“From a little spark may burst a flame” Dante Alighieri
Remember when I declared I was through making excuses for knowing very little about FIRE and Finances? Well I’m making good on my declaration and I’m going to be documenting what I learn along the way! Please feel free to add your thoughts and corrections (I’m sure there will be plenty) and I’ll update it so some poor soul doesn’t stumble across it and follow it to the letter!
My starting point was easy. Do I actually know what FIRE is? I like to think so but I’m sure the comments on this post may say otherwise!
I do like to start easy!
So FIRE stands for Financial Independence Retire Early (I briefly went into this in my very first post) there are lots of new abbreviations popping up so I will have missed some:
FIRO – Financial Independence Retirement Optional – for those who don’t wish to quit their day job.
FI – Financial Independence
FI/RE – Old school classic! FIRE used to be written like this way back when! Check out the godfather of FIRE “Early Retirement Dude” who was working towards FIRE before it was even a thing!
But FIRE is much more than just finances! (As you can tell from my blog) Fire is hope. Hope that you can one day escape the rat race (if you so chose to) and have personal freedom and FI.
Where am I on the scale? Mr Fire and I are different at the moment. He wants to quit the day job to work on the family business in order for it to grow and take over our expenses. Me? I’m happy in my semi retirement for now but that doesn’t mean I won’t try new income producing ideas. I think since my job wore me down so much mentality that I am very
scared reluctant to put myself through that again.
Possibly one of the most important questions in the FIRE community!
For me its all about happiness and health. I have briefly touched on my abusive past (I would do a post on it but I’m not sure it would be that interesting) and I have felt trapped for as long as I can remember. Bring in Mr Fire. He was like a breathe of fresh air and is teaching me that I belong to no one and nothing. FI for me is freedom and I want that for Mr Fire also. I also think its independence. Owning nobody anything and not having to bother with all the corporate office drama that I have worked with since beginning work at 15.
Is there a formula to FIRE?
Yes although I don’t know from where it originated? The “traditional” route to FIRE fits this formula:
Its important to note that this isn’t EVERYONE’s formula. It isn’t mine or Mr Fire’s. I’m hoping he will get a spare minute to write a post or two on here to detail it all.
This would have been our magic formula if I was able to keep working as then we would have simply saved my wages (£1.200) and this would have been our investments. It wasn’t possible and so we have to adapt. That’s what I love about FIRE is you don’t have to reach it the same way as everyone else!
My next post will be How to get to FIRE using this formula and others.
Whats your why?