FIRE stands for ‘financial independence, retire early’.
It's also important to recognise just how much you may need to save – if you retire at 40, you could be looking at a 40 to 50 year retirement to prepare for., adds: “Many FIRE investors have traditionally followed the 4% rule to work out how much they’ll need to accumulate for an early retirement. While it’s a broadly helpful guiding principle, this rule is actually based on calculations done in the 1990s, assuming a 20-30 year retirement.
This saving method isn't for the faint-hearted. “Lifestyle sacrifices are a major sticking point for many,” says Laura. “Living frugally invariably means shunning luxuries and valuable experiences, such as holidays and celebrations.” “Plans can fail, and unexpected life events or changes in expenses can disrupt your FIRE plans. If you go into a FIRE plan with little flexibility, make sure you think about how you’d cope if something happened that affected your timeline or derailed your plan completely.”
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