There is a lot of buzz about the millennial goal of striving for ‘financial independence, retire early’ way of life. But there are a lot of misconceptions about the FIRE method.
Full Retirement Isn’t The Goal
Most who achieve their FIRE threshold, the minimum amount of cash invested and saved required in order to retire, continue to work. However, they quit the primary job that provides the ability to generate rapid savings. Then they work a part-time job, online job, or continue to earn from residual streams of income that they have created—such as real estate rentals.
It’s A Lazy Way Of Life
Millennials continue to get a bad rap for being lazy job hoppers who can’t commit to anything. However, millennials just recognize that the current system is broken and are continually looking for out-of-the-box alternatives that are more fulfilling and authentic.
It’s Just For Minimalists
Minimalism and FIRE certainly go hand-in-hand, but not all who achieve FIRE live in a tiny house with a capsule wardrobe. Individuals from all walks of life are considering how to live the life they love without being trapped for 40 or more years in a traditional workforce.
FIRE isn’t for everyone but just like minimalism, there are some mindset shifts almost everyone can benefit from.