It’s not hard to see why people find the concept of FIRE — short for financial independence, retire early — alluring.
Adherents to the movement aim to stash away as large a portion of their income as possible in investment accounts. The more aggressively they save, the sooner they can reach their so-called FIRE number, the amount of money in their account which they can withdraw from in perpetuity to replace income from a 9-to-5 job.
It’s an attractive idea — who doesn’t daydream about leaving their job for good? But it comes with some financial realities. The traditional model for FIRE prescribed by early torchbearers of the movement, such as Mr. Money Mustache, relies on earning a high salary while living minimally to keep expenses low.
“That message doesn’t actually work for most people,” says Jessica Fick, who along with her husband, Corey, runs The Fioneers, where they produce content and offer courses, coaching and retreats centered around financial independence.
“Most people don’t make software engineer salaries and can’t live on $30,000 a year,” she adds.
In other words, if you’re a normal person living on a normal salary, aiming to save enough to achieve FIRE is either going to require a lot of deprivation or take a decent chunk of time. If it’s the latter, Jessica and Corey think you ought to enjoy your life along the way.
“We look at how people can make the life they want to be living a reality on their path to FIRE, not just after,” Jessica says.
The Ficks, both age 36, have identified five stages of financial independence, and say they’re currently in level three, known as “Coast FI.” They’ve saved enough money to eventually retire on — they estimate they’ll be able to stop working in their 50s at the current rate — and can dedicate the money they make now toward paying for their lifestyle.
For the couple, that means having a home base in Boston and spending six months in 2023 traveling the country in a van, spending time outdoors with their…
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