7913 times)

Jamie

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What does FIRE mean to you?
« on: August 09, 2018, 11:35:39 PM »
I know the acronym stands for financial independence retire early, but what does FIRE mean to you? Do you think it's just a fad that will soon pass or do you think it's a movement that's here to stay and will only continue to disrupt how younger generations view their careers and lifestyles?

Sydney

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Re: What does FIRE mean to you?
« Reply #1 on: August 11, 2018, 07:35:21 PM »
FIRE means a lot to me now but there was a time when I didn't think it was possible at all, especially when I was very caught up in my former day job career path and constantly stressed. I'm really glad to be free of that desk job now. For me, FIRE doesn't mean 100% no working, but being able to do part time work that I really enjoy with a lot of flexibility and not feeling stressed about money or having to work around the clock. For other people FIRE might mean no work at all, but I really like the feelings of accomplishment that come with doing work even if it's just small projects here and there or writing an article when I have time away from parenting.

Snow

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Re: What does FIRE mean to you?
« Reply #2 on: August 14, 2018, 11:24:39 PM »
I started thinking about retiring early roughly 10 or 11 years ago when I felt really stuck in a former job. I didn’t start believing it could be possible for me until roughly 7 years ago. I hadn’t heard about the FIRE acronym until last year, which is kind of funny. Anyway, I keep reminding myself on Monday mornings that sticking to my plan is worth it and to keep working and saving now while I can.

FabFitRetired

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Re: What does FIRE mean to you?
« Reply #3 on: September 09, 2018, 03:24:26 PM »
I am FIRE'd and I love it.  I have a specific amount of money I can spend each month and it fits well with my lifestyle.  I do part time activities that can provide a small additional income, but I tend to also barter my time for free memberships or perks as well.  Having all this free time has enabled me to take advantage of travel hacks and coupon hacks.  This year so far I estimate I have saved over $3K in travel hacks and $2500 in coupons, cash back and other hacks.  Plus I have the time to travel and can do so off season when the crowds are less and deals better. 

I used to be a type A work work work mentality.  I loved my career but it was so demanding and stressful it took a toll on my health.  When I was able to punch out at 50, I was gone.  I have no regrets. Life is too short to not seek new passions and ways of self fulfillment. For me having the highest amount of retirement money was not my key to self actualization. Health and time to enjoy what I want is my self actualization.

romeojeremiah

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Re: What does FIRE mean to you?
« Reply #4 on: September 09, 2018, 03:33:31 PM »
I know the acronym stands for financial independence retire early, but what does FIRE mean to you? Do you think it's just a fad that will soon pass or do you think it's a movement that's here to stay and will only continue to disrupt how younger generations view their careers and lifestyles?

Hi Jamie!
Thanks for asking the question.
I take the term FIRE quite literal.

Snow,
Hang in there! The more you cringe, the more you should save to accelerate your date! :-)

ajcoleman22

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Re: What does FIRE mean to you?
« Reply #5 on: September 10, 2018, 04:21:45 AM »
To me, FIRE means being in control of your life.

Sam

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Re: What does FIRE mean to you?
« Reply #6 on: September 10, 2018, 07:04:41 AM »
To me, FIRE means being in control of your life.

I'll second this definition.

"The freedom to choose is all a man ever wanted!" Mance Rayder, King Of The North before his death.
Regards,

Sam

SouthWestIron

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Re: What does FIRE mean to you?
« Reply #7 on: September 10, 2018, 11:01:57 AM »
    To me, FIRE means being in control of your life.

