Is FIRE Your Goal?
Who wouldn't want to live the FIRE (Financial Independence, Retire Early) lifestyle?
Most employees share a common dream:
TO SAY "Sorry Boss, I don't want to work anymore!"
This dream saying "Sorry Boss, I Don't Want to Work" echoes the sentiments of countless workers, but in reality, the need to earn a living forces many to continue their grind reluctantly.
While money isn't everything, living without it is impossible. Essential household items like rice, oil, salt, and tea all come at a cost.
The hardship of working often stems not from the workload itself but from the mental exhaustion of dealing with people and situations.
Achieving FIRE
Returning to the FIRE lifestyle—achieving financial independence and early retirement is not an impossible feat, but it requires concrete action, and the old adage applies: the earlier you start, the better!
How to Achieve FIRE
The key is to aggressively accumulate assets until the passive income generated from these assets can cover living expenses.
The "4% rule" is a guideline which aiming to save at least 25 times your estimated annual living expenses.
For example, if your monthly expenses are $5,000, your annual living costs would be $60,000.
Dividing $60,000 by 4% (or multiplying by 25) means you need to accumulate assets worth $1.5 million. If these assets yield returns of 4% or more, you can achieve financial independence.
The 4% rule provides a clear "number" to work towards.
Workers often think the sooner they can retire, the better. To achieve the FIRE lifestyle sooner, you must start investing early and accumulating more assets.
Strategies for Achieving FIRE: Start Accumulating Assets Early
Achieving this involves increasing income and reducing unnecessary expenses to have more funds available for investments.
Utilize the various financial tools and products available on the market to invest in a suitable portfolio. Over time, the goal of FIRE will become increasingly attainable.
Ultimately, reaching FIRE requires a disciplined approach to saving and investing, leveraging the power of compound interest, and making informed financial decisions. By starting early and being consistent, you can turn the dream of financial independence and early retirement into reality.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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