If you are a Millennial and you care about retirement, then you must have heard of FIRE.
It actually stands for Financial-Independence-Retire-Early.
This is a movement that started in the mid-2000s, just prior to the Great Recession of 2009.
The idea? Cut expenses. Increase income. Retire early.
This movement was recently explained further by Roger Ma, Founder of Lifelaidout, at TheStreet's Retirement, Taxes & Income Strategies Symposium.
Here's what Ma said:
"People in their twenties and thirties instead of saying, 'oh, we're going to work 'till 65 and then enjoy our life,' what they're saying is, 'well wait a second, we can decrease our expenses, save a fair amount of money and then retire in our thirties and forties and then not have to work.'"
To find out more about Fire, watch the video above.
Introducing TheStreet Courses! Financial titans, Jim Cramer and Robert Powell, are bringing their market savvy and investing strategies to you! Learn how to create tax-efficient income, avoid top mistakes, reduce risk and more! With our courses, you will have the tools and knowledge needed to achieve your financial goals. Learn more about TheStreet Courses here.