FIRE stands for financially independent, retire early. The movement continues to grow, with retirees in their 20's through 40's. It has caught on because it is unexpected - we don't picture retirees being so young. Yet it is entirely possible and there is an ever-growing number of blogs and books that prove it. The typical profile of someone who has achieved FIRE:

• Graduated from college with very little or no student loan debt

• Earned $100,000+ per year with benefits

• Saved 50%+ of their gross income by knowing where every dollar is going

• Is typically single, married without children, or married with 2 or fewer children (I haven't seen any with more than 2 kids, but with the increasing number of FIREs, I am sure there will be some!)

• Is typically burnt out on their current job and would prefer to be done with working instead of finding more rewarding employment

Obviously, this is very hard to achieve if you are earning minimum wage in a job without health insurance, have a mountain of student loan debt, or a large family. Still, there are a lot of positive things to take from the movement. For example, it is good to be reminded that you have choices. You don't have to do what your parents did or your neighbors are doing. Some FIREs live full-time in an RV, stopped eating meat, started cooking at home, etc. Many say they don't feel deprived after these changes - they simply changed a habit and are just as happy with the newer, cheaper way of doing things.

There are also risks. For those without children, what if they end up having kids and doubling their annual expenses?  Are they prepared to forego soccer and birthday parties to stay within their annual budget? Did they factor in healthcare costs correctly or purchase long-term care insurance? Are they prepared for the next bear market? Most of the profiles I have read are of people who have retired recently, so we don't know the success of their plans given uncertainties. We can choose to take the best of what we have seen and make it more universally attainable. So even if you can't get FIREd, you can still have a LIFE.

Live Imagine Focus Educate 

Live a more balanced life today

FIRE assumes a balanced life occurs after the retirement date. Don't wait a decade or more for that goal - life is too short. We created a plan for a client showing he could work part-time until age 40 so he could spend more time with his young children now, while they were home. This is the opposite of FIRE, but that solution made more sense to him. Evaluate what you can do today to achieve a more balanced life, whether it is carving out more family time or finding a different employer.

Imagine you are financially free

The goal of FIRE is to be financially free - so imagine you are retired. What would you do every day considering your family, friends and social network are busy during the week and have limited funds? After traveling the world and tinkering with your hobby, is there something you could do every day without getting bored? Can you make money doing it? We created a plan for a former stay-at-home Mom to go back to nursing school. She didn't need to work, she wanted to. She loves her new career and can see herself doing it for a long time.

Focus on what you can control

A good chunk of our monthly expenses are fixed: housing, insurance, and utilities are a few examples. FIRE user forums are filled with people who downsized or started biking to work. That is great, but for most people obsessing over every dollar leads to fatigue and they lose motivation for tracking expenses completely. Instead, focus on what you can control - the discretionary expenses. You can use our free FLEXCash system or whatever works for you, but the simpler it is, the more likely you are to stick with it.

Educate yourself

When people say they want to make a career change, we recommend they speak with someone who is currently doing that job. Learn about their daily activities, their work-life balance, and see if they are earning a livable wage. Similarly, if you want to retire early, talk to someone who actually did it. Were the sacrifices worth it? What would they do differently? If you retire early and end up needing or wanting to return, it may be difficult to re-enter your industry after a prolonged absence.

Keep reading FIRE stories if you enjoy them, but don't define success as being retired. Retirement isn't a race worth winning if you aren't happy in the end. Whether you choose to get FIREd or to get a LIFE, have a money roadmap in place so you know where you're going.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.