This guest article is written by Department member Ahsan Jameel.
What is FIRE?
It seems like every day there is a breathless newspaper article about the FIRE (Financially Independent Retired Early) movement, and the articles usually focus on the “R” word. Devotees of the FIRE movement, however, are much more concerned with “FI” – being Financially Independent. Financial independence is the freedom to indulge in pursuits, many of them productive and income generating, that we desire.
So, why does a blog post about an awesome coworking space in downtown Phoenix start with talking about the FIRE movement? Because a coworking space can be an integral part of the journey towards FIRE or an integral part of life after FIRE. A well thought out, beautifully designed space with the right ethos offers the flexibility and value that FIRE movement devotees crave.
Doing a side hustle while you build your nest egg towards being FI? Rent a desk for $100/month. It comes with WIFI, cool A/C (a necessity in Phoenix), endless supply of La Croix and other beverages, and best of all a community of like-minded individuals all engaged in the pursuit to better themselves and contribute to those around them.
Already FIRE’d and want to work with your buddies on an awesome software product? Rent a private office for less than a $1000 a month. And everything is included in this price!
FIRE & Coworking
Mr. Money Mustache, one of the most influential FIRE bloggers, owns a coworking space in downtown Longmont, Colorado. Since opening almost 3 years ago, the space has quadrupled its size. Clearly there is something about shared space that attracts the FIRE devotees.
First of all, it is a very efficient use of space with multiple companies in the same building. Desks can be used by different people on different days, so if you decide to WFH one day, “your space” will be utilized by someone else. FIRE people hate wasting stuff!
And then we get access to all the amazing entrepreneurs working alongside us. Ideas flow freely over lunch or the weekly happy hour. Business gets done, collaborations happen and we are better for it because the free flow of ideas is the basis of a healthy economy. There are no barriers here. You are sitting side-by-side with someone who is working on the next Uber and with someone who has come up with an amazing way to make coffee!
Ahsan is a principle consultant at Ironwood Venture. Learn more about Ironwood here.