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How to Get FIREd up for Early Retirement

A growing online community is available for people motivated to be "financially independent and retire early" (FIRE). Through blogs and social media, FIRE members are learning and sharing tips and principles of a FIRE lifestyle.

What Is the Profile of a typical FIRE Member?

Generalizations abound, but a few common characteristics include:
  • Practice frugality by saving more than half their income;
  • Discipline to undertake passive investing (i.e., low-fee index funds) and proper tax strategies;
  • High-earning do-it-yourselfers;
  • Willing to do without in exchange for decades of free time.

What is Financial Independence?

There are no hard and fast rules for defining FI. Jonathan Mendonsa, host of the ChooseFI podcast believes FI exists when your net worth is 25 times your annual expenses. “So if your annual expenses are $40,000, you are financially independent when your total net worth is $1,000,000,” he said.
FI doesn't mean you can or have to stop working, particularly if you have a job you love. It does, however, give you power and options in negotiating how much and from where you work, as well as time off.

Can Everyone Catch FIRE?

Many FIRE adherents claim FIRE is for everyone willing to be dedicated and disciplined. As a practical matter, though, the more you make will have a big impact on being successful. For a married couple, it really does take two.

FIRE Resources

Here are a couple suggestions to get started and learn more:

We Can Help Set You on FIRE

Although many FIRE members are expert do-it-yourselfers, the savviest know they need help with tax planning and strategies designed to minimize their tax burden. We can help with:
  • Multi-year tax projections to set benchmarks;
  • Identify opportunities for low-tax ROTH IRA conversions;
  • Planning for deferral, reduction or elimination of capital gain taxes;
  • Income thresholds to qualify for health insurance subsidies;
  • Stress-test savings plans, including Social Security strategies, inflation rates and after-tax rates of return.

Are you ready to get FIREd up?


Contact Us

Loveland

(970) 667-1070
762 W Eisenhower Blvd
Loveland, Colorado 80537

Estes Park

(970) 667-1070
1212 Graves Avenue
Estes Park, Colorado 80517

Katy

(281) 665-7973
21398 Provincial Blvd
Katy, Texas 77450