Amid higher household costs and rising inflation, most people dream of the day they clock into work for the last time. In most cases, we imagine that’ll be when we’re a little more grey around the ears, but what if you could take the freedom and independence of retirement and experience it, say, thirty years earlier?

That’s the basic principle of the Financial Independence Retire Early (F.I.R.E) movement, a community of young people who aim to live a lifestyle that allows them to retire in their 30s or 40s rather than their 60s and 70s.

For FIRE advocates it sounds like the perfect life hack, attempting to live out this dream. This article will review the pros of the FIRE movement.

 

1. More time for you to do what you want (FREEDOM) – Those who retire in their 30s or 40s, as opposed to 65 or 70, have more of their life to spend pursuing and enjoying the activities they choose. You get to decide how you work, whom you work with and how long you work for. This gives you power over your time.

 

2. LESS STRESS – Money issues are often cited as one of the most stressful factors in our lives. Gaining enough wealth to live comfortably without working could wipe out a major cause of stress, which could lead to a more enjoyable, and healthier, life. The more stress we can reduce in our lives, the happier we can be.

 

3.  LESS FINANCIAL WORRIES – If your passive income exceeds your minimum expenses you will have greater flexibility. Your assets and investments can result in additional income. Money that has not been earned through a labour/salary exchange is often cited as one of the top benefits of financial independence. FIRE advocates learn to live below one’s means. A new designer bag? A weekend in a five-star hotel? These things can quickly deplete your bank account.

 

 

4. BETTER HEALTH – “Health is wealth.” As cliché as it sounds, health is something that we have to be constantly reminded to take care of. Fire followers have greater control over their time, which gives them time to be physically active either cycling, swimming, Yoga, or paddling. To a few who can’t do strenuous activity, just spending time in nature greatly helps them feel physically and emotionally well. With FIRE retiring early means supporting a lifestyle that allows for the relaxation of your mind and body through exercise, hobbies and travel.

 

5. MORE FUN – There’s so much more to life to enjoy. Imagine all the holidays, travel you can do in your 40s or 50s, the joy of seeing your family grow and spending time under the sun, having leisurely time in your hobbies, and reading books you’ve previously had no time for.

 

These are what make the FIRE movement so exciting for many followers. So, there you have it. Some important benefits of the FIRE movement will hopefully spark your interest in making your money work for you.

You’re FIRE(d)!