FIRE stands for Financial Independence, Retire Early.
As many people don’t plan to retire when they reach FI, other names have been introduced:
- FIOR: Financial Independent, Optional Retirement (MadMoneyMonster)
- HOT: Happy, Opportunity-rich, Time-rich. (A Dutch invention)
FIRE / FIOR / HOT is reachable with a change in your mindset. If you earn more, spend less and invest the difference, you can build up a passive income.
If your passive income equals or exceeds your expenses, you can call yourself financially independent.
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