March 22, 2022 • 11 mins
Sahirenys Pierce of Poised Finance Lifestyle brand returns for another Ask Me Anything. The topic for this episode is Financial Independence, Retire Early, aka the FIRE lifestyle movement. Tune in.
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Episode Transcript
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Speaker 1 (00:00):
Hey Money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the key to the Kingdom
of financial stability, wealth and abundance. Hey Money Movers, Welcome
to another episode of Ask Me Anything with Syrenise Pierce.
(00:22):
Welcome back, Syrenise, How are you doing good? Thank you
so much for having me back. It is great to
have you back, and we always enjoy having you on
our podcast because you bring so much wisdom and knowledge
and such rapid fire information. And today I'm super excited
to start talking about something that I've heard about, rumblings
about all across the financial literature and podcast This Fire
(00:45):
movement tell us about the fire movement. This is a
great question. So the Fire movement realistically stands for financial independence,
retire early, and it's a really big topic right now
with people wanting to quit their jobs a little sooner
than expected. You know, the retirement age has been increasing
dramatically back in the day with sixty two, then at
(01:05):
sixty five, now at sixty seven, and people are feeling
burnt out. They want to retire into forties, in their fifties,
and they want to know is there any strategies to
actually help them accomplish that. So this is a really
big movement. We're seeing a lot of young people who
are in high salaries, who people who are you know,
getting into real estate, starting businesses with the intent to
(01:28):
retire early. So this is a really great movement that
it's going to kind of change the work environment forever.
And I feel like this idea of financial independence, you know,
I feel like when I was growing up, people talked
about freedom fifty five and how we were all going
to retire early and sit on a beach. But I
also think the narrative of it has changed. You know,
people have been employed, they've been employees, but I think
(01:49):
financial independence has now changed to I'm going to be
an entrepreneur, I'm going to create wealth. I'm going to
continue to create wealth, create jobs for other people. And
the retire early thing doesn't necessarily mean sit on a beach,
but they're just looking at different ways to sort of
diversify their portfolios assets and continue to build wealth for
their families exactly. And you know, for a lot of people,
(02:11):
I've been following a few people, a few friends are
actually doing financial freedom retiring early. And there's a couple
called Rich Intention where they actually retired and moved to
Portugal where they're living their dream night life and now
have entered a new stage of their life where they're
you know, no longer doing real estate, no longer in tech,
no longer in these big corporations, but now starting their
(02:32):
own businesses. Like you said, I think that's what a
lot of people are interested in. They want to start,
getting um the opportunity to start, you know, starting business
they're actually passionate about, not because they have to work.
And I feel like that's how I look at it too.
You know, the retire early section, I think that's a
little bit questionable. We're still there's a lot of research
that hasn't been done yet. A lot of economists are
(02:53):
concerned with it because of the workforce, lack of employees
and things of that nature, and also the funds, not
having enough funds to retire and have the life style
that you actually want. So by having financial independence, that
at least gives you an opportunity to say, you know what,
I might not have I might not be able to
retire my forties, but I'll be at a better position
to know that I can retire in my fifties and
(03:15):
not have to work if I don't want to, I'm
gonna have enough money so I don't have to be
pulling out, you know, large amounts of money to you know, survive,
because that's a really scary thing, especially now with inflation.
You know, housing costs a lot more money, food costs
a lot more money, healthcare, all of these expenses that
you have to be aware of, especially when you're in
(03:35):
that age range of forty to fifty years old and
even sixty. Yeah. No, and I mean all these things
like it's starting to make my head spend. We're talking
about inflation, We're talking about the retirement age getting higher
and higher and housing, etcetera. So when we actually look
at how we're planning our financial independence, right, um, I
think one of the key things that a lot of
money movers have written in and sort of commented on
(03:56):
is how do we diversify, How do we create multiple
streams of income so that we can consider how we
can retire early and do different things. Are there any
programs out there where we can really um learn and
understand this fire movement and how we can create ultimate
ultimately the ability to be our own boss and retire early.
