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Good Citizen / Bon Citoyen

FIRE (Financial Independence, Retire Early)

Anyone else out there on the FIRE train? If so, let's trade tips, stories, and challenges!


What brought me to Public Mobile is the ability to pay $0 for mobile service (I just joined this month, and I'm well on my way). I'm posting about FIRE here because I figured other frugal people may be drawn to Public Mobile as well, so there might be a  decent chance of finding fellow FIRE adherents here. (Any fellow Mustachians?)


For those who haven't heard of FIRE, you can post questions here too.


I'll attempt to describe FIRE in a paragraph. Basically, it's about working toward financial independence (FI)—the point when you have saved enough money to stop working for the rest of your life (approx 25 times your annual expenses, if invested, should last forever). It's also about retiring early (RE) as an option, rather than waiting until you're 65, the age you're supposed to retire. Most in the FIRE movement consider the definition of "retirment" as quitting the 9–5 job that you're working at for the money. Instead of working the 9–5, people who have reached FI often shift focus to their passions, and they don't have to worry if they don't end up making money off of it. But if they do—great!


Personally, I'm 34 years old and I'll be retiring in one year. I'm looking forward to spending lots of time with family, learning languages, travelling, and dedicating plenty of time to creative pursuits.

Great Neighbour / Super Voisin

Re: FIRE (Financial Independence, Retire Early)

I love this idea! Do you have any tips when it comes to saving for your retirement ?

Good Citizen / Bon Citoyen

Re: FIRE (Financial Independence, Retire Early)

Thanks for your response! Yeah! I've been living it for the past couple years, so I have lots of tips haha. What in particular are you interested in? Maybe I'll give a few broad, overarching tips, and you can let me know if you'd like me to get into the details of anything.


  1. Focus on happiness. FIRE is more about mindset than anything else. If you adopt a mindset that focuses on happiness itself—long-term, lasting happiness—FIRE just happens natually. Unnecessary things, luxury, and convenience will lose their appeal, while spending time nurturing relationships, working on hobbies you're passionate about, and fighting for causes you believe in will take the front seat.
  2. Reduce spending. The average middle class Canadian probably spends 10x more than they need to, and they're probably sacrificing a lot of freedom and happiness to keep up that unnecessary spending. If you're not saving at least half of your take-home pay, consider yourself living beyond your means and make some adjustments. If you can challenge yourself to save 75% of your take-home pay, your working career will only be 7 years long.
  3. Invest your savings. Your dollars are like workers, and each dollar sitting in a savings account is like a worker lying around doing nothing. Get your money to work for you by investing. When you have a dollar invested in shares of a company, you have thousands of people working to grow that dollar. You can expect a simple portfolio of low-cost stocks/bonds to double every 15 years or so, while every dollar sitting in a savings account will forever be losing value as it can't even keep up with inflation.
  4. Be confident. You don't need millions of dollars to retire happy. If you have 25x your annual expenses, you can safely stop working. Who knows what the future holds. You might get rich by accident while working on your passions, or stumble across a part-time job that you love and would've done for free. You might lose half of your money somehow, but that's okay because you're a skilled person who will be able to find work if needed. So retire when you can—there's no need to keep working one more year in perpetuity.

Anyways, those are the 4 overarching tips that came to mind. Feel free to let me know if you have any questions about any of them, and I can get into some details Smiley Very Happy