Though the premise has been around for decades, the FIRE, or Financial Independence, Retire Early, movement has gained traction with the Millennial generation. The idea is to live frugally, earn extra income through side hustles, and save a large percentage of that income to invest. One way to accelerate the path to financial independence is to relocate to a low cost of living area where it becomes easier to boost savings. Realtor.com provides a list of potential locations for FIRE followers to consider. They include, Beaumont, Texas, Knoxville,Tennessee, as well as other locations around the US.
- The cornerstone of the FIRE strategy is to buy a home where the job market will enable you to save plenty of cash.
- Huntsville, Alabama is home to aerospace, defense, and tech companies but also has low home prices and a low cost of living.
- Pittsburgh was once known for its steel mills, but it is now home to a number of tech giants.
“Although the idea of FIRE has been around for 25-plus years, it’s recently become the obsession du jour among a seemingly unlikely group: millennials.”