Are You Ready for Early Retirement or Just Kidding Yourself?
The concept evolved from early retirement extreme forums, where members use frugality, delayed satisfaction, minimalism, and often 6-figure salaries to save up enough money to meet their modest spending needs.
An exciting development over the last several years has been the FIRE movement.
Financial independence is defined as having sufficient passive income and/or adequate investments to cover your living expenses.
The turning point is when you have saved enough or reduced your expenses enough to achieve “financial independence.”
Once you have reached financial independence, you are now free to live a good life, or at least that is how the story goes.
Since financial independence is a formula, those seeking FIRE often focus on both sides of the equation, being the reduction of living expenses and increasing passive income and investments.
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