Are you on FIRE? The acronym stands for “financial independence, retire early” and it’s becoming quite a “thing,” although the primary reason so many people are doing it may surprise you.
In the current economic client, people mostly don’t retire early because they have oodles of cash piling up everywhere. Realistically, most people seek to retire early because they can’t stand their working anymore. Why? Usually it’s due to stressful interactions with co-workers. Millennials especially would rather have barely enough to makes ends meet and pull the plug on a crappy work environment, then limp along with a poor quality of life with full income.
Financial guru Vicki Robins showed the way with her 1992 bestseller Your Money or Your Life. The 72-year-old coauthor along with her co-author, the late Wall Street wonder Joe Dominguez, espouses working to live, not living to work, and improving one’s relationship with money by understanding what you want and what you don’t.
Questions to help you understand your relationship with your money:
- Do you have enough money?
- Are you spending enough time with family and friends?
- Do you come home from your job full of life?
- Do you have time to participate in things you believe are worthwhile?
- If you were laid off, would you see it as an opportunity?
- Are you satisfied with the contribution you have made to the world?
- Are you at peace with money?
- Does your job reflect your values?
- Do you have enough savings to see you through 6 months of living expenses?
- Is your life whole? Do all the pieces — your job, your expenditures, your relationships, your values — fit together?
If you answered no to any questions, pick up a copy of Your Money or Your Life and see what the odds are that you too will be able to retire early!
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