FIRE is not for everyone since it takes a kind of mentality/personality but it is not inaccessible. There are several reddit threads of people having achieved it at different income levels. I give 3 references that are math and research oriented.
1. Spx investing returns. If you started during the top of dotcom bubble saving $1000 a month today you should have $1.2 million
P.S. - 1. what do you do after FI? if job's your purpose continue it - coastFI.
Or America is built on innovation, take a risk now, knowing your family will be fine financially.
2. Taxes become less important- remember there are 401k, HSA, FSA, home, childcare deductions maxing out would do at least $30,000 ($2500 per month) savings tax free every year. From the calculator above it says if you started at the peak of 2007 recession you still would have $1.6 million now.
Hey Andrew, my notes got so long :D
FIRE is not for everyone since it takes a kind of mentality/personality but it is not inaccessible. There are several reddit threads of people having achieved it at different income levels. I give 3 references that are math and research oriented.
1. Spx investing returns. If you started during the top of dotcom bubble saving $1000 a month today you should have $1.2 million
https://dqydj.com/sp-500-periodic-reinvestment-calculator-dividends/
2. There are many bloggers in this space but Mr. MM is patient and calm:
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
https://www.mrmoneymustache.com/2018/10/05/the-fire-movement/
https://www.mrmoneymustache.com/2018/04/10/hacking-hedonic-adaptation/
Important to know - Hedonistic adaption and law of diminishing marginal utility are real and not easy to be conscious about.
3. An old classic written by an economics professor and a good read
The Millionaire Next Door: The Surprising Secrets of America's Wealthy https://g.co/kgs/9Yur77E
Also easy read
Quit Like a Millionaire: No Gimmicks, Luck, Or Trust Fund Required https://g.co/kgs/kTps8FY
P.S. - 1. what do you do after FI? if job's your purpose continue it - coastFI.
Or America is built on innovation, take a risk now, knowing your family will be fine financially.
2. Taxes become less important- remember there are 401k, HSA, FSA, home, childcare deductions maxing out would do at least $30,000 ($2500 per month) savings tax free every year. From the calculator above it says if you started at the peak of 2007 recession you still would have $1.6 million now.
And during withdrawal there is Roth conversions.
Thanks for your comments Saketh! I appreciate your blog and book suggestions.