At this point, the FIRE (or Financial Independence, Retire Early) movement is well-known, but it can seem like wishful thinking to gen z who seem to be saving even less money than their older counterparts. The thing is that it is all about time, consistency, and efficiency. That means there is no secret to retiring early, but most people can achieve early retirement if they are strategic. So, you can achieve financial independence and retire early through these simple steps:

1. Max out employer-sponsored retirement

Take advantage of retirement accounts. For many companies, employers will match your contribution to a certain percentage. Many people see the match as free money because you get a hundred percent return on your contribution. That is why many people will say to contribute up to the match even before you start to pay off high-interest debt. But, to go even further, you should try to max out your retirement accounts such as 401(k), Roth 401(k), and HSA.

2. You will have to hustle 24/7

If you are making an average-sized income, you can only save so much, which might still not be enough to retire early. That means the only other option is to increase your income while also aggressively saving. This can be done by hustling to make money as much as you can.

3. Start saving early

Time in the market matters, which means if you invest in your twenties, you can contribute less money than you would in your thirties to get the same return by retirement because of compounding interest. That means start investing today and not focusing on what others are doing.

4. Buy a home to grow wealth

Equity in the home means security. With a home, you have increasing equity in the property as you pay it off, and the mortgage stays the same. With renting, there is no security because the landlord can increase rent, and the money towards rent is not going towards anything. Hopefully, you will also have already paid off the mortgage in retirement.

5. Pay off any high-interest debt

High-interest debt will keep you poor. You are basically throwing money away in interest when you do not have to be in high-interest debt in the first place. For example, credit card debt can be avoided by paying it off every month. The way to do that is to have an emergency fund and live below your means.