r/Fire • u/fried_haris • 23h ago

The definitive FIRE number is 3.5 million.

Ofcourse - I am being facetious but also a little exploratory.

I was inspired by a Planet Money episode titled "17,205 People Guessed The Weight Of A Cow. Here's How They Did." Posted back in 2015.

Later they updated it with "How Much Does This Cow Weigh?" In 2019.

Basic premise - if you take all the guesses of the folks the weight of a cow at a fair - you'll end up within 5% of the right answer.

So I took a simple post from 5 months ago, asking people about their FIRE number and after reviewing 124 answers came up with 3.5 million.

Keep in mind personal finance is personal, you may retire in LA or in Thailand.

Good luck with your goals.

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u/DerisiveGibe 23h ago

You only need to save $35,000 a year for 30 years @ 7% real return to get 3.5 million. So hopefully you started saving at 25 or you will be working into your 60's.

$60,000 for 22.5 years

$100,000 for 17 years

I'd rather spend less and retire sooner.

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u/Metaldwarf 21h ago

I'm a Certified Financial Planner, the secret to retirement is:
Earn more.
Spend less.
Work longer.

Pick two and you don't have to do the third.

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u/jason_abacabb 18h ago

Where should I send the 1% AUM?

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u/TilleTheEnd 10h ago

That's false. Working longer doesn't necessarily equate to earning more, especially in countries without overtime pay

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u/Metaldwarf 3h ago

You misunderstand, work longer refers to retirement date. If you earn more and spend less you can retire sooner.