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Are your finances on FIRE?

If financial independence and early retirement seem out of reach, we’re here to tell you that there are many different types of FIRE. Let’s find the right one for you. FIRE faster with your free copy of the 7-Step Credit Card Debt Slasher.

One of the many flavors of fire might be right for you

We walk you through seven different definitions of FIRE, explaining what traditional Financial Independence, Retire Early looks like and why we don’t think that’s the only valid approach.

We discuss what it means to be a Financial Independence, Retire Entrepreneur or Investor and describe how you might leverage different kinds of FIRE to leave your 9-to-5 without losing healthcare benefits.

Hear all the 7 different flavors of FIRE:

1. Financial Independence Retire Early

FIRE is being able to live 100% off of the income from your retirement investments, making little additional investments, managing your portfolio, similar to what traditional folks in retirement do.  These folks are withdrawing from their retirement assets as their primary source of income.

2. Financial Independence Retire Entrepreneur

Many FIRE folks find themselves in this situation want to earn 50-100% of their income from a business they started prior to quitting the traditional 9-5. 

Typically, bloggers, podcasters and authors in the FIRE space fall into this category.

1. 1. Etsy stores
   2. eBay resellers or product flippers
   3. Freelancers

3. Financial Independence Retire Investor

This is especially true of those in the real estate investing arm of FIRE. These folks will use investments they acquired prior to leaving the 9-5 to fund their retirement while at the same time investing in real estate or other non-entrepreneurial endeavors. Their goal is to continue to actively grow their investments to pump up their retirement assets and cash flow.

4. Lean Financial Independence Retire Early

Those who have quit the 9-5 and are living on less than the average ($61k) U.S. household. Often Lean retirees seek out low-cost of living locations and live on strict budgets. 

These folks are withdrawing from their retirement assets as their primary source of income.

5. Fat Financial Independence Retire Early

Those who have quite the 9-5 and are living on much more than the average ($61k) U.S. household. 

They are not following the hard and fast rule.

Often fat retirees have saved significantly more than the advised 25x their annual salary and are looking to live off of $100k or more annually. 

“Two people can both have FIREd and their retirement or their FIRE lifestyle can look completely different. And we want to be open to whatever lifestyle people want to live.” - John Auten-SchneiderClick To Tweet

These folks are withdrawing from their retirement assets as their primary source of income.

6. Coast Financial Independence Retire Early

Folks who are in Coast FIRE have quit the high stress 9-5 because they have saved enough so that they no longer need to set aside money for retirement, but they still need income to live off so as to not touch their retirement nest egg. 

You may find the entrepreneur crowd in this group, but more likely you’ll see folks wanting to take much lower-paying jobs that give them freedom of location, time or relationships (spending time with people) in place of their previous work. 

Many of these folks work in low-stress and/or non-profit sectors not adding to their retirement, but not drawing from it either.

7. Barista Financial Independence Retire Early

Barista FIRE is defined as having enough money to retire early while using a part-time job for additional income and health insurance. It is perfect for folks who want to work part-time in an LGBTQ non-profit or queer-themed small business.

Watch rather than listen to this Queer Money® below:

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Resources from this episode:

• CreditWise
• 7-Step Credit Card Debt Slasher
• Debt Free Guys on Facebook
• Debt Free Guys on Twitter
• Queer Money Facebook Group
• Queer Money on Instagram
• Subscribe on iTunes
• Email [email protected]

More resources for your early retirement:

• Your SureFIRE 5-Step Early Retirement Plan
• 37 Best Tips on How to Become Debt Free
  
• The Shocking Cost of LGBTQ Retirement

We’re David and John Auten-Schneider, the Debt Free Guys and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.

Note: This article contains affiliate links, meaning we’ll receive payment at no cost to you if you buy through these links. We only recommend products we use or thoroughly vet and would recommend to our moms.  Buying too many of these is how you live fabulously broke. To live fabulously with financial security, start here.