How to start a FIRE
Don’t worry. We are not going to burn anything down. We are talking about a new movement which is becoming popular in digital publications and networks, which stands for Financial Indepencence Retire Early (F.I.R.E).
What is this?
The FIRE movement was borne from a 1992 book “Your Money or Your Life” authored by two financial gurus. In the book, they advocate for frugality and extreme-savings (up to 70% of your income). However, for most people FIRE means having a secondary income stream as a result of putting their money to work, planning that one day this income will be able to cover for living expenses.
“If you don’t find a way to make money while you sleep, you will work until you die” — Warren Buffet
Very nice… but where do I start?
There are multiple ways to start a passive income stream: the stock market, real estate rentals… and digital crowdfunding platforms. Crowdfunding is a way of financing your a business or personal venture using small amounts of capital from a large number of individuals. There are two major areas in which digital platforms can generate you passive income: real estate and peer-to-peer loans.
Over the past months, I have been trying several of these platforms, researching their credibility and getting my fist investments in place. There are multiple aspects to take into consideration before doing your first investment, like the amount and timespan you plan for your investment.
As a quick advice, I’d recommend starting with peer-to-peer loans, particularly with BONDORA and their Go&Grow product. Go&Grow offers a 6.75% yield account, with instant liquidity. Its really easy to sign up, validate your identity, and make your first deposit.
If you want to get started, you can use the promo code BO3K9A474 at sign up to get a 5€ bonus and 0.5% cashback on your first investments!
🔥 About 🔥
ROAD TO FIRE is a monthy publication that documents the journey to financial independence.
Current investment PORTFOLIO := Envestio — Bondora — Wisefund — Kuetzal — Circulantis — Brickstarter — Monethera
