Another look at FIRE
When I first created this site in February 2017, I made a post about why I was against FIRE. Check that post out here. It basically went on that, I like my job and would get bored not working. Being young we have great health and should be going on vacation now and basically to enjoy life currently.
It’s now December, so 10 month’s later. I feel I have changed my tune a bit. Reading all these other blogger’s, has lit a fire under me to get better. I also listen to a couple podcasts – Dave Ramsey (not so much fire) and Choosefi. So I ask my myself what was wrong with me to say I was against fire.
What Is Fire?
If your new to the concept FIRE stands for Financial Independence Retire Early. Financial Independence is basically creating a passive income stream through various means to support the lifestyle you would like to live without relying on a working income. Retire Early is basically as it sounds. The average person retires between 60 and 70, in fire you would like to retire earlier. Let’s say 40-50. To do this generally you invest as much as you possibly can right now, cutting back however you can.
Since creating my website and truly interacting with the community. ( I did before but just on comments) I feel like I’m more engaged and feel compelled to constantly be improving our finances. To date we have increased our forward passive income approximately $9,000 since getting online. That is the community aspect…. It seriously is.
The monthly passive income reports everyone does just show it working. While at the start of this journey I felt the snowball growing, now I can taste it. Fire is now possible, not just some mirage in the distance. All over the internet you can see people just killing it and getting closer or achieving FIRE.
I stated in my first fire post that I love my job, and with more time I would get bored. You need a purpose every day to get up. Looking at it now, seems dumb. I wish I had the option to work whenever I wanted. A job that I only needed to work at for a couple hours in the morning and then have the rest of the day to do whatever seems like a way better option.
We all have read about J money’s sale of rockstar finance. He owned a website that he was passionate about and was turning over a solid cash flow. After debating it a couple times, he decided to sell it to be a stay at home dad and spend more time with his kids vs working all the time. That’s what fire is all about.
At the time I thought everyone chasing fire threw every cent they had towards fire. Obviously I was way off. There is tonnes of different bloggers achieving fire without going to the extremes. Sure having a high savings rate helps you get there sooner. Nothing wrong with that. We just got back from a night at great wolf lodge, sure that money could of went to investments but didn’t. The cool thing is because of all the investments we have made this year, our dividend income this month will easily “cover” the night and expenses at great wolf lodge. Last year we couldn’t say that!
Now I’m not saying I make it rain and throw money around like woah. (Black Rob) I am cheap when it comes to certain things. Vacations and Family time I am never cheap, but always keep a mental note of our spending. If I can save a buck I will. Lots of people online have great ideas to save some money ranging from cooking and groceries, travel hacks and even reducing bills. (Check out my post about reducing bills here.)
So less than a year later and my eyes are wide. It was dumb to be against fire. Who wouldn’t want to work whenever they felt like it? Go away on weekdays because its cheaper and not worry about your pay cheque? Why would you not want a passive income that pays you when your sleeping? It was a rookie mistake/mindset. Again by listening to financial podcasts and being part of this online financial community it makes me hungrier. No double whooper with cheese combo is going to fulfill this hunger!
Again if you aren’t online blogging about your journey why not? Check out my post about why everyone should be online. Leo, Dividend geek, Matt, Lanny, Bert and others are great cheerleaders and wear the skirt nicely!
Hey I’m Rob, creator of Passive Canadian Income.
In 2011 me and my wife had almost $60,000 in debt and a negative $7,000 Net Worth. Through hard work and financial education we paid all that off. Now we are focusing on increasing our Passive Income Streams to make the money work for us. Feel Free to Follow along the Journey by clicking the Social Media links below or subscribing to get notified of new posts on the sidebar.