In the last video, we discussed the six pillars of financial fitness. Let's take a look at the first pillar, which is understanding financial goals.

The most important goal we all have once we start working is to achieve FIRE (Financial Independence and Retire Early). So let's understand what our FIRE Number is.

For example, say your monthly household expense is around ₹1 lakh, your current age is 35, and you plan to retire at 55, five years earlier than the normal retirement age, with a life expectancy of 85. Assuming an inflation rate of 7%, your FIRE number would be ₹12.2 crores.

Once you've accumulated a corpus of ₹12.2 crores, you are financially independent and can retire early.

So, the first pillar of financial fitness is understanding financial goals, and most importantly, understanding your FIRE Number. Visit the Finnovate tools section to calculate your FIRE number using the FIRE calculator.