1881: 5 Reasons Ditching FIRE For FIOR Might Be Your Best Financial Move by Lisa Harrison of Mad Money Monster

Optimal Finance Daily - Financial Independence and Money Advice

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🗓️ 4 May 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Lisa Harrison of Mad Money Monster talks about why FIOR is better than FIRE Episode 1881: 5 Reasons Ditching FIRE For FIOR Might Be Your Best Financial Move by Lisa Harrison of Mad Money Monster Lisa is a mother, scientist, and financial enthusiast. She founded Mad Money Monster, a personal finance blog chronicling her and her family’s journey from doing money all wrong to doing it all right. She and her husband are known as Mr. & Mrs. Mad Money Monster on the site. They pride themselves as being Gen-Xers who have turned it all around and are now charting a course toward financial independence. The original post is located here: https://madmoneymonster.com/2019/11/11/5-reasons-ditching-fire-for-fior-might-be-your-best-financial-move/ Visit Me Online at OLDPodcast.com · Note: The podcast ad for the IMPACT app is unscripted and being recorded live. It may contain some slight differences. Please visit https://impact.interactivebrokers.com/ for full details of products and services. Interactive Brokers, LLC member FINRA/SIPC. · The projections or other information generated by IMPACT app regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Please note that results may vary with use of the tool over time. · The paid ad host experiences and testimonials within the Podcast may not be representative of the experiences of other customers and are not to be considered guarantees of future performance or success. The opinions provided within the ad belong to the host alone. Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1881.
0:04.0	Five reasons ditching fire for fire might be your best financial move by Lisa Harrison of madmoneymonster.com
0:13.4	and on your host and personal finance enthusiast, Diana Mariam.
0:17.7	For now, let's get right to it and continue optimizing your life.
0:22.5	Five reasons ditching fire for fire might be your best financial move by Lisa Harrison of madmoneymonster.com
0:36.0	I first coined the term fire in a post I wrote back in November 2017.
0:41.8	If you're not familiar with it, it stands for financial independence optional retirement.
0:47.7	I first introduced fire to the personal finance community when I started questioning my original
0:53.6	fire goal. Specifically, I was questioning whether or not retiring early was the right goal for me.
1:00.4	Ultimately, I decided just having the option to retire was really what I wanted.
1:06.2	That's the point that I ditched the fire movement for the more realistic version of fire.
1:12.6	Fire versus fire. Before we jump into the five reasons ditching fire for fire might be your best
1:20.3	financial move. Let me first explain the difference between the two movements. Fire stands for
1:26.5	financial independence retire early. Unlike fire folks, fire adherents have the ultimate goal of
1:33.6	saving enough money, usually 25 times their annual expenses, to pull the plug on their corporate jobs
1:39.7	and pursue a life of freedom as early as their 20s, 30s or 40s.
1:44.5	Oftentimes, though, that early retirement freedom is supplemented with side hustle income
1:49.7	to reduce the amount of money that needs to be saved and or pulled from the nest egg for living
1:54.7	expenses each year. Fire also becomes a little more difficult to achieve if you, like me,
2:00.6	are in the midst of adulthood. Think paying a mortgage, saving for college and retirement,
2:05.6	and maybe even financially supporting parents. Enter the fire movement.
2:11.4	If you happen to be in a position in which early retirement is enticing and exciting,
	...

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