Agreed, and to me it means to be FIRE'D up about what is next!

ksuhawkeye

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Re: What does FIRE mean to you?
« Reply #8 on: September 10, 2018, 11:09:32 AM »
Hadn't ever condensed it into a simple phrase until reading this post but I think "freedom to choose" is perfect.  Thanks!!

rtysmith

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Re: What does FIRE mean to you?
« Reply #9 on: September 11, 2018, 08:56:51 AM »
What is FIRE to me? it is a direct part of my IPS:

* Objective 1: To Re”lax” when we are ready financially, mentally, physically and emotionally. Never "Have To” work again. Live debt free. (FIRE - financial independence, retire early; or FAT FIRE (lots o $) or BARISTA FIRE (retire but work small jobs)
* Objective 2: To have passive annual income from our investments of $.5 million+ in today’s dollars.
* Objective 3: (a.) To never be a financial burden upon our descendants and (b. if possible) leave a meaningful monetary gift with a primary focus on the next generation’s education.
* Objective 4: To generate returns, manage risk, minimize fees & taxes
* Objective 5: To monitor portfolio allocation, to benchmark returns against expectations, and to consider revisions to portfolio
* Objective 6: To find emotional and moral comfort in our wealth, investments and portfolio volatility 

defomcduff

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Re: What does FIRE mean to you?
« Reply #10 on: September 11, 2018, 11:08:31 AM »
To me, FIRE means being in control of your life.

Agreed.  Additional thumbs up from me.
DeForest
Boston, Massachusetts

AlexNY

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Re: What does FIRE mean to you?
« Reply #11 on: September 14, 2018, 07:56:26 PM »
My parents have never been that great with money. As a result, it helped drive me to want financial independence early. I knew I wouldn't be able to get financial help from them after college without hurting their own financial situations, so that kept me motivated to stay focused, not mess around in school, and get a dependable job.

Work can really become such a grind, especially the more time passes, and I long for the day when I can escape my office job for good. FIRE means a lot of things to me - freedom to kiss my current job goodbye sometime between ages 45-48, a retirement account in solid shape, confidence in my financial situation, and not having to worry about helping my parents financially if they get sick or need help with money.

TigerUppercut

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Re: What does FIRE mean to you?
« Reply #12 on: September 14, 2018, 09:33:17 PM »
Financial freedom means having the freedom to no longer have to deal with terrible bosses while working at job that does nothing for humanity.

I really don't want to work until I'm 65. That would be too depressing.

How do people manage to work so long at boring jobs?!

Captain

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Re: What does FIRE mean to you?
« Reply #13 on: September 14, 2018, 10:11:10 PM »
I didn't retire early, but have fortunately been financially independent for a long time and am now retired in my 60s. My wife and I never spent much over the years except while raising our kids and even then we were pretty frugal. Retiring at a younger age wasn't something I planned for and although I'm sure I would have enjoyed it, I'm too old to let regrets get me down. My wife and I live comfortably and are happily retired now so I can't complain.

I've told my kids about the FIRE movement though and would be thrilled if they can make it work for their families. So for me, FIRE is about helping my adult kids find ways to accomplish things I couldn't and to help them be financially secure and work towards more freedom and options.

sfpf

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Re: What does FIRE mean to you?
« Reply #14 on: September 14, 2018, 10:14:32 PM »
to me FIRE means FREEDOM to do whatever I want and not be stressed about money anymore. Optionality is huge. Priceless really!

pmagis1

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Re: What does FIRE mean to you?
« Reply #15 on: September 15, 2018, 05:47:46 PM »
I think the FIRE movement can have a profoundly positive impact on society.  Just imagine the human potential that can be unleashed when a motivated individual has the wealth to never worry about money and the time to focus exclusively on a noble endeavor.  What could we as a nation achieve if 500k people achieved FIRE in the next decade?  I can't emphasize enough the importance of FIRE in reinvigorating the idea of being free in an unfree world.

quantakiran

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Re: What does FIRE mean to you?
« Reply #16 on: October 05, 2018, 10:28:11 AM »
Financial freedom means having the freedom to no longer have to deal with terrible bosses while working at job that does nothing for humanity.

I really don't want to work until I'm 65. That would be too depressing.

How do people manage to work so long at boring jobs?!

I was wondering the same thing. How did they manage? Where corporations always this awful to work for, only driven by money, money, money?

Then I remember when I first started working. It was just before the financial crisis and it seemed great. Great work/life ethic, flexible hours, etc.

Perhaps I was so I excited to have job in my chosen profession, I wasn't seeing things clearly and it was there all the time. Or was there a Goldilocks period that ended with the crisis?