FIRE Movement Growth in Spite of the Pandemic

Outside of the medical field, much of the workforce has experienced a radical change in their professional lives since the beginning of the pandemic. Those in the medical field may have experienced burnout like never before, making financial independence a more urgent goal.

I had written before that early retirement prepared us well for the challenges of the pandemic. Could the pandemic prepare us well for the challenges of early retirement? Lyle Solomon, attorney and author of today’s guest post, certainly thinks so.

Some may feel the pandemic greatly affected the FI and RE portions of the FIRE movement meaning financial independence and retiring early. Due to financial setbacks, some people may have had to push back their estimated time of retirement.

Overall, the financial effects caused by the pandemic varied for many people whether they were in the lower, middle, or upper class. However, no matter what a person’s outcomes were, the FIRE movement remains an excellent way of preparing for retirement much sooner than the norm.

Few Habits and How the Pandemic has Influenced Them

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The FIRE movement already promotes living a more frugal lifestyle so that funds can go towards savings, investments, and being debt-free. Cutting back on monthly and day-to-day expenses are often necessary sacrifices to use money more wisely.

Living a More Frugal Lifestyle

Analyzing Current Investments

Some people felt the need to diversify their investment portfolio during the pandemic, which could further along their road to early retirement. Current investments that have gained traction even during the pandemic have turned the interest of many to earn more passive income.

Having the goal of being debt-free is all but necessary to be financially independent and retire early. For those who could pay off some debt during the pandemic, it was a sure way to not only build wealth and savings but also reduce monthly expenses.

Influencing Earlier Payoff of Debt

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