Types of FIRE
Previous I discussed the principles of Financial Independence, Retire Early (FIRE) but there is more than one type of FIRE. There is a no one size fits all when it comes to financial independence.
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FIRE Introduction
What is the point of saving? For some it is to buy a house, for others its to buy a nice car or a big holiday. But once you're settled in your living arrangement or there is nothing material to save for, what else should you do with your money? Do you live to work or do you work to live? These deep questions may make you think about the purpose of work and what we really do with our money.
Passive income
One of the ways to become financially independent is to generate income whilst you sleep, passive income. The idea is that you invest either some time or money into a certain idea or thing, and that will generate income for you without any further time or effort. This is how generally the super rich, got super rich. People only have a finite time in which to earn (governed by how much you stay awake) so if you can earn whilst you sleep or do something else, that is the dream of many people I'm sure.