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What is FIRE Plan?

FIRE (Financial Independence, Retire Early) means financial independence and early retirement. This is a lifestyle that achieves financial freedom at a relatively young age through high savings rates, investment management, and simple living, allowing you to choose early retirement or pursue work you love.

Core Principles of FIRE

1. High Savings Rate

  • Save and invest 50-70% of your income
  • Control expenses and avoid unnecessary consumption
  • Build an emergency fund

    • 2. Investment Management

  • Long-term investment with compound growth
  • Diversified investment to reduce risk
  • Regular rebalancing of investment portfolio

    • 3. 4% Rule

  • Withdraw 4% of your investment portfolio annually after retirement
  • This rate has been historically safe
  • Requires 25 times your annual expenses in investment principal

    • Different Types of FIRE

    Lean FIRE

  • Minimalist lifestyle
  • Control annual expenses at a low level
  • Requires less retirement funds

    • Regular FIRE

  • Standard lifestyle
  • Maintain moderate quality of life
  • Balance savings and enjoyment

    • Fat FIRE

  • High-quality lifestyle
  • Maintain high expenses after retirement
  • Requires more retirement funds

    • Steps to Achieve FIRE

    Step 1: Set Goals

  • Determine retirement age
  • Calculate required retirement funds
  • Develop savings plan

    • Step 2: Increase Income

  • Improve professional skills
  • Find side hustle opportunities
  • Start business or invest

    • Step 3: Control Expenses

  • Record and analyze expenses
  • Reduce unnecessary consumption
  • Find cheaper alternatives

    • Step 4: Investment Management

  • Learn investment knowledge
  • Choose suitable investment tools
  • Regularly adjust investment strategy

    • Step 5: Continuous Optimization

  • Regularly review and adjust plans
  • Adapt to life changes
  • Maintain learning and growth

    • Common Misconceptions

  • FIRE is not about not working - It's about having the freedom to choose work
  • FIRE is not extreme frugality - It's about rational consumption
  • FIRE is not getting rich overnight - It's about long-term planning
  • FIRE is not for everyone - It needs to be decided based on personal circumstances

    • Start Your FIRE Journey

    No matter what stage of life you're in, you can start FIRE planning. What's important is to:

    1. Start immediately - Time is the most important asset

    2. Continuous learning - Keep improving financial knowledge

    3. Stay patient - FIRE is a long-term process

    4. Enjoy the process - Enjoy life while pursuing goals

    Remember, FIRE is not the destination, but the beginning of a free life!