HappyAsianPanda, a Reddit member, has created a fire flow chart that shows how people can manage their money for early retirement.
In the past few months, there has been a discussion about the concept of FIRE. It means financial independence retire early. It is a movement of people committed to a program of excessive saves and investing to retire significantly sooner.
Vicki Robin and Joe Dominguez’s best-selling book, Your Money or Your Life, introduced the concept. It says that people should examine every item in terms of the number of working hours is required to pay for it.
What Is Happy Asian Panda Fire Flowchart?
Happy Asian Panda is a user on Reddit who has provided a flowchart of the concept Fire. An article on Forbes also mentioned his work.
The flowchart starts with the simplest step of creating a budget and gradually increasing the complexity of the strategies one may use to build their portfolio by including health savings accounts (HSAs), Roth IRAs, and other investment plans.
Also, it explains when to pay off specific forms of debt throughout one’s journey based on the interest rate, which is a major stumbling block for people attempting to determine whether to invest more or pay down debts.
The author tried to showcase his experience through the chart and help other people to plan for their early retirement. Thus, it results from the author’s study, his FIRE experience, and input from Reddit users.
Happy Asian Panda Fire Flowchart Photos On Reddit Catches Audience Attention
The photo of the Fire flowchart prepared by Happy Asian Panda is a hot topic of discussion on Reddit. There are several versions of the chart available on the platform.
The anonymous user has provided an updated version each time created using his study and experience. It is said that the concept of FIRE is a valuable tool for those people who want to retire in their early 30s or 40s.
In addition, the user also mentioned that the idea popped when he saw another user providing traditional personal finance strategies on the platform.
Happy Asian Panda Provided Some Ideas On Fire Flowchart
Happy Asian Panda highlighted the ideas of saving, investing, and paying off debt in the Fire flowchart. Frugal people may not find it difficult to pursue a lifestyle that embraces FIRE.
However, it needs proper tactics to reach the goal. Thus, the strategies from the flowchart help achieve that goal.
