In personal finance circles, F.I.R.E. stands for “financial independence, retire early.” The goal is to get busy saving and investing early in life so you can kick your 9-to-5 by your 30s or 40s. The movement’s most ardent followers have achieved some impressive levels of financial freedom—and they’re happy to share their stories all over the web. Whether you’re ready to go full-FI.R.E. or just get some good suggestions for smart money moves, there’s a Reddit community for that: r/financialindependence. We’ve gathered some of their best tips for you.

If you’re thinking that’s a little bit of a “no duh” thing to say, think again. Being truly rich may have a lot to do with your definition of the word. According to user u/shannister, Scott Galloway is right on the money with this quote:

In other words, once your income from rental properties, investments, and so on is more than your day-to-day expenses, you’re there. Of course, that’ll mean something different to everyone. But the point is, it’s possible to generate a high income and still feel like you’re living paycheck to paycheck—and nobody feels rich in that scenario.

Generate Additional Income

Anyone who’s tried to pay down a lot of debt knows that sometimes your day job doesn’t quite cut it. Well, same goes for those who are trying to save and invest aggressively. If you’re just making ends meet, where do you get the “extra” money to invest? While it’s not necessarily part of the F.I.R.E. strategy, some proponents suggest getting a side hustle to frontload savings and investments.

User u/Beertarian threw the question: “What’s your side hustle?” out to the community and got some interesting feedback. (Who knew model trains and watercolors could be so lucrative?) Check out some of the comments in this thread for inspiration to start your own money-making side job.

Find a New Job

A surprising number of users in the r/financialindependence community advocated getting a new job if you’re unsatisfied with your current one, regardless of whether that means taking a paycut. On the other hand, maybe that advice isn’t surprising at all, since F.I.R.E. devotees are all about living your best life. User u/Throwaway74888774 and this user both have compelling stories about what you may or may not be willing to sacrifice in your quest for financial freedom.

Be Careful Who You Share Your Financial Details With

Sad but true: even your inner circle may not share your joy at becoming financially independent. Worse, once people find out you’re flush, they might just start asking for money or begin otherwise financially inappropriate conversations. User u/tradewithmiller found that out the hard way after a family member asked for a large loan. U/tradewithmiller suggests “Share strategy and general goals, but don't go into your specifics.”

Etiquette mavens from generations past may have been right after all: finances and politics don’t make polite dinner conversation (and may end up straining your most important relationships).

Graduate Debt-Free

User u/cogitoergognome acknowledges that she was fortunate enough to have been given certain advantages on her path to financial independence. She freely admits her story is a mixture of both luck and hard work. But one thing from her story worth striving for: graduating debt-free with an undergraduate degree. Even if your parents can’t exactly pay for Harvard, you still may be able to get an education (and a higher paycheck) for less than you think. Start at a community college and then transfer to a state school, apply for grants and scholarships, or take a look at these 16 tuition-free options. Whatever your path, graduating without a truckload of student debt will definitely put you ahead of the game.

Track Your Net Worth

Did you find yourself with a little extra time on your hands during a pandemic-related lockdown? Reddit user u/themoneychecklist did—and decided to use it to create a free tool for fellow saver to track their net worth. See it here. We all know measurable improvement is key to motivation when it comes to achieving your goals.

Set Aside Some Money For Fun

Even the most frugal F.I.R.E. proponents agree that you can’t exactly “live the dream” without a vacation or two along the way. User u/louisvillecards45 wanted to know how other smart budgeters figured out how to put vacation spending in the picture. The question “How do you determine your vacation/travel fund?” generated a lot of helpful comments, like this one from u/TABMWRT:

"Rather than a hard and fast %, we just list out what we want to do. Then estimate how much that would take. Look at that number and go... that reasonable? Yes? Let's save for it. No? Where can we cut back? Hmm, don't need to stay at a 5 star hotel. We can make a few meals ourselves. If we move our dates around a bit, we can save a little here and there. Still not making the numbers work? Well, is there somewhere else we want to go to this year?"

Avoid the Two Income Trap

User u/servetus suggests that fellow F.I.R.E. devotees be careful about spending to the tune of the combined income of two partners. Referring to Elizabeth Warren’s 2005 analysis, “The Two Income Trap,” this Reddit user explains how families with two incomes often run a greater risk of bankruptcy because “two incomes means twice the chances of something going wrong like a lay-off, health problem or pregnancy.”

Slow and Steady (still) Wins the Race

If you want a compelling case study on which investing strategy is likely to work best for you, look no further than this post by Reddit user u/jerschneid. A numbers nerd in the best sense of the word, u/jerschneid analyzed historical S&P 500 data and applied it to the fictional portfolios of three investors: Tiffany Top, Brittany Bottom, and Sarah Steady. Each hypothetical investor used a different strategy. You can probably guess how things shake out for these imaginary friends, but check out the post to get the details—it’s a good reminder.

Figure Out Your Why

It may sound a little too self-help-ish for a group so driven by “running the numbers,” but research has shown time and again that people are rarely motivated by money alone. If you’re struggling to make smart financial decisions, it could be time to figure out your “why.” User u/myTwelfAccount initially thought that “hating work” was driving the desire for financial independence. But the real reason ended up being a little more complicated, and several users chimed in on the thread. Figuring out and reminding yourself why you’ve set certain financial goals will help keep you motivated on your journey.

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