Il FIRE movement it has evolved over time, giving rise to various different strategies and lifestyles, created as needed, personal goals and circumstances in which each of us may find ourselves.
The concept of “Slow FIRE” (o “Slow FI”) is about taking a more accessible and less frenetic approach to the pursuit of financial independence.
Those who follow Slow FIRE, For definition, he's in no hurry. He doesn't worry about investing his savings aggressively in order to reach retirement as soon as possible, Instead, try to find a balance between enjoying the journey to financial independence and reaching your retirement goal.
In short it is a slow and steady path towards financial autonomy under the motto "who goes Slow and steady wins“.
What is Slow FIRE
Slow FIRE is a meaning of the traditional FIRE movement for achieve financial freedom, That focuses less on extreme frugality, the search for the highest salary in order to invest as much as possible, while it promotes the idea of following a traditional career path in which one pursues one's passions even before reaching the FI.
Those who practice Slow FIRE aim to improve their present while carefully planning their future, there is a greater emphasis on pursuing one's professional and personal ambitions than on putting aside as much as possible, as soon as possible. However, there is a percentage of savings and monetary investment, but not in an extreme way as in the case of Lean FIRE.
The idea is to maximize your savings whenever possible, but without sacrificing social life and without having to make work compromises (for example, working more hours or accepting a position that is not in line with one's interests even if it is better paid).
Slow FI focuses on planning and achieving a better lifestyle right away, where you can enjoy much more time with your family and work reasonable hours. Work is a big part of Slow FIRE, but the emphasis is on working in the way that works best for you in the moment, and the goal is not to retire as soon as possible, or at least not in the next few years 10-15 years.
Who is Slow FIRE for?
Anyone who follows Slow FIRE aims to save a percentage of their earnings and re-invest it in their future, but he doesn't want to give up enjoying life just to be able to retire early.
If you hate working and are looking for a way out as soon as possible, Slow FIRE is not for you; but for many, traditional FIRE – which is about trying to save as much as possible and investing aggressively when young, to be able to enjoy life “after”, it is not a plausible option: requires a spirit of sacrifice, a certain level of stoicness, and/or a very high salary (which more often than not is the result of a stressful job).
This is why some people decide to switch from FIRE to Slow FIRE: to continue travelling, eating out, or deciding to leave a better-paying job for a lower-paying one, think about the future without sacrificing the present.
E in line with the principles of traditional FIRE, you enjoy life without wasting it, you eliminate excesses and change your consumption habits to be able to focus on what really makes you happy. The key is finding the right balance between spending and saving, without extremism.
Everyone's path is different
With so various categories of FIRE, you may wonder which one is right for you. It is important to keep in mind that everyone's personal situation is different and that there is no set path to follow towards FIRE.
Once you understand that to achieve the necessary independence it is necessary to generate a passive income greater than one's expenses, there are no pre-established rules to follow. And if many decide to give up spending most of their income to invest in the stock market and try to retire as soon as possible, It's perfectly acceptable, and in some cases desirable, adopt a more cautious approach even if it means traveling your journey to financial freedom at a slower speed.
The important thing is to explore your options, think about it, understand your personal needs and adapt your strategies over time, in the way that best suits your reality and personal circumstances. One thing is certain: whatever your decision, it will be a journey full of satisfactions.
Slow FIRE in breve
- Lo Slow FIRE is a variation of FIRE that aims to take a slower path to financial independence, so you can start enjoying the benefits of FIRE “in the present”.
- Lo slow FIRE rejects the idea of extreme frugality and aggressive investments typical of traditional FIRE, in favor of a balanced lifestyle in which a smaller percentage of your savings is invested.
- Rather than retire as soon as possible, slow FIRE promotes search for better working and living conditions from a young age, even if this means postponing one's RE.
The Italian community of the FIRE movement (Financial Independence, Retire Early) to stop working and retire young.