More and more people are looking to get control of their personal finances, and for many, that means planning earlier for their retirement. And that desire for financial security has ushered in what’s known as the FIRE movement.

FIRE is a lifestyle-oriented financial movement that stands for Financial Independence, Retire Early. Many are pursuing the FIRE lifestyle in the pursuit of an early and comfortable retirement. Notably, fintech apps and access to cryptocurrencies have enabled more people to take direct control of their money in a way they haven’t before.

The idea of the FIRE movement is to encourage people to make lifestyle changes, save furiously, control expenses, invest rationally, and secure multiple income streams. Basically, it requires creating an early pool of sufficient funds so that retirement can be achieved sooner than later.

As per the Natixis Investment Managers’ 2021 Global Retirement Index, 40% of American investors believe It’s “going to take a miracle” to retire financially secure, and 59% of investors expressed that they will have to keep working for longer in life.

The stats highlight that a comprehensive retirement plan is essential for securing financial stability. FIRE may be explored as one of the potential financial planning strategies to achieve retirement dreams.

Although some are skeptical of the feasibility of the FIRE movement, the idea deserves a chance to be tested to gain financial fitness and enjoy early retirement life.

And those who pursue the FIRE lifestyle aren’t doing it alone: it’s not just a movement for financial fitness, but it is all about community growth and development.

How to achieve FIRE

Those who are pursuing the FIRE lifestyle are often using an assortment of fintech, banking, and investment apps to steer their money, whether it’s investing in high dividend-yielding stocks, opening bank accounts with optimal savings rates, or credit cards with points and rewards that translate into extra savings.

As an influencer or publisher, are you looking to include more FIRE content on your platform? Is this movement something your audience is interested in? If it is, you may want to explore affiliate programs for financial products to monetize this new content vertical.

Aside from helping your audience get access to financial solutions, becoming an affiliate for financial products can help you increase your own revenue streams. Financial products typically have higher commissions than other programs. And with the variety of banking & fintech solutions that are in the space, there’s likely more than one product that you can offer to your audience.

Let’s review some of the strategies that can be adopted by your niche audience to embark upon their journey of the FIRE movement. We will also discuss how you can promote the right set of financial products in helping people secure their retirement finances:

1. Cut Expenses– In a survey of 750 US individual investors, Natixis Investment Managers found that American investors are saving 18% of their current income for retirement. Yet even at this rate, 36% believe they will never have enough money to retire comfortably.

According to the FIRE movement, one will need to cut expenses and be a much more aggressive saver in order to retire securely and early. The FIRE practitioners advocate that if one saves 25 times what they spend per year, they could potentially survive off the entire retirement comfortably.

2. Build Rational Retirement Plan– Are you a financial blogger or influencer looking at serving the retirement needs and concerns of people? You may consider educating your audience on how they can leverage the benefits of smart retirement products offered by financial brands such as National Bank, RBC, and CIBC.

Additionally, people need to build a strong investment portfolio, that can yield potentially high results. For instance, Moka helps people save effortlessly by automatically investing their spare change.

CI Direct Investing makes it easy for its clients to build their financial future with convenient online savings, investing tools, and financial advice at their fingertips.

3. Devise Aggressive Savings Strategy

It is important for banking consumers to choose high interest-bearing savings account with lower fees while marching ahead in their journey towards securing retirement finances.

Just like financial comparison sites like ratehub.ca and Hardbacon, you may explore the idea of educating your audience on choosing the appropriate savings account to match their financial needs.

4. Deal With Debt – It is important to take stock of the debt obligations, examine the budget, and rationally prioritize among different debt payments. Consumers may leverage the expertise of digital-oriented fintechs that can aid them in devising the strategies for early and optimal loan payments.

For instance, the ChangEd app gives borrowers the ability to link all of their student loans in one easy-to-use app and then builds an effective repayment strategy based on their debt and spending habits.

5. Explore Smart Earnings– Apart from strategic savings and investments of the active income, it is wise to evaluate other passive income-yielding options such as reward-based credit cards, rental income, freelancing, crypto investing,or affiliate marketing. It is all about diversification of income streams to build a larger wealth for retirement.

How FIRE is All About Community

FIRE advocates argue that when one’s retirement is well secured, they are able to live a stress-free healthy lifestyle, and earn more leisure and travel time. With so many people pursuing FIRE, many aren’t alone. And many who succeed in the movement promote community development at a broader level.

For example, 46-year-old software engineer Peter Adeney retired at the age of 30 by adopting smart FIRE strategies. It’s interesting to see how post-retirement, he continues to live a frugal lifestyle and aids the community via his personal finance blog website.

Likewise, we have many publishers in our network, such as Genymoney.ca, Millennial Money, and Eat Sleep Breathe FI, who are also contributing to the FIRE movement and sharing their knowledge and strategies.

Are you an influencer/blogger who intends to grow in a niche way where there is value and volume? Apply to our affiliate network and ensure your audience have the right knowledge that meets their individual FIRE goals.