Fire strategy is a plan for protecting people and property in the event of a building fire. The strategy includes passive measures, which work even if no one knows or acts on a fire, as well as active measures, which can be activated by firefighters. Buildings are rated according to their fire resistance, with coatings of structural steel conferring a set timeframe during which structural integrity will be maintained, and compartmentation stopping the spread of fire for a similar period. A fire strategy plan must include both active and passive measures to meet regulatory requirements.
The FIRE (Financial Independence, Retire Early) movement Fire strategy London has sprung up in recent years, with a growing group of people willing to do what it takes to retire at an early age, often at a lower income level than many traditional pension plans allow. Those who follow the FIRE path typically have aggressive savings and investment strategies.
To achieve the FIRE goal, they maximize employer matching in retirement accounts such as 401(k)s and take advantage of tax-advantaged accounts such as the Roth IRA. They also cut unnecessary spending, live on a tight budget and find ways to increase their earnings. The zeal with which some pursue FIRE may have fueled some of the movement’s criticism, but it’s important to note that not everyone who identifies with the movement is wealthy. In fact, a recent study by TD Ameritrade found that around a third of individuals who have achieved FIRE earn an income below $50,000.
Those who pursue FIRE often choose to do part-time work, run a business or invest in real estate, all of which can provide an additional source of income. They may also make a point of buying only used items, to reduce the risk of purchasing faulty appliances or electronics that could prove expensive to repair or replace. In addition, they may seek out discounts on everyday purchases and use apps such as GasBuddy to find the best prices.
Those who pursue the FIRE strategy must regularly track their progress and reassess their savings goals, investments and other factors. This is a highly personal and often time-consuming endeavor. It also requires making significant sacrifices, which can eat into an individual’s quality of life and potentially lead to financial stress. But the trade-offs may be worth it to those who are committed to reaching their FI number and enjoying freedom and flexibility in retirement.