Question

What is the FIRE movement?
- a failed music festival
- a trend to develop passive income sources to retire early
- a retirement bank account
- a government initiative to provide added benefits to retired citizens

Answer 1

The FIRE movement stands for Financial Independence, Retire Early. It is a trend or philosophy focused on achieving financial independence and the ability to retire early, typically in one's 30s or 40s. Followers of the FIRE movement aim to save aggressively, reduce expenses, and invest wisely in order to accumulate a sufficient nest egg. The goal is to have enough passive income or investments to cover living expenses and no longer rely on traditional employment for income. It is not a failed music festival, a retirement bank account, or a government initiative.