What is Lean FIRE? The Frugal Way to Retire

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What is Lean FIRE?

Lean FIRE (Financial Independence Retire Early) is the ability to stop working and retire before the average retirement age of over 60+ years of age but retiring on a lower cost of living standard.

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How Much Do You Need for Lean FIRE?

When looking at retirement numbers, you need to create a goal to hit for your retirement. You cannot just wait until you are 60+ years old and think you have enough.

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The 4% Rule

The FIRE movement uses the 4% rule to help figure out the amount of money you need. It is a simple formula to help you come up with a number to reach for. You take your annual spending and multiply it by 25. If you spend   $40,000 per year, the formula will look like this: $40,000 x 25 = $1,000,000 .

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Living Below Your Means

If you want to help reach FIRE or Lean FIRE, you must learn to live on less. This can help create more considerable savings.

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What Are Some Pros and Cons of Lean FIRE?

Pros of Lean FIRE: - Quicker to Financial Independence - Less Stress - Living a Frugal Lifestyle

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The Cons of Lean FIRE

Having a Family Has Challenges - Children need food, clothing, and they just typically come with more expenses. Restrictive Budget - This can be a budget that may not allow you to have everything you want.

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