Early Retirement plan 101: Know all about FIRE movement

Times have changed. Parents no more ask their children to save or think about future goals and retirement plans. Working children too, who actually are grown adults are also following the work, save, repeat plan instead of worrying too much about the future. Wondering why? Because they have joined the FIRE (Financial Independence, Retire Early) movement.

What is the FIRE movement?

The FIRE movement focuses on a plan to retire early; one needs to live a minimalistic life, save and invest so that their end-term goal of retiring early would be fulfilled.

By following this method you can retire early and don't have to wait till you turn 60. Other than this, the followers of the FIRE movement hope that they will be able to quit their jobs and live on their small withdrawals from their savings much before they hit the age of 60.

Who can be a part of the FIRE movement?

It does not depend on the salary and any earning person can practice this movement. The main motive should be to save more and more.

How millennials; part of this movement are saving money?

• By replacing shower gels with soap bars which are more cost-effective.
• By bathing in the gym to cut down their water bill.
• By cutting dish wash sponges into half to run them longer.

So, would you like to adapt to this movement of minimal lifestyle and save money?

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