This is what it means to be a Fire Millennial and retire early

This is what it means to be a Fire Millennial and retire earlyThis is what it means to be a Fire Millennial and retire earlyWouldnt it be nice to pay down all of your debt, save a lot of money and retire early? If youre in your 20s, youre probably thinking its a long time before that happens - if iteverhappens. But you might also not be aware of the new FIRE movement thats taking the world by storm. Heres what it means to be a FIRE millennial and enjoy life with a little more financial freedom.What is a FIRE millennial?First things first Its not just millennials who are taking part in the FIRE movement. However, sincemillennials have the most spending powerof any generation now, its not surprising that theyre the ones hopping on this train ASAP. In reality, anyone can join the FIRE movement, it just takes a little bit of strategy and hard work.FIRE stands for financially independent, retire early. Basically, people who are a part of the FIRE movement are working to pay down all of t heir debt, save a massive amount of their income every year and plan to retire early - like in their 30s or 40s.How are people doing it?If youre thinking this sounds like the dream lifestyle, youre not alone. There are several people working on living the FIRE life and documenting it all as they go. From theman who retired at age 33to those supporting each other on thesubredditthat focuses on the FIRE life, people are saving as much money as possible every year in order to make it happen.The couple behind the blog Our Next Life retired at ages 38 and 41 - and did it in just six years. They aggressively paid down all of their debt, saved as much as possible and invested. In anarticle for MONEY, as well as on theirwebsite, the couple offers a few tips for anyone who wants to try a similar strategy.Set up automatic transfersfrom your checking to your savings so you dont see that money. The couple said that not seeing the money they were saving helped them make smarter decisions.Open a Roth IRA, which is a savings account that can help you save for retirement without paying taxes down the road. If you make less than $122,000 per year, you can open a Roth IRA and save up to $6,000 in it per year. Plus, that money is then invested, which means it could grow on its own.Get rid of all debtbefore pulling the plug on your career. Start with high-interest debt like leistungspunkt cards and then work your way through any and all loans.The FIRE movement isnt for everyone, but it can really help millennials work hard to pay down debt and save more for both right now and later on in their lives.Thispostwas originally published onSwirled.comin the Thrive section, which covers valuable career and personal finance content for Millennials.