For those pursuing FIRE, what financial considerations push your target to $3M, $5M, $10M?
These numbers sound so high to be following the 4% rule, and I wonder what folks are taking into consideration that I am missing…Does your lifestyle plan require caring for parents, yachts, staying in a HCOL area? (Nothing against yachts…just not a consideration for us.)
Background: partner and I plan to FIRE at $2.5M. We have 2 kids and plan to move to a LCOL country with free universal healthcare, free/affordable universities. (Based on estimated COL…we consider our number in the “chubby fire” category.)
TC: $390K
#personalfinance #fire
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For some of us that made our way here with nothing, the FIRE amount is essentially an emergency fund that allows us to take risks without worrying that we'll work hard to get kicked in the nuts. It's a lot harder to turn down the shitty $$$ job when a hospital stay or a fire wipes out 10 years of work.
source: Currently renting my soul to future Skynet
Gambling and very serious substance abuse issues follow the above.