So, you want to take the first step towards FIRE?
FIRE = Financial Independence Retire Early
Before we start with this revolutionary concept you should start asking yourself some questions.
Have you been dissatisfied with your current employment situation, have you been fired or lost your job due to COVID restrictions?
Have you been thinking that there must be more than the “average 9-5 job” in this life and that you should live life more wholesome and without the usual “struggle until retirement”?
Have you wondered what you could do to ensure your retirement to be happy and financially stable?
Is the “modern” life style of higher, faster, further unappealing to you? Do you often feel like “we can’t go on like this or we will not make it”?
Do you want to CHANGE your life now and make some smart moves to gain Financial Independence and Retire Early?
If you answered some of these questions with “yes” then we’ve got a solution for you. It won’t be easy, it will need you to take certain risks but those risks are calculable. For example, a few years ago, almost no one believed in cryptos ever reaching the ATH (all time highs) that they have reached now. If you had just refrained from one little vacation of an average of $2000 and invested that in Bitcoin you would already be there, with Bitcoins of the value of literally millions of $ in your (online) wallet.
So, you want to become independent and retire early?
Then take a look at FIRE.
Financial Independence, Retire Early (FIRE) is a movement dedicated to a program of extreme savings and investment that allows proponents to retire far earlier than traditional budgets and retirement plans would allow. By dedicating up to 70% of income to savings, followers of the FIRE movement may eventually be able to quit their jobs and live solely off small withdrawals from their portfolios decades before the conventional retirement age of 65
Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment.
By saving up to 70% of annual income, FIRE proponents aim to retire early and live off small withdrawals from accumulated funds.
The FIRE movement was born from a 1992 book “Your Money or Your Life,” written by two financial gurus.
Let’s say you are in your 40’s now and you really don’t want to work in your 9-5 job for the next 20 years, having to listen to your boss, commuting to work, having to do those boring online meetings and conferences and being stuck in public transport (if you don’t own a car, which liberals want to take away from you anyway because it’s “pollutive”) wearing a mask and not being able to breath.
You need to take these easy steps:
Maximize your earnings. Stop working “for free” or “for promotions”. Value your work per hour by the amount of experience or skill you needed to obtain for being able to do that. For early retirement you’ll need about $1M (depends on your preferred lifestyle before and after retiring).
Calculate, how long you want to keep on working. If you are 40 now and want to retire at 50, that’s 10 years. If you want to make 1 Million in 10 years, you need to save 100k per year (after tax and after expenses). That means you need to earn a lot per year, so make it a little bit more plausible. Say, you need 15 years, that’s $66k per year. OK, now we got a number. Divide 66k by 12 and you have what you need to save per month. Take that as a number for valuating your work. Divide those 5k by the number of hours you want to work per month and you have the wage per hour. Let’s say you want to work 20 hours per week, that ‘s about 90h per month. 5000:90=$55 per hour.
Try to become a business advisor and coach, especially in COVID times you can do that from home. Tell other people how to do your job and what you have done in your job (you have loads of experience in that, right?).
Tell them how to land a job in your old company.
Minimize your expenses. Live a simple life, cut all unnecessary expenses. You don’t need cable TV, you don’t need TV at all, it will just tell you to live in fear and keep going to your 9-5 job. Have small expenses that are free or very cheap. Make day trips with your car into nature, visit nature parks, go camping, go hike one of the big Natural Trails like the Pacific Crest Trail or the Appalachian trail. People are doing that in the thousands each year and they are spending roughly only 1k$ per month on a 6 month period (yes, we know that it’s almost impossible to work while being on a trail), go on the Way of St. James in Spain. They offer pilgrim’s accommodation for as low as $10 a day. Also, cook yourself, don’t go to restaurants or bars, they charge you 3 times the amount of the cost of self-cooking.
- Invest in crypto currency. Yes, that’s why we are all here most probably. See our tips for mining cryptos like Dogecoin, for saving money in fiat currency and cryptos respectively, or even trading cryptos, buying low and selling high, the oldest type of stock market trade (Warning: You should really know what you are doing and which coins and exchanges are safe to buy and sell before starting to do that. Read our page!).
See our article about the high potential profits of investing in crypto currencies here. If you are lucky (and usually there is a bull market every 3 years from experience) and invest just $100 per month, each of that $100 would make you $20k, yes, 20.000 Dollars in 5 years!
Become a full time crypto trader. You don’t need to „go short“ and become a nerd who is sitting in his basement and watching the candles go red and green all day and night. Just buy some crypto (different ones, you have to spread) when there is a dip and sell when they are reaching new ATH. Yes, it is really that easy. There are some things to keep in mind of course. DON’T PANIC, don’t panic sell! If the $ are going down, keep calm and hold (experts call it HODL) your coins. NEVER sell when that means you’d be losing money. Your cryptos are still there and they WILL go up again. I guarantee you that. We have been in the business now since 2014 and they ALWAYS went up again, leaving you angry because you didn’t buy the dip. ALWAYS, mark my words.
Also, NEVER follow the FOMO (fear of missing out). Fomo means that the stock prices are rising quickly and you want to be a part of it, buying at a much higher price that you would have when there was a big dip. Again, Don’t do that! Why?
Because, there is always a chance that the big players are waiting for exactly that sign from small time investors, then selling all their stock at high price, leaving you with your high priced crypto that you WON’T sell (see up there, no, you don’t sell at dips!) until they go for another ATH. The problem of that is, that when you bought high, it can sometimes take months and years until your crypto will go back to that price (sometimes never), especially with small coins.
See our site “Trading” for more insight into the world of crypto trading.
Let’s say you invested $5000 in Dogecoin 5 years ago. Congrats, you would be a millionaire now! (5000×200)
So, what are you waiting for? Invest in crypto now and start to become financially independent and retire early!