(04:18):
I honestly would recommend to follow the people who are
actually doing the work, who are you know, actually trying
to invest more money, trying to increase their income, talking
about different diversification options. UM. One a few people that
would recommend is rich and Regular. Another couple from Atlanta
who is also you know, uh, trying to fight for
(04:38):
fire UM rich intension. Like I said, our rich journey,
And these are people who are really passionate about teaching
you how to diversify your investments, how to look at
your life in a richer way, and trying to enjoy
the moment while also stacking away a large percentage of
your income because well a lot of people don't realize
if you want to reach fire sooner than later, of
(05:01):
course you have to save up tent or twenty five
times your actual living expenses. For a lot of people,
that's a lot, you know, to carry on right away.
It's a lot. But when you take it back and
you're like, you know what if I do real estate,
if I do Airbnb, if I invest more money, if
(05:21):
I increase my income, I can start getting closer and
closer to achieving this goal. It's not a goal that
you're gonna do overnight. Something that you can do over time.
So tell me again, you need twenty five percent twenty
five times your minimum cost of living. So if your
minimum cost of living is X y Z, just multiply
(05:41):
that by twenty five and that's going to be your
goal to get to. So you can say, you know what,
now I have the option if I do want to retire,
I can, but I am financially independent. Wow, that's a
big number, because you know you're planning for I think
people are living longer as well, so it's not just
you know, ten years down the line and then you're
sitting on some sort of social security backing. The other
(06:02):
thing that I think that you said that was super
interesting was talking about how people are also engaging in
the alternate streams of incomes because you know, I've taken
Uber so many times Postmates throughout the pandemic, and when
you actually talk to a lot of the folks, it's
super interesting. They're like, oh, this is my nighttime job,
this is my second or third job. So this gig
economy that sort of has arisen now has really helped
(06:23):
feed into this idea that people can make this extra
pot of money. And when you talk to those drivers,
And when you talk to some of the folks who
were engaged in that, they're saying, Hey, I'm doing this
for a wedding. I'm doing this to put extra money aside.
So that forward thinking, I think is really helping folks
to understand, like we've got twenty four hours in a day,
like you can afford two extra hours to make a
(06:46):
little bit of extra cash on the side, and definitely
making sure that they're pushing that income that they just
created to something that's actually going to benefit them in
the future. You know, I love a lot of people
that you know, they do here on the side, They
do nails on the side, Fay shows all these little
you know, gig economy jobs, um, and they take that
money and they invest it instead of spending it on
(07:07):
going out to eat or drinks with friends. They're like, no,
this money is strategically here to help me move forward
in the future, not just for the right now. I
think there's a really good way of looking at, you know,
attacking this goal of financial independence in general. Mm hmm.
Do you have any other tips for how people can
sort of look at and frame and create the roadmap
(07:28):
to retire Early savings is also a big part. Are
there any other tools that we can use to calculate
how much we need or where to look where to
start looking for that? You know, Fidelity has a great
new landing page for our people who are interested in fire.
I think that's awesome. They do the calculations for you
right there, and they also help you pick easy investments.
(07:50):
I know for a lot of people, investing is a
little scary. So if you're looking into maybe getting a
target date fund of saying, you know what my dream
goal is to retire in as an example, they'll have
a target date fund there where it's allocated and the
investments are being diversified based on your actual goals. UM.
I would also recommend people to make sure that they
(08:10):
have a hefty emergency fund set aside if they are
planning on retiring. That's something that a lot of people
do not talk about. Everyone's like, what's the investments, like,
let's all this, but they don't talk about what happens
if you do retire and the stock market goes down?
