What is the FIRE movement? (1 point)
a failed music festival
a trend to develop passive income sources to retire early
a retirement bank account
a government initiative to provide added benefits to retired citizens
b) a trend to develop passive income sources to retire early
The FIRE movement stands for Financial Independence, Retire Early. It is a trend aimed at achieving early retirement through saving and investing in order to generate passive income. The movement emphasizes frugality, reducing expenses, and increasing savings in order to become financially independent and have the option to retire early.
The correct answer is: a trend to develop passive income sources to retire early.
The FIRE (Financial Independence, Retire Early) movement is a growing trend among individuals who aim to achieve financial independence and retire at an early age. Essentially, it advocates for saving and investing a significant portion of their income to develop passive income sources that can sustain their desired lifestyle without the need for traditional employment.
To find the answer to this question, you could have used various methods, such as conducting an internet search using keywords like "What is the FIRE movement?" or "FIRE movement definition." This would have provided you with a range of sources including articles, blogs, and videos explaining the concept in detail. Additionally, you could have consulted books or spoken to individuals knowledgeable about personal finance and retirement planning.