- What is FIRE?
- How FIRE started
- How FIRE works
- The biggest steps to get to FIRE
- Get started
- Pay more of your mortgage each month
- Pros and Cons of FIRE
- The bottom line
What is FIRE?
How FIRE started
How FIRE works
- Keep your expenses extremely low.
- Raise your income substantially.
- Seek investments with an 8% annual return.
It can be scaled back
How much should you save?
Why 25 times expenses?
- Working part-time
- Switching to another career
- Start your own business
- Take a leave of absence from work
The biggest steps to get to FIRE
- Save 25X annual expenses
- Save 70% of income
- Funding 30+ years in retirement
- 8% annual return on investments
- Withdrawing only 4% annually in retirement
0.05% investment return vs 8%
Track your money and set a budget
Max out retirement contributions
- Freelance work on Fiverr
- Selling things on Etsy
- Work for TaskRabbit putting furniture together
- Food delivery through DoorDash
Get out of debt
Pay more of your mortgage each month
Pros and Cons of FIRE
- You can retire in your 30s if you can save enough.
- Follow FIRE and you can be financially independent.
- You can work part-time and lower the amount needed to save for retirement.
- You’ll see how much an hour of work buys.
- Supplemental income for Social Security and other retirement funds.
- You may not be able to afford to accomplish FIRE unless you earn $100,000 or more per year in your 20s, 30s, and 40s.
- Saving 70% of your income.
- Spending only 3-4% of your savings in retirement.
- Lifestyle changes to afford retiring early.
- May have to drastically cut expenses.
- Save 25-30 times your monthly expenses, vs 15% for traditional retirement.
The bottom line
Reclaim Up to $610/Year in Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But, who has the time to look around for around a new company?
A website called CarInsurance.net makes it super easy to see if you’re getting the lowest price. All you have to do is enter your ZIP code and your age, and it’ll show you your options.
Using CarInsurance.net, people have saved up to $610 a year.
It takes just a few minutes to see how much CarInsurance.net could put back in your pocket. And the best part? Because we’re driving less, some insurers are slashing prices this month.