Financial Independence, Retire Early (also known as FIRE) is a movement devoted to extreme saving and investing in the present so that a person can retire much earlier than the traditional retirement age of 65.
The Fire movement prioritizes saving and investing 50 to 70% of a person’s income, if not more, to ensure early retirement is possible.
In this episode, I’m breaking down the Fire movement in detail and sharing why it doesn’t work for me or my dream life.
My goal is to give you more context on the movement, along with my rationale for taking a softer approach in the present, even if it’s at the expense of an early retirement.
Here’s a glance at this episode:
- [01:45] Not sure what the FIRE movement is? Raya breaks down the FIRE movement and the commitment needed to follow it.
- [04:38] Raya’s gives an example of how to identify your FIRE number by running through a scenario where a person’s expenses are $5000/month.
- [06:34] There are a few FIRE variations a person can follow, and Raya walks through each of them.
- [14:00] Raya shares how people can invest – through a retirement plan and through a general investment account.
- [16:22] Because of Raya’s personal and business expenses, Raya doesn’t feel the FIRE movement would work for her.
Rate, Review, & Follow:
Did you love this episode? Are you a fan of the City Girl Savings podcast? If so, please consider rating and reviewing the show!
This helps spread the word about City Girl Savings, and hopefully helps more people make the best money moves possible on the way to their dream life!
To leave a review on Apple Podcasts, click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
Also, please make sure you’re subscribed and following the City Girl Savings podcast on Apple Podcasts, Spotify, and YouTube!
Resources mentioned in this episode:
Listen to CGS Podcast #107 – Adding Investing to Your Money Goals with Marc Russell
Learn about Raya’s Financial Focus Coaching Program
Follow City Girl Savings on Instagram, YouTube, and TikTok
Join the City Girl Savings Facebook Group
Subscribe to the City Girl Savings Newsletter!
