(FOX 2) - Producer, Star and Co-Creator of Playing With FIRE documentary Scott Rieckens, along with Stacking Benjamins Podcast Host Joe Saul-Sehy, came in to talk about their secrets behind being financially successful.
FIRE stands for Financial Independence / Retire Early. It turns the common idea of saving 10% of your money on its head and instead asks, "what percentage of your income can you save to be financially free at a younger age?" People are "retiring" from their jobs in their 30's. Others are just using it for a more fulfilling life with more money in their 60s. Core idea: Trading hours for your life. Whenever you buy something you're trading hours working to make that purchase. That's why FIRE advocates focus on three areas: your home, auto, and food costs. If you can control those three areas, you can make a significant jump on a more flexible life.