Hello there, I am Idy and I will like to personally welcome you to “Idy on FIRE.”
If you are new to FIRE new to this concept, but interested in learning more about it with me and the 400,000+ people already involved in the community, then I want to say hello.
What is FIRE?
FIRE, which is technically spelt the same way as fire – you know, the burning thing – is an acronym standing for Financial Independence, Retire Early. Just as the meaning implies, it is as direct as you can hope for: Gaining financial freedom so that you can retire as early as possible.
What is the concept behind FIRE?
At its core, FIRE is all about spending less and saving more in other to achieve financial indepence to retire ASAP. FIRE really is when finance meets philosophy.
In order not to get it twisted, let’s look at what FI/RE is and isn’t about.
FIRE is about:
- Discovering and achieving life goals: “What would I do with my life if I didn’t have to work for money?”
- Reducing spending. Your wants and needs aren’t written in stone. I don’t care what your income is, spending less is always essential if you plan to retire early.
- Working to increase your income and cash-flow with investments, side-gigs, and additional effort.
- Striving to save a large percentage (generally more than 50%) of your income to speed up achieving that FI
- Investing… that is making your money work for you, and learning to manage and optimize those investments because of FI/RE
- Retiring Early
FIRE is NOT about:
- Gaining wealth for the purpose of excessive consumption.
- Taking the slow road, or the traditional road to retirement, you know when you have to wait till 65 and too feeble to enjoy the actual retirement.
So you see, becoming financially independent requires hard work and a healthy attitude towards money.
I make the Idy on FIRE show to help you with hacks and practical steps to save money, the most helpful advise from those people who made it, to get you to financial independence and early retirement.