Sparking FIRE: How StockGro’s #BFF campaign demystifies the fundamentals of financial freedom and early retirement

“Financial Freedom is less about financials and more about freedom.” – Anonymous

What happened the last time you had to come across an unexpected expense? That electronic appliance needing replacement, or that sudden medical expense that your insurance did not cover? Did you find it challenging to get the money at the last moment, or did you feel your finances have taken a hit despite arranging the money? Or it was a minor hiccup that you got over without much trouble?

Financial freedom is a spectrum rather than a journey, and how you respond to such scenarios can significantly determine how far you are into your financial independence journey. This helps us put a finger on how to define financial independence.

To define it simply, Financial Freedom is a state where one can pursue one’s passions and purposes without being held back by financial burdens or worrying about the next medical bill, elder care and child care expenses, house rent, EMIs, etc.

Financial Freedom is the power to make choices aligned with your passions and goals without being overpowered by monetary concerns. In sync with this philosophy, StockGro’s brand-new ‘Be Financially Free’, or the #BFF campaign, aims to drive financial awareness in India. Whether you dream of early retirement or simply want to take control of your financial future, India’s one-of-a-kind social investment platform with a rich repository of the go-to tools and resources comes with everything you need to accelerate your journey to achieving financial freedom. Financial freedom can mean different things to different people. For some, it may be an early retirement to pursue that travel dream or spend more time with family, while for others it could take the form of getting free from living paycheck to paycheck and the headache that comes with it. This brings us to the most prominent embodiment of this philosophy, which is the FIRE movement.Decoding the FIRE movement
‘Financial Independence, Retire Early (FIRE)’, is a movement defined by people who are devoted to a programme of scrupulous savings and investments aimed at allowing them to retire far earlier than is the norm. This is where financial freedom intersects with an early retirement plan, as being financially independent means that you can retire early and continue living your current life without ever having to work again for money.

Why are young Indians keen on FIRE?
In recent years, millennials, in particular, have embraced the FIRE movement with concepts of breaking free of the daily grind of jobs, ending the cycle of paycheck-to-paycheck living, and not giving up on their dreams. However, how far is FIRE a practical philosophy? What are the pros and cons of the FIRE movement?

To answer that question, one needs to understand the core philosophy of FIRE. Proponents of FIRE propound an extreme-saving lifestyle. They typically invest a very high proportion of their yearly income until they are in the workforce. When their investments reach approximately 30 times their annual expenses they may quit their day jobs or retire from the workforce altogether. Thus, they channel their savings to create a path of financial independence, which empowers them to retire early. Mindful spending, aggressive saving and investment are the cornerstones of FIRE.

Are you fit for the FIRE philosophy? Well, it depends. During the earning years, followers of the FIRE movement refrain from overspending even if they can afford to. The idea is to save and invest as much as possible. The saved amount has to be invested as soon as possible and kept invested for the longest time possible so that it gets sufficient time to grow in size. Twenty-five and embarking on FIRE
Rachita, a software professional who just turned 25, is eager to explore the FIRE movement. She can start her journey to financial freedom while still in her twenties.

First, she needs to streamline her spending. This should include all the necessary and impulsive spending, including that stress-busting expensive takeout or an impractical fancy bag purchase. The trick is to identify the weak spots; the impulsive, emotional and unplanned purchases.

Second, start investing. Start early, start small, a decade later, she will see some serious returns.

Finally, hustles! Try to build your second, third, and fourth income streams. When you follow diversification for your investments, why not diversify your income too? Rachita is already considering turning her penchant for makeup into online tutorials. That extra income can help her set smart financial goals.

So, is early retirement possible? There is no answer. However, achieving financial independence is not impossible with the right mindset and sound strategies. To ensure that you achieve your dream, you need to ensure you can measure this goal because what gets measured gets done!

Crunching the FIRE numbers
If you have been considering FIRE principles, you have likely heard about the FIRE number. Well, it’s like a magic number that lets you say goodbye to your financial worries forever. It is a pivotal figure that, once achieved, can confidently signify financial independence.. For retirement, calculating it isn’t rocket science either; multiply your annual expenses by 25. Furthermore, there isn’t just one type of FIRE; the FIRE spectrum offers diversity to suit varying needs and inclinations: Normal FIRE, which allows for comfortable living; Lean FIRE, tailored for minimalists; and Fat FIRE, catering to those seeking to maintain or elevate their standard of living even after retiring early. However, it’s not just about savings. You need to try and increase your income as well. This can be done with upskilling and building passive income streams.

Seizing the StockGro financial freedom movement
Ajay Lakhotia, Founder & CEO of StockGro says, “The most important part of FIRE planning is smart investing. It’s about diversifying your portfolio, depending upon your risk capacity and return expectations. Acing this step is a sure shot way of attaining the magic financial freedom number that can liberate us.”

StockGro’s platform helps one learn about investing in a risk-free environment. The platform is suitable not only for seasoned pros but also for trading enthusiasts who might be initially hesitant to start with the stock market. What differentiates StockGro is its simulations and community-driven learning with 35 million young investors, allowing everyone to practice and learn without risking a penny.

StockGro also steps in with its future-forward FIRE Score calculator, a game changer designed to enable you to visualise your path to financial freedom and make informed decisions along the way. It’s akin to having your own personal financial advisor, keeping you accountable and tracking your progress per your goals.

But that’s not all—StockGro isn’t just about investing; it’s about making investing inclusive, easy, and accessible for everyone. With its user-friendly platform, an investor at the beginner’s level can also enter the world of trading risk-free, gaining invaluable knowledge and experience on the go.

Download the StockGro app today and start your journey towards a brighter, more prosperous future. Take charge of your financial self-empowerment today!