What happens if inflation is going up and down? What
tools do I have to protect myself and my finances
(08:32):
during this time where I'm not going to be working
full time, so that's a really good tool to have
in your back pocket as well. I love that. I
love that the Fire movement, financial independence, retire early. Is
this for you? It sounds like a dreamy dream dream
dream to me, um so money mems. I hope that
you check it out, and I hope that you start
(08:52):
thinking ahead, because this is really about being able to
be thinking ahead, having some foresight into living your best
life and making your money move for you. And part
of this is really about planning, planning ahead, putting the
steps one step at a time to financial independence and
wealth generating businesses. Syrense, any last words for us on
(09:16):
the Fire movement. Tips to how to make it happen.
Start really thinking about what you want out of your
retirement goals. You know some people they want to retire
in um Arizona. That's a very popular location here if
you're from California, if you're planning on retiring in a
place that's less costs uh, more cost effective. I know
a lot of family members who you know they're thinking
(09:38):
about moving to overseas or selling their house or paying
off their house. These are all the conversations that you
have to start having in order to really get a
clear picture of how much money you need before you
actually retire. Okay, well, thank you so much, Syrense. It's
always a pleasure having you on or Ask Me Anything segments.
I hope you have a good day and can you
(09:59):
please ease tell our Money Moves audience where to find
you on social media? Yes, you guys can definitely find
me on Instagram, Police Finance and Lifestyle on TikTok and
also on YouTube. If you guys want to submit any
questions for my series, ask me anything about money with Greenwood,
send us a d M or even email us at
info at bank Greenwood dot com. And if we helps
(10:19):
you make your money move or you have any more
ask Me Anything questions, please make sure to let us
know by sending us alike, sharing the knowledge, or leaving
us a review on Apple Podcasts, Money Movers, make sure
to tune in Monday to Friday and subscribe to the
Money Moves podcast powered by Greenwood, so that you too
can have the keys to financial freedom you so rightly deserve.
Thank you so much for tuning in Money Moves audience.
(10:41):
If you want more or a recap of this episode,
please go to the bank Greenwood dot com and check
out the Money Moves podcast blog. Money Moves is an
I heart Radio podcast powered by Greenwood Executive produced by
sun Wise Media, Inc. For more podcast on i heart Radio,
visit the i heart Radio app, Apple Podcasts, or wherever
(11:04):
you get your podcasts from.
Hey Money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the key to the Kingdom
of financial stability, wealth and abundance. Hey Money Movers, Welcome
to another episode of Ask Me Anything with Syrenise Pierce.
(00:22):
Welcome back, Syrenise, How are you doing good? Thank you
so much for having me back. It is great to
have you back, and we always enjoy having you on
our podcast because you bring so much wisdom and knowledge
and such rapid fire information. And today I'm super excited
to start talking about something that I've heard about, rumblings
about all across the financial literature and podcast This Fire
(00:45):
movement tell us about the fire movement. This is a
great question. So the Fire movement realistically stands for financial independence,
retire early, and it's a really big topic right now
with people wanting to quit their jobs a little sooner
than expected. You know, the retirement age has been increasing
dramatically back in the day with sixty two, then at
(01:05):
sixty five, now at sixty seven, and people are feeling
burnt out. They want to retire into forties, in their fifties,
and they want to know is there any strategies to
actually help them accomplish that. So this is a really
big movement. We're seeing a lot of young people who
are in high salaries, who people who are you know,
getting into real estate, starting businesses with the intent to
(01:28):
retire early. So this is a really great movement that
it's going to kind of change the work environment forever.
And I feel like this idea of financial independence, you know,
I feel like when I was growing up, people talked
about freedom fifty five and how we were all going
to retire early and sit on a beach. But I
also think the narrative of it has changed. You know,
people have been employed, they've been employees, but I think
(01:49):
financial independence has now changed to I'm going to be
an entrepreneur, I'm going to create wealth. I'm going to
continue to create wealth, create jobs for other people. And
the retire early thing doesn't necessarily mean sit on a beach,
but they're just looking at different ways to sort of
diversify their portfolios assets and continue to build wealth for
their families exactly. And you know, for a lot of people,
(02:11):
I've been following a few people, a few friends are
actually doing financial freedom retiring early. And there's a couple
called Rich Intention where they actually retired and moved to
Portugal where they're living their dream night life and now
have entered a new stage of their life where they're
you know, no longer doing real estate, no longer in tech,
no longer in these big corporations, but now starting their
(02:32):
own businesses. Like you said, I think that's what a
lot of people are interested in. They want to start,
getting um the opportunity to start, you know, starting business
they're actually passionate about, not because they have to work.
