Quote from: chigo on December 16, 2024, 04:20:31 AM

introduction

what is F.I.R.E

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is a lifestyle/investment plan with the goal of gaining financial independence and early retirement through savings. The model became particularly popular among millennials in the 2010s, gaining traction through online communities via information shared in blogs, podcasts, and online discussion forums.

Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and their income, and investing the difference. JL Collins, an author who has been called the "godfather of financial independence," has said:

"Spend less than you earn—invest the surplus—avoid debt. Do simply this and you'll wind up rich."

The objective is to accumulate assets until the passive income from these assets provides enough money to cover living expenses. Some proponents of the FIRE movement suggest the 4% rule as a rough withdrawal guideline, thus setting a goal of at least 25 times one's estimated annual living expenses. Others, such as economist Karsten Jeske, suggest planning for a more conservative withdrawal rate such as 3.25% or 3.5% (accumulating around 28 to 30 times one's estimated annual living expenses) when planning to retire very early.

FIRE has been criticized for its low accessibility, in that aggressive savings and large investment portfolios require a large sum of money to begin with.

Read More:https://en.wikipedia.org/wiki/FIRE_movement

In conclusion, this is a movement where you can immediately achieve early retirement as quickly as possible.

summarized from various sources, here are some tricks to achieve F.I.R.E

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Reducing Expenses: Choosing to live more simply, for example by cooking at home instead of eating out, or buying more affordable items instead of luxury products.

Focusing on Financial Priorities: Having clear long-term goals, such as saving to achieve financial independence.

Investing Consistently: Setting aside most of your income to be invested in instruments that generate passive income, such as stocks, bonds, real estate or maybe you can choose Gold & Bitcoin in your portofolio

Source: Google

design your life for the future, don't just think about eating or buying snacks today.

For those who are currently undergoing this movement, perhaps you can share your journey here and for those who really want to start this movement, you can ask and have a good discussion here.

It feels a bit challenging to achieve this, even though I've always believed in it and used social media as my primary source of income, with AdsPower software to assist in managing it. While I have indeed made some considerable earnings, there's still a long way to go to reach FIRE...

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