The FIRE Movement: How to Gain Financial Independence

There are two camps when it comes to the trendy philosophy of achieving Financial Independence, Retire Early, aka FIRE.  

One camp mocks its following for being a group awash in privileges, personifying the excess and lack of self-awareness often found in the tech industry, where the movement finds its roots. The other camp is full of dedicated disciples, enthralled by the idea of freedom and determined to achieve it — as soon as possible.  

No matter which camp you’re in, one thing’s not in doubt: the ideas behind achieving FIRE have spread like wildfire in the form of books, talks, forums, meetups and podcasts. While the road to achieving FIRE varies from individual to individual, the goal is the same: eliminate money as a deciding element in life decisions and become a master of your destiny.

Here’s how to get started on your path to FIRE.

A quick scan on a website like Meetup.com should yield various get-togethers that aim to bring together FIRE enthusiasts or those who are just curious to learn more about it. The usual aim: Create a supportive network that shares information and provides a social outlet for people with common financial goals.  

Online forums provide even more depth of discussion. Reddit alone is full of threads that focus on specific questions or concerns. There are tips and tricks for minimizing costs without sacrificing lifestyle, and entire chats about how to decide on the amount of money it will take to retire. That’s your FIRE number.

You’ll likely meet “lean” and “fat” FIREs. The former describes those who live minimally while saving a huge chunk of their income. The latter represents high-salaried people who tend to pour a lot of their time and energy into their well-paying yet demanding jobs, with the goal of slowing down at 35 or 40.  

These meetups or forums will help you become well versed in the FIRE lingo, while forming your own FIRE identity.

The first book you’ll probably want to pick up is called “Your Money or Your Life” by Vicki Robin. Robin, whose book was published in 1992, is now in her 70s and has found a following among young FIRE followers. She credits the current economic times, with their insecurity and disparity, for the newfound interest in her advice.   

Blogs and podcasts also abound on the topic, including Mr. Money Mustache, and Early Retirement Extreme. For podcasts, try “Mad Fientist” and “ChooseFI” to start.  

The documentary “Minimalism” examines the ills of consumerism and the lives of people who choose to live with less. Another documentary in the works, “Playing with FIRE,” follows a family’s quest to achieve financial independence by the age of 40.  

Whether you plan to become FIRE on your own or with others, seek out these or other resources to help you down your path.

Do you plan to retire at 35 or 45?

Do you need a small apartment in the city or a big house in the country?

What kind of lifestyle do you like?

What luxuries can you give up and which are the ones you can’t live without?

Do you plan to have a family or live alone?  

Whatever your goals, it helps to write them down to define for yourself what “financial independence” means or what makes for “retiring early.”  

For Francis, a 21-year-old student at University of California, Berkeley, and an aspiring FIRE follower, setting goals has helped him prioritize his life. His main goals include finding a well-paying job in the tech industry, building an emergency fund and saving for a rental property in the future.  

He first became interested in the movement when his dad and grandfather told him to invest his birthday money. He was 15. “I realized this is a real viable way to make money work for you, [rather] than to work for your money,” he said.  

Achieving FIRE, especially in the current economic climate, is challenging at best and impossible at worst. Going into battle without a plan is a sure-fire way to fail.  

Creating a detailed plan should include everything from your FIRE number — the amount of money you need to retire according to your needs — your income-generating opportunities, your desired living conditions and your projected expenses over the years, at the very least.

Having a written plan will help with accountability, as well as tracking progress. Also, have a timeline where you can project when you should be hitting various goals. That should help you stay on track, or get back on track should an unplanned circumstance derail you.