FIRE stands for Financial Independence, Retire Early. The goal behind this movement is to generate enough income through your financial assets that you can sustain your lifestyle without having to work. I know retiring early seems like a dream that is only attainable by coming into an inheritance or winning a lottery ticket. However, there are thousands of Aussies who have achieved this through working hard, living below their means and investing their money into a range of different investments.
Regardless of your income, job history or personal circumstances, anyone is capable of becoming financially independent by following a few tenants of personal finance. By budgeting, living frugally and maximising your income, you can live below your means. A person who lives below their means simply spends less than they make. The difference can then be invested in income-producing assets such as stocks, ETFs, LICs, investment real estate, cryptocurrencies etc. Over time, these income-producing assets compound their returns, gradually increasing the amount of income that they produce in a given year. With enough time and investment, this income can grow to supplement your regular wage, giving you the ability to be financially independent and retire early.
This website will provide tips on how to lower your daily expenses, how to maximise your savings, ways to budget and the different forms of investments that you can use to become financially independent.
For more information on what FIRE is, please refer to the following guide that goes in-depth about the FIRE movement and how you as an Aussie can become financially independent.