FIRE – Financial Independence Retire Early

“I want every day to be a fresh start on expanding what is possible.” Oprah Winfrey

Hello and Welcome to my blog!

I am heading off on an adventure to Financial Independence and I’d love for you to come with me. What is Financial Independence I hear you ask? well I’m glad you did as it just so happens that this post is all about that and little old me…

What is FIRE?

So FIRE is a clever little acronym meaning Financial Independence Retire Early. Basically its putting away enough money to quit your job and retire early. Simple right? errrmmmm well maybe…..

 

What is Financial Independence?

freedom

Before we start let me start out by explaining I’m not a Math or numbers person. I’m just an average girl living an average life so we will have no technical jargon here (unless I let Mr Fire write it but I doubt that for now as It takes me a few listens to truly get my non financial brain around it)

So back to the question,

Wiki’s take on it is:

“You have enough wealth to live off of without working”

Thanks Wiki! The idea is that you squirrel away money into assets and investments and they generate an income (or wage if you like) So you are free to live the high life whilst all your money stashed away is doing the hardwork by bringing in the income. Sounds easy/scary/exciting right?

Some people go extreme and save 67% of their monthly income and live very frugally and others take a more relaxed approach by keeping a careful watch on what they are spending on luxuries (starbucks anyone?)

I guess you could also say that Financial Independence is slightly different to everyone. For me, I have always seen money as a burden (more on that on future posts) The most important thing about FIRE is that it isn’t about making millions to support a lavish lifestyle, just simply enough to pay the bills and enjoy freedom.

So Financial Independence in a nutshell is being free and not tied down to your day job. Its important to remember that money does not equal freedom

moneydoesnotequalfreedom

Why doesn’t everyone aim for Financial Independence?

Basically I think as it takes too much work and doesn’t seems achievable. We are  not taught that it is ever really an option. Most of us are raised to believe that if you get a job and work hard then you reach retirement earlier than about 60. But this is not usually the case. We have to reeducate ourselves, see the world differently and in some cases become a different person than who we started out as. Its going to be hard to correct our consumer ridden ideals that have been instilled in us from birth. We are taught from an early age that buying things make us happy. My example is pocket money, you basically get paid for performing duties you don’t want to do just to get money in return to buy something to make you happy or that you want (notice not need) Sound like a familiar concept? Ahem….

Its hard  to correct your thought process now we are adults, it requires growth, improvement, education and strength and that is on top of your day job.

The hardest thing to learn is money doesn’t not make you rich. Money can not buy happiness, family,love or friendship

moneydoesntmakeyourich

So how do you do it?

Good question, its a learning process and I haven’t learnt it yet. Ha bet that surprised you. I don’t have all the answers but i’m happy to seek them out and learn. I’m not one of the many bloggers out there who are already sitting pretty on Financial Independence hill teaching others about their ways and that is no disrespect to them either especially as I  actively read their blogs on ways to make it happen for me! I’m out here in the trenches with you getting shot at from all angles trying to make it through. There is one difference between us though and I want to get it out the way:

I’m a fraud

Wait what? well I am and I’m not in some ways. I quit my job. Yep thats right I no longer work and I don’t claim benefits (not that is anything wrong if you do, I just dont). I can hear your tutting and stomping your feet as you go to close your laptop or smartphone. But wait! come back! I haven’t won the lottery or have rich parents to help me. Nor do I have a rich relative, husband or Trust fund waiting to be tapped. All I have is a supportive partner who spotted it before I did that my day job was literally killing me. Not metaphorically but actually. It was making me so ill my hair was falling out, I was having panic attacks left, right and centre and I was dam right miserable. I got so ill that I actually cracked a rib coughing a few months back.  I’m a single parent,Domestic Abuse survivor, PowerPoint nerd and completely obsessed with stationary. Eighteen months ago I was homeless.

For the next few months I will be living off my savings and after that? Hopefully I will have enough income generating sources to live off.

So join my journey, whether its to see me fail miserably (sob!), support me (horray!) or even to see what works, what doesn’t and then draw your own path to Financial Independence.  I welcome you all.

Want to know more about me? Check out my About me page (I may even put my picture up to scare you at some point)

Want to get in touch? Leave me a  comment, Social Media me or Email me hellolittlemissfire@gmail.com

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4 thoughts on “FIRE – Financial Independence Retire Early

  1. Hi Little Miss FIRE!

    Just wanted to say good luck with FIRE quest and the extremely brave and bold move to quit your job (although, definitely sounds like the right decision!)

    I’d definitely get cracking with the matched betting as you could make easily £1000 a month on that with around 10 hours a week I reckon (once you’re up to speed at least, at first the time to execute each bet/offer will naturally take longer) Get an OddsMonkey account as they are the best site to use I’ve found. This will provide you with a solid income straight away, and then you still have around 30+ hours a week to focus on other income producing activities that might take a bit longer to get off the ground!

    In my personal experience blogging about FIRE is not particularly lucrative unfortunately, but YMMV and all that. I get many offers for paid content but it’s all just spammy nonsense that I don’t want on my blog, I thought about opening up a deliberately spammy financial blog that would accept every offer under the sun just to get the cash but haven’t really got round to it yet*… that could be an area for you to look at (seems like there is plenty of advertising cash floating around for it).

    *Also I’m not sure I like the moral perspective of doing that, it doesn’t really seem to be helping anyone else out in any particular way.

    I noticed on another post you mentioned about your old fashion blog, I am sure there is still a lot of legs in that sort of thing so definitely have another crack at that.

    You could start a Udemy (or similar) course on computer programming and start to pick up simple freelance jobs on one of the freelancing sites within a few months I’m sure, and then go from strength to strength from there. You could pitch your services as an article writer for other blogs or websites. Many options. I guess the key is to pick one or two things and really run with them rather than try too many things and fail at all of them because you weren’t focused enough on any of them.

    In my experience with side hustles it has taken ages to get any of them off the ground (matched betting excepted which is an instant win in 99% of cases unless you really eff something up 🙂 ) – but the thing I need to remember is that is with having a full time job as well, and all the other stupid/fun/time consuming projects I’ve signed myself up to over the last 5 years. I am almost certain if I had the balls like you to just up and quit I could have rocketed some of my side hustles into the atmosphere (well, maybe LEO* at the least) in pretty quick time.

    *Low Earth Orbit – sorry, geek in me showing there haha

    Finally great to hear you’ve turned your life around in such a quick time and found a supporting partner to go on this wonderful FIRE journey with.

    Good luck once again! 🙂

    Like

    1. Hi Firestarter!

      Thanks for your comment and your wonderful advice. I’ve been showing your comment off to Mr Fire as we are both big fans of yours so your a celebrity in our household! 🙂

      I have heard alot about matched betting and did do alot of reading about it a while ago. I understood it but then filed it under spam in my brain so I will definitely give that a chance. Just waiting for some cash to start it off. How much do you think I would need to get started?

      Great advice about my old blog, think I’ll dust it off and see if I can make a start on it.

      Thanks again for stopping by and your support.

      Like

  2. Pingback: Learn to drive and pass on a budget – Little Miss Fire

  3. Pingback: Want to start FIRE? – Little Miss Fire

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