A new trend is emerging among millennials who want to break the chain of conventional living and gain financial independence as early as possible.
Taking a leaf out of the economic style of the Baby Boomer generation, some millennials are turning to frugal living as a means of achieving their financial independence.
The group are collectively known as FIRE, short for Financial Independence, Retire Early.
Sacrifices being made by FIRE enthusiasts include no mortgages on trendy townhouses or eating out at the newest cafe which serves smashed avocado.
A new trend is emerging among millennials who want to break the chain of conventional living and gain financial independence as early as possible (stock image)
Blogs and online communities have been cropping up around the new trend as an increasing number of millennials turn away from the current economic climate.
One of those blogs, Aussie Firebug, helps people discover how they can get in on the savings.
'By investing at a young age and consistently, it is possible to reach a point where your investments pay you enough money to live off,' the blog says.
'If you love your job and wouldn't trade it for the world then this blog is not for you.'
The blog has already gained traction online with a number of people praising it for teaching them the path to early financial independence.
'Great to see some fellow Aussies taking their futures and finances seriously! I must admit, I'm lucky enough to enjoy my job, and my days are far from the depressing scenario you paint above,' one comment said.
'We are on the exact same trajectory only I have started quite late. Better later than never though. Currently we save 65 per cent of our income,' another added.
Birds of Fire is another blog that aims to help others find success in the FIRE model.
No mortgages on trendy townhouses or eating out at the newest cafe which serves smashed avocado, the FIRE movement has instead taken on a role more similar to the Baby Boomers who came before them (stock image)
The blog's creator, known only as Olivia, has a professional background in finance which she has adapted to FIRE.
'I think a lot of people don't realise how much daily vices are costing them in terms of savings. Myself included for a while too,' she wrote.
'The point is that once you build up a nest egg that is 25 times your annual expenses, you can do anything you want. Forever. You have the freedom and optionality to do anything. Sacrificing a few years of harder work and higher savings is worth it.'
The Age also sat down with FIRE millennials Tristan and David to find out what made them decide on the lifestyle change.
Both of them said the current model of working to 65 and accessing your superannuation after decades of the daily grind was not appealing to them.
They felt people were just 'accepting it' and they took their future into their own hands.
The main message of the FIRE movement is to save as aggressively as possible and forgo anything that you don't absolutely require because superficial expenses will only prevent an early retirement (stock image)
'The idea of working to 65, commuting two hours a day and not being able to access retirement money until we were old didn't sound too fun,' Tristan said.
'We liked the idea of being in charge of life by being financially independent enough to do what we wanted.'
David was in the same mindset and set the idea of working his whole life in a job he was not motivated for.
'Looking around and talking with other people in the workplace and society in general, they didn't seem all that happy about it and just seemed to accept it. Doing the same unsatisfying thing with no end in sight,' he said.
Linkhienalouca.com
https://hienalouca.com/2018/09/15/the-millennials-who-dont-care-about-avocado-on-toast-or-owning-a-home-they-just-want-to-retire/
Main photo article A new trend is emerging among millennials who want to break the chain of conventional living and gain financial independence as early as possible.
Taking a leaf out of the economic style of the Baby Boomer generation, some millennials are turning to frugal living as a means of achieving their ...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
https://i.dailymail.co.uk/i/newpix/2018/09/15/09/50320AF800000578-6170707-image-a-1_1537001046664.jpg
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