Enthusiasts of FIRE, an acronym for "financially independent, retire early" are sharing how to be wise with money with a big goal in mind.

FIRE enthusiasts get a thrill off of living well below their means.

Most of the people taking part have the goal of retiring in their late 40s or early 50s. Ethan Gilbert, a certified financial planner, says they do this by saving a major portion of their salary and investing it in retirement accounts and separate investment accounts over a 10-to-15-year period of working.

“There is nothing wrong with being obsessed with FIRE, but they often seem to get pleasure knowing that they’re spending so little," said Gilbert, with Rialto Wealth Management. "Where some people get happiness from buying something on Amazon, they get happiness from not buying it, and it works well for them.”

Gilbert suggests the following if this is something you want to try:

• Control and track all spending.
• Eliminate all credit card debt.
• Either start with paying off the highest interest creditor or the smallest balance first.

Are there penalties, though, with retiring early?

“Some people may be concerned. 'I have this 401(k). I can’t take it out 'til I’m 59 1/2.' That tends to not end up holding true," says Gilbert. "There’s something called the rule of 55, where if your retire from a workplace and leave the money in a 401(k), you can start withdrawing penalty-free at 55. There’s also something called the rule of 72 (t) [distribution] where you can roll money into an IRA and then create a schedule of withdrawals prior to 59 1/2, and you don’t actually pay a penalty.”