Watch: Accelerated savings | Life Hacks

The task of the FIRE saving plan is to invest and save aggressively anywhere from 60% to 70% of your income so you can retire in your mid-30s or 40s. We sat down with Jay Bass, VP of Finance at Rise Advisors, to break down the FIRE saving method and why it’s important to save aggressively.

Bass details the importance of saving more than half of your income and placing the funds in high-interest savings accounts that will double your money overnight. Bass also highlights that financial independence is not all about being wealthy. It’s about understanding what you need to have enough to retire.

Never miss a beat: Get our daily stories straight to your inbox with theGrio’s newsletter.