Camp FIRE Finance
They say money doesn’t make you happy, but I can’t fully agree. Who doesn’t want to reach financial freedom? I love money, and I believe it’s normal. We all work to earn. How else can you achieve financial freedom? However, money is not a goal; its an instrument to make your dreams come true, to live a fulfilled life, travel, be able to pay kids education and finally retire.
Money is simply a necessity like food or water, it helps you buy the things you need.
Your retirement may be far off, but you need to start your retirement planning early. That’s because whether you like it or not, sooner or later, you’ll have to retire someday. Putting off retirement planning is a huge mistake. Below are six of the biggest retirement mistakes people make, and how you can avoid them.
Is FIRE worth the effort? Sometimes I wonder if chasing after FIRE (Financial Independence, Retire Early) is really what I want and whether it’s a movement I should enthusiastically encourage. I ask myself if maybe I’ve just been sucked into the hype, running after something I don’t really understand or appreciate?
Don’t get me wrong – it would be great to have the freedom to decide how I live my life and how I choose to spend my time and money. But is it worth the effort to chase after FIRE if I don’t have plans to retire early? More importantly, is it worth pursuing if I’ve joined the FIRE movement too late to retire early?
As a 30-something year old, I understand that time may still be on my side. I’m no spring chicken, but I’m also not staring retirement in the face. I’m in that awkward in-between phase. And this possibly makes me one of the lucky ones.
But what about my family, friends and colleagues who don’t have the same luxury? Should they be discouraged from chasing after FIRE, simply because the movement was birthed too late for them?
A Mini FIRE break could be just the thing you need on your journey to financial independence and early retirement.
When we talk about FIRE, it can be easy to focus almost exclusively on the portfolio size needed to reach your FIRE number. But when you have years left before you reach the barebones “Lean FIRE,” you may need some periodic motivation to keep saving for early retirement.
“Mini FIRE” is one way to find that breath of fresh air you need. This is a time to pause on your journey to enjoy life, like a sabbatical. Early retirement is still your end goal. But if you’re on the edge of burnout or dealing with major life events, FIRE may be the last thing on your mind.
Taking the time to enjoy the fruits of your labor (so far) can mean you stay the course.
If you’re like most people, financial independence is your ultimate financial goal. The road to a financially care-free lifestyle requires planning and dedication and even a bit of luck. But you may need to fix your finances today, before you can plan for a financially secure tomorrow.
