People who work often face this problem that they get bored doing the same work every day and want to get rid of this 9 to 6 job as soon as possible and live a life of their own choice. But due to money, they have to work. But if you want to live your favorite life, you can do it, but for this you will have to do such financial planning while working, so that you do not have any shortage of money in the future. FIRE Model can prove to be very useful for you in this case. This is a solid formula for Early Retirement in which you yourself decide when you want to retire. By then you accumulate so much money that you do not have to worry about money for the rest of your life.

FIE means Financial Independence Retire Early. This is a financial model that describes a strategy to achieve individual financial independence. To adopt this model, you will have to drastically cut down your current expenses and save as much money as possible.

In the FIRE model, you can set your own retirement age. Meaning, if you want to retire early, then by adopting this model, you can collect so much money for your future that you do not have any financial problem after retirement.

The FIRE Model is an aggressive method of saving and investing. In this, a person works for many years and saves up to 70-75% of his annual income and runs his expenses with the remaining 25-30%. When his savings become about 30 times or more of his annual expenses, he can leave his job.

After deciding the FIRE number, you will have to calculate how many years of employment are left for you and how much money will you have to save in those years to add up to 30 times your annual expenditure? According to this, you will be able to decide how much percentage of your income you have to save and how much money you have to cover your expenses. Invest the savings in a place where your money grows fast and there is no shortage of money after retirement.

If you feel that you will not be able to save that much from your salary, then you should focus on increasing your income. For this, you will have to focus on a high-paying job. Apart from the job, you will have to focus on side income. The more aggressively you save money, the faster you will be able to achieve the FIRE number.