The FIRE movement, which stands for Financial Independence Retire Early, is a lifestyle movement that emphasises saving and investing early in life in order to achieve financial independence and early retirement. The basic principles of the FIRE movement include: Ultimately, the main goal of FIRE is to be able to not rely on your nine-to-five day job in order to...
The FIRE movement, which stands for Financial Independence Retire Early, is a lifestyle movement that emphasises saving and investing early in life in order to achieve financial independence and early retirement.II. Investing in low-cost index fundsUltimately, the main goal of FIRE is to be able to not rely on your nine-to-five day job in order to support your lifestyle. The sooner you are able to become non-reliant on your job, the better.
The FIRE movement is best suited for high-income earners with little to no financial obligations. This movement calls for one to save 50 per cent to 70 per cent of their earned income. This is no small feat, especially if you are just entering the workforce and have a low to medium starting salary.The median household income in Singapore was found to be $10,099 in 2022. This translates to about $3,287 per member of the household.
Individuals need to consider if their level of income can feasibly sustain such high levels of savings. Successfully achieving FIRE also requires an almost obsessive focus on keeping your expenses well below your means. It is not worth sacrificing necessities or your mental health just to save 50 per cent to 70 per cent of your income every month. If you find that trying to achieve FIRE becomes emotionally draining, then perhaps it is advisable to reconsider your financial plan.
Any amount of money that you are able to save each month through budgeting should be maximised in a high-interest savings account. Make sure to take advantage of the current high interest rate environment. With compound interest, every little bit of interest earned each month can grow exponentially, helping you increase your nest egg faster with little to no extra work on your part.
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