MyMoney Online, The Personal Finance series with Warren Ingram, Evergreen Content

Hate your job? How to free yourself from working for money...

They will tell you; we’ve been conned… They will save, pretty much, everything that they earn… I think it’s extreme, but they’ll drink box wine, instead of bottled wine… It’s such an old concept that it’s new again…

Warren Ingram, Galileo Capital

FIRE is an acronym for “Financial Independence and Early Retirement”.

It’s a movement gathering momentum in the USA and elsewhere.

Financial independence is fairly well understood by now.

It refers to having sufficient assets so that you can earn an income from them that will cover your lifestyle costs.

Generally, most people work throughout their adult lives to achieve financial independence.

FIRE turns the concept on its head by getting people to focus on what they would need as a bare minimum to get by every day and from there they work out how to achieve this minimum standard.

This would involve asking yourself questions like:

  • Do we need two cars (as a couple), or do you need a big SUV?

  • Do you need the latest smartphone?

  • Why do you need to live in a big city and in a house with more bedrooms than inhabitants?

  • Can you grow your own food – not as a hobby but as part of your daily existence?

  • Can you barter your excess produce with others for things that you need?

  • If you are not able to stop working completely, can you live a largely FIRE existence already so that you can save 45% to 75% of your salary to reach FIRE?

Most people who belong to the FIRE movement continue to do some side jobs (gig economy) but they are able to earn sporadic income from these gigs without undue financial strain and so the additional income becomes a bonus for luxuries rather than necessities.

Some people in the FIRE movement are quite extreme, but their principles are valuable and provide some interesting insights as to our priorities as investors and savers.

Are you prioritising your life correctly and spending your time/money accordingly?

The Money Show’s Bruce Whitfield interviewed Galileo Capital Financial Advisor Warren Ingram about FIRE.

For more detail - and inspiration - listen to the interview in the audio below.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our mailing list

* indicates required

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
'Mr Watson intended to lobby Jacob Zuma on who to appoint as NDPP'

'Mr Watson intended to lobby Jacob Zuma on who to appoint as NDPP'

The Money Show’s Bruce Whitfield interviewed Kyle Cowan, an investigative journalist at News24.

Does the world need a social credit score to get us to behave?

Does the world need a social credit score to get us to behave?

China thinks so. It may sound like a scary movie, but it's also very likely to happen.

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The Money Show’s Bruce Whitfield interviews WeBuyCars founder Faan van der Walt for his weekly "ShapeShifter" feature.

Fire the entire PIC board! Buy Ayo shares! - Dennis George (Fedusa)

Fire the entire PIC board! Buy Ayo shares! - Dennis George (Fedusa)

The Money Show’s Bruce Whitfield interviews Dennis George, General Secretary at the Federation of Unions of South Africa (Fedusa).

It has been easier this year! - Lesetja Kganyago on Team SA at the WEF in Davos

It has been easier this year! - Lesetja Kganyago on Team SA at the WEF in Davos

The Money Show’s Bruce Whitfield interviews Lesetja Kganyago, Governor of the South African Reserve Bank.

Tbo Touch on SA's 1st black-owned Gin, #DataMustFall, DStv vs Netflix and money

Tbo Touch on SA's 1st black-owned Gin, #DataMustFall, DStv vs Netflix and money

Ray White (on The Money Show) interviews DJ Tbo Touch about his attitude to money (hopes and fears, successes and failures, etc.).

Popular articles
The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The Money Show’s Bruce Whitfield interviews WeBuyCars founder Faan van der Walt for his weekly "ShapeShifter" feature.

'Mr Watson intended to lobby Jacob Zuma on who to appoint as NDPP'

'Mr Watson intended to lobby Jacob Zuma on who to appoint as NDPP'

The Money Show’s Bruce Whitfield interviewed Kyle Cowan, an investigative journalist at News24.

Tbo Touch on SA's 1st black-owned Gin, #DataMustFall, DStv vs Netflix and money

Tbo Touch on SA's 1st black-owned Gin, #DataMustFall, DStv vs Netflix and money

Ray White (on The Money Show) interviews DJ Tbo Touch about his attitude to money (hopes and fears, successes and failures, etc.).

Motsoeneng admits to accepting more than R1m from Bosasa

Motsoeneng admits to accepting more than R1m from Bosasa

The former SABC COO insists that Bosasa gave him more than R1.1 million to fight his legal battles for nothing in return.

'It is time for the NPA, Saps and the criminal justice sector to do its job'

'It is time for the NPA, Saps and the criminal justice sector to do its job'

Eusebius McKaiser says the law enforcement agencies should now do their job after evidence from the Zondo Commission.

Banks to roll out new system to curb unauthorised debit orders

Banks to roll out new system to curb unauthorised debit orders

Ombudsman for Banking Services Reana Steyn says the new system requires consumers to electronically authorise each debit order.

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

The Money Show’s Bruce Whitfield interviews Nkayi about her attitude to money (hopes and fears, successes and failures, etc.).