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Financial freedom may seem like a lofty goal, especially for a chronic illness warrior (i.e. someone that lives with a chronic illness). However, gaining financial freedom via the FIRE method holds immense and rising appeal.

After all, why wouldn’t you want to spend more time doing the things that bring you joy? You could spend more of your time enjoying the company of your loved ones, choose to work (or not) and live a more stress-free life.

It can be a financial challenge to live with a chronic illness. Between the cost of medical care, medications, and related fees, the expenses can rise rapidly. This can make it difficult to save for retirement or achieve other financial goals.

While it can be a challenge, there are ways to prepare for financial freedom, chronic illness or not. The FIRE method (Financial Independence, Retire Early) can provide structure and a plan to help you achieve your most ambitious financial goals, even if your income is limited.

In this article, I’ll provide a brief introduction to how you can start following the FIRE method, and I’ll give you 10 key tips you can use on your journey to financial success as a chronic illness warrior.

Introduction to FIRE

The FIRE movement (Financial Independence, Retire Early) is a growing trend, with people all over the world aiming to retire early and live their lives on their own terms.

The FIRE method is a way of saving and investing aggressively so that you can achieve financial freedom. This means that you can stop working before you reach traditional retirement age and live off of your savings.

The FIRE Journey to Financial Freedom

For those with chronic illnesses, the FIRE journey can be a bit like playing a video game on hard mode. The game is harder, but it’s still beatable.

There are a number of factors that can make it more difficult for chronic illness warriors to achieve financial freedom. These include:

Increased medical expenses 

Chronic illnesses can often lead to increased medical expenses, which can put a strain on your finances.

Lost wages

If your chronic illness prevents you from working full-time, you may lose out on wages. This can make it even harder to save money for retirement.

Uncertain future

The future is uncertain, but it can be especially uncertain if you have a chronic illness. This can make it difficult to plan for retirement, as you don’t know what your health will be like in the future.

While your FIRE journey may be extra challenging, it can still be immensely satisfying. And perhaps your pursuits will be that much more rewarding. 

Getting Started with FIRE (Financial Independence, Retire Early)

There are a few things to keep in mind if you are a chronic illness warrior and you are serious about following the FIRE method. Here are a few questions you should ask yourself before you decide to dive in:

Do I have enough in savings?

First, you need to make sure that you have enough money saved to cover your current expenses. This includes your healthcare costs, medication costs, and other necessary living expenses.

If your savings is lacking, then I would recommend putting any additional income into your savings first. It will be hard to build upon your goals toward financial freedom if you’re unable to cover an unexpected, but necessary medical expense, for instance.

Am I able to work or otherwise earn an income?

Second, you need to make sure that you are able to work enough to save money. If your illness prevents you from working full-time, you may need to find other ways to generate income, such as starting a side hustle or working from home.

What financial goals are realistic for my current circumstances?

Finally, you need to be realistic about your retirement goals. If you have a chronic illness, you may need to adjust your expectations for retirement. For example, you may need to live in a smaller home or make other lifestyle changes to save money.

By the way, if you need a tool to help you keep track of the progress you’re making on your goals, I recommend using ClickUp. Their free tier alone provides immense support.

Tips to Help You Achieve Financial Freedom

Despite the challenges, it is still possible for chronic illness warriors to achieve financial freedom. Here are a few tips to support your journey to success:

Start saving early

The earlier you can start saving, the more time your money has to grow. Even if you can only save a small amount each month, it will add up over time.

Invest wisely

When you invest your money, you want to make sure that you are choosing investments that are appropriate for your risk tolerance and financial goals.

Get organized

It can be hard to keep on track of your financial goals, especially if you’re juggling doctor appointments, ever-changing medications, and just life in general.

Give yourself some grace and find your way to get organized. I personally prefer to use project management tools like ClickUp to help me keep on track, but do what works best for you!

Live below your means

One of the best ways to save money is to live below your means. This means spending less money than you earn each month.

The further below your means you can live, the more you can save toward your financial goals.

Be flexible

The future is uncertain, so it is important to be flexible with your financial plans. If your circumstances change, be prepared to adjust your plans accordingly.

While the FIRE movement is not for everyone, it can be a great option if you dream of achieving financial freedom. By following these tips, you can increase your chances of success.

Additional Tips

Here are some additional tips for chronic illness warriors who decide to follow the FIRE method to achieve financial freedom:

Get creative with your income streams.

If you are unable to work full-time, there are other ways to generate income. You could start a side hustle, rent out a spare room, become a virtual assistant, or start a number of other side hustles.

For some additional ideas, I encourage you to read the following articles:

Top 10 Best Side Hustles for the Chronic Illness Warrior

The 5 Best Side Hustles to Start in 2023 (fireyourcareer.com)

15 Side Hustles That Make Money (fireyourcareer.com)

63 Passion Projects to FIRE Your Life (fireyourcareer.com)

Take advantage of government benefits that are available to you

There are a number of government benefits available to people with chronic illnesses. These benefits can help you cover your medical expenses and other costs.

Build a strong support network

Remember, you are not alone. There are many other chronic illness warriors who are seeking financial freedom. 

Having a strong support network can be invaluable when you are living with a chronic illness. Your support network can help you stay motivated and on track with your financial goals.

There are online communities and forums where you can connect with other people who understand what you are going through. These communities can provide you with support and inspiration as you work towards your financial goals.

Don’t give up. 

It may take some time to reach your financial goals but don’t give up! Keep working hard and you will eventually achieve financial freedom.

Be patient. 

It takes time to achieve financial freedom. Don’t get discouraged if you don’t see results immediately. Just keep saving and investing, and you will eventually reach your goals.

Living with a chronic illness can be challenging, but it doesn’t have to prevent you from achieving financial freedom. By following the FIRE method and getting creative with your income, you can reach your financial goals and live a comfortable life.

I wish you all the best on your FIRE journey!

Recommended Reading:

How to Navigate a Career with a Chronic Illness: 10 Tips for Career Success

Top 10 Best Side Hustles for the Chronic Illness Warrior

Additional Resources

• The National Organization on Disability
• The American Chronic Pain Association
• The Invisible Disabilities Association

Think using the FIRE method to achieve financial freedom will help you FIRE Your Life? Check out the posts page for more ways you can FIRE Your Career and achieve financial freedom.

FIRE Your Career: Achieve Financial Freedom Through Your Career & Spend MORE Time Doing What You Love.

Tools I recommend in this article:

ClickUp (my recommended goal-tracking tool)