And I feel like that's how I look at it too.
You know, the retire early section, I think that's a
little bit questionable. We're still there's a lot of research
that hasn't been done yet. A lot of economists are
(02:53):
concerned with it because of the workforce, lack of employees
and things of that nature, and also the funds, not
having enough funds to retire and have the life style
that you actually want. So by having financial independence, that
at least gives you an opportunity to say, you know what,
I might not have I might not be able to
retire my forties, but I'll be at a better position
to know that I can retire in my fifties and
(03:15):
not have to work if I don't want to, I'm
gonna have enough money so I don't have to be
pulling out, you know, large amounts of money to you know, survive,
because that's a really scary thing, especially now with inflation.
You know, housing costs a lot more money, food costs
a lot more money, healthcare, all of these expenses that
you have to be aware of, especially when you're in
(03:35):
that age range of forty to fifty years old and
even sixty. Yeah. No, and I mean all these things
like it's starting to make my head spend. We're talking
about inflation, We're talking about the retirement age getting higher
and higher and housing, etcetera. So when we actually look
at how we're planning our financial independence, right, um, I
think one of the key things that a lot of
money movers have written in and sort of commented on
(03:56):
is how do we diversify, How do we create multiple
streams of income so that we can consider how we
can retire early and do different things. Are there any
programs out there where we can really um learn and
understand this fire movement and how we can create ultimate
ultimately the ability to be our own boss and retire early.
(04:18):
I honestly would recommend to follow the people who are
actually doing the work, who are you know, actually trying
to invest more money, trying to increase their income, talking
about different diversification options. UM. One a few people that
would recommend is rich and Regular. Another couple from Atlanta
who is also you know, uh, trying to fight for
(04:38):
fire UM rich intension. Like I said, our rich journey,
And these are people who are really passionate about teaching
you how to diversify your investments, how to look at
your life in a richer way, and trying to enjoy
the moment while also stacking away a large percentage of
your income because well a lot of people don't realize
if you want to reach fire sooner than later, of
(05:01):
course you have to save up tent or twenty five
times your actual living expenses. For a lot of people,
that's a lot, you know, to carry on right away.
It's a lot. But when you take it back and
you're like, you know what if I do real estate,
if I do Airbnb, if I invest more money, if
(05:21):
I increase my income, I can start getting closer and
closer to achieving this goal. It's not a goal that
you're gonna do overnight. Something that you can do over time.
So tell me again, you need twenty five percent twenty
five times your minimum cost of living. So if your
minimum cost of living is X y Z, just multiply
(05:41):
that by twenty five and that's going to be your
goal to get to. So you can say, you know what,
now I have the option if I do want to retire,
I can, but I am financially independent. Wow, that's a
big number, because you know you're planning for I think
people are living longer as well, so it's not just
you know, ten years down the line and then you're
sitting on some sort of social security backing. The other
(06:02):
thing that I think that you said that was super
interesting was talking about how people are also engaging in
the alternate streams of incomes because you know, I've taken
Uber so many times Postmates throughout the pandemic, and when
you actually talk to a lot of the folks, it's
super interesting. They're like, oh, this is my nighttime job,
this is my second or third job. So this gig
economy that sort of has arisen now has really helped
(06:23):
feed into this idea that people can make this extra
pot of money. And when you talk to those drivers,
And when you talk to some of the folks who
were engaged in that, they're saying, Hey, I'm doing this
for a wedding. I'm doing this to put extra money aside.
