Good article about the FIRE movement, with some examples. They’ve got most of it right, a few details off.
The examples they use is your typical high-income earning couple who made six figures in their early years. I wish we could see more examples of more normal people who do this in these sort of articles.
The article ends with recommended steps, which folks in the FIRE movement can get behind:
To get on the road to Financial Independence, Retire Early, proponents recommend these nine steps:
1. Determine why you want to achieve FIRE, and envision what you will do once you get there. (This will keep you motivated.)
2. Calculate your net worth (total assets minus liabilities) to see where you stand.
3. Track every dollar spent so you know where your money goes.
4. Slash expenses. To reach a savings rate of 50% or more, you’ll need to cut major expenses, including housing and transportation.
5. Pay off high-cost debt, such as credit cards.
6. Build an emergency fund so you don’t resort to credit cards in a pinch.
7. Take advantage of tax-friendly accounts: 401(k)s, IRAs and a health savings account.
8. Use index funds to keep investing costs low.
9. Find a side hustle to bring in extra income and boost savings.