F.I.R.E. is a movement and community centered around developing a healthy and sustainable framework for your relationship with money. Scott and Taylor, the creators of Playing with FIRE, are on the show to talk about their journey towards financial independence, and how they hope to spread the FIRE movement and help others become more financially literate.
Their journey began two-fold. Scott had stumbled upon the concept of FIRE through a podcast, and, stunned by the breadth of the movement, quickly became dedicated to learning more.
Additionally, Scott and Taylor had a child and became working parents for the first time. Realizing that, although she loved her job, she was not able to step back from work during this time was a wake-up call for Taylor that changes needed to be made financially. She and Scott started with their values, made a happiness list, and began rebuilding not only their budget but also their life.
Upon realizing that the majority of their expenses were not represented on their happiness list, Scott and Taylor made major life changes and created a 7-year retirement plan by reducing food expenses, becoming more minimalist, and even moving out of the state to an area with lower living costs.
The couple emphasizes the importance of investing not only in your future but also in yourself, making sure you spend time educating yourself on financial literacy.
Appalled at the fact that most people graduate high school with no knowledge of personal finance, Scott decided to write and create both the book and documentary, Playing with FIRE, in order to instigate more open, financial conversations and break apart the socially-accepted norm of retiring late in life.
Now, the couple is dedicated to educating others on how to achieve financial freedom, bringing more awareness towards this movement, and spreading the FIRE.
What You Will Learn
- The F.I.R.E. framework
- How to begin FIRE based on your values
- Where to cut back on expenses
- How to use a retirement calculator
- Setting achievable goals
- The importance of understanding financial literacy
- Investing in broad-based, low-cost index funds
Resources Mentioned
- Playing with FIRE by Scott Rieckens
- Playing with FIRE Documentary
- Choose FI Podcast
- Mr. Money Mustache
- Simple Path to Wealth by JL Collins
Thanks For Listening!
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