So that forward thinking, I think is really helping folks
to understand, like we've got twenty four hours in a day,
like you can afford two extra hours to make a
(06:46):
little bit of extra cash on the side, and definitely
making sure that they're pushing that income that they just
created to something that's actually going to benefit them in
the future. You know, I love a lot of people
that you know, they do here on the side, They
do nails on the side, Fay shows all these little
you know, gig economy jobs, um, and they take that
money and they invest it instead of spending it on
(07:07):
going out to eat or drinks with friends. They're like, no,
this money is strategically here to help me move forward
in the future, not just for the right now. I
think there's a really good way of looking at, you know,
attacking this goal of financial independence in general. Mm hmm.
Do you have any other tips for how people can
sort of look at and frame and create the roadmap
(07:28):
to retire Early savings is also a big part. Are
there any other tools that we can use to calculate
how much we need or where to look where to
start looking for that? You know, Fidelity has a great
new landing page for our people who are interested in fire.
I think that's awesome. They do the calculations for you
right there, and they also help you pick easy investments.
(07:50):
I know for a lot of people, investing is a
little scary. So if you're looking into maybe getting a
target date fund of saying, you know what my dream
goal is to retire in as an example, they'll have
a target date fund there where it's allocated and the
investments are being diversified based on your actual goals. UM.
I would also recommend people to make sure that they
(08:10):
have a hefty emergency fund set aside if they are
planning on retiring. That's something that a lot of people
do not talk about. Everyone's like, what's the investments, like,
let's all this, but they don't talk about what happens
if you do retire and the stock market goes down?
What happens if inflation is going up and down? What
tools do I have to protect myself and my finances
(08:32):
during this time where I'm not going to be working
full time, so that's a really good tool to have
in your back pocket as well. I love that. I
love that the Fire movement, financial independence, retire early. Is
this for you? It sounds like a dreamy dream dream
dream to me, um so money mems. I hope that
you check it out, and I hope that you start
(08:52):
thinking ahead, because this is really about being able to
be thinking ahead, having some foresight into living your best
life and making your money move for you. And part
of this is really about planning, planning ahead, putting the
steps one step at a time to financial independence and
wealth generating businesses. Syrense, any last words for us on
(09:16):
the Fire movement. Tips to how to make it happen.
Start really thinking about what you want out of your
retirement goals. You know some people they want to retire
in um Arizona. That's a very popular location here if
you're from California, if you're planning on retiring in a
place that's less costs uh, more cost effective. I know
a lot of family members who you know they're thinking
(09:38):
about moving to overseas or selling their house or paying
off their house. These are all the conversations that you
have to start having in order to really get a
clear picture of how much money you need before you
actually retire. Okay, well, thank you so much, Syrense. It's
always a pleasure having you on or Ask Me Anything segments.
I hope you have a good day and can you
(09:59):
please ease tell our Money Moves audience where to find
you on social media? Yes, you guys can definitely find
me on Instagram, Police Finance and Lifestyle on TikTok and
also on YouTube. If you guys want to submit any
questions for my series, ask me anything about money with Greenwood,
send us a d M or even email us at
info at bank Greenwood dot com. And if we helps
(10:19):
you make your money move or you have any more
ask Me Anything questions, please make sure to let us
know by sending us alike, sharing the knowledge, or leaving
us a review on Apple Podcasts, Money Movers, make sure
to tune in Monday to Friday and subscribe to the
Money Moves podcast powered by Greenwood, so that you too
can have the keys to financial freedom you so rightly deserve.
Thank you so much for tuning in Money Moves audience.
(10:41):
If you want more or a recap of this episode,
please go to the bank Greenwood dot com and check
out the Money Moves podcast blog. Money Moves is an
I heart Radio podcast powered by Greenwood Executive produced by
sun Wise Media, Inc. For more podcast on i heart Radio,
visit the i heart Radio app, Apple Podcasts, or wherever
(11:04):
you get your podcasts from.
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