I read an interesting post over at Money Saved Money Earned this afternoon,thinking about the concept of FIRE (Financial Independence Retire Early) and how many people that say they have achieved it still work in some way, from establishing passive income sources, consultancy etc. The whole concept of FIRE is simply to accumulate enough wealth that you can quit the day job and live your life doing what makes you happy.
The definition of retirement is that an individual is no longer working in any capacity, so what most would mean when they are chasing FIRE, is they are chasing freedom. But there is a very fine line between building wealth so that you can live the life you want, and living your life just to build wealth. Work to live, not live to work.
The Freedom to work on their own terms, doing what they truly love. The freedom of not subscribing to the 9-5 work week. No rush hour commutes, working for someone else. FREEDOM.
When I talk of aspiring to FIRE, I think of my Ultimate Goal, how I see my life 15 years down the line. For me it is all about creativity. I love to write and I love to paint. I see my family in a little house near the coast with a self made mini studio in the garden and a nice vegetable patch. That is our Freedom. Living our lives the way we want to with no pressure to ‘keep up with the joneses’.
Early retirement for us is being able to wave goodbye to the 40 hr work weeks (particularly for the Other Half) where you don’t feel particularly appreciated, despite the pride you take in your work.
Earning money on our own terms because we want to, not because we have to.
Money Saved Money Earned says it should be FIFE, Financial Independence for Early Freedom, and I am with them on that. Working towards the FIFE life.
That is our vision of FIRE and what we are working towards. What does FIRE mean to you?