Should you set yourself on FIRE?
FIRE, or Financial Independence, Retire Early, is a growing movement where younger professionals save aggressively to call it quits on their day job. But is it worth it?
Why read this story?
Editor's note: I was introduced to FIRE in 2019 through an article that talked about a lawyer in New York who lived off canned beans and rice so that he could stockpile his earnings and retire early. The Business Insider story quoted a New York Post article in which Daniel, the lawyer, claimed that by living in a shabby apartment in New Jersey, eating just rice and beans, turning off the heat during the winter, and holding on to just five patched-up suits for work, he was able to save 70% of his salary. By his calculation, the lawyer had saved $400,000 by 2019 and was all set to retire in three years. The idea that extreme frugality could pave the path to millions was mesmerizing. The article led me to the FIREIndia subreddit and it wasn’t long before I found myself digging out card statements to understand my expenses and calculate my ‘FIRE’ number. My salary at that time was sufficient but not above par. My partner was doing well too, but not only did we have a few indulgences (a …
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