Where’s the F.I.R.E?
By Teamspirit on Tuesday, 15 May 2018
Financial Independence, Retire Early as it’s also known is a relatively modern concept. However, it’s working its way into our lexicon more and more.
Popularised by a book published in 1992, and further kindled by a subreddit with around 370,000 subscribers, the idea aims to free people of their financial worries fast. No longer would they have to wait until retirement to enjoy life – instead they could squirrel away more now and retire at a much earlier age.
This seems to be especially attractive to disgruntled millennials who are unhappy with their financial situation. It gives them a sense of control over their future, and usually involves investing money earlier as well as cutting back dramatically on materialistic stuff. This leads to being able to quit working and still have enough to live comfortably while exploring new opportunities in the big, wide world.
It’s a tough road and certainly not for the faint-hearted. Sacrifices must be made, and for some it simply isn’t worth it. As awareness of this radical plan grows though, it’s something financial institutions should be aware of and even preparing for. Is there a niche to be explored, or a helpful product to be launched that would help the brave on their journey? It’s worth thinking about.