Quotations by Scott Rieckens

The general path to FIRE is to save 50 to 70 percent of your income, invest those savings in low-fee stock index funds, and retire in roughly ten years. Common FIRE practices include living with roommates or moving to a cheaper area, cooking all meals at home, buying used cars with cash, going to a one- or zero-car household, buying groceries in bulk, embracing budget or "hacked" travel, and giving up luxury purchases. More extreme FIRE practitioners might live out of an RV or trailer home, grow their own food, bike to work in subzero temperatures, or even leave the country in search of a lower-cost lifestyle. [2019] - Scott Rieckens

According to the FIRE formula, once you have saved twenty-five times your annual expenses, you are ready to retire. Let's say you spend $50,000 a year. That means you need to save and invest $1.25 million to retire. You can safely expect a 5 percent return on your investments, which for $1.25 million would be $62,500 a year. However, each year, if you only withdraw 4 percent of the income your investments earn (or $50,000), this means you always have a buffer to make up for inflation and dips in the market. [2019] - Scott Rieckens