Lean FIRE | The FIRE Movement Series

[@inea-fijourney22]

We computed all types of FIRE #s. My reasoning is that everytime I reach one level, Ill evaluate if I wamt to continue grinding until the next FIRE level, or if Ill take a gap year, sabbatical, change in career field, start a business, etc etc. Right now we are working hard to get to FUMoney... then Coast FIRE, then Lean FIRE, then Trad FIRE, then Fat FIRE. Or whatever we decide in the way😅

[@TheCelmap]

I love the idea of celebrating every steps and re-evaluate the choices 😅. I'm working towards lean fire, hope to reach by the end of this year. 2024 will work on my FUmoney and then consider to take a long sabbatical or just 2 months off from my very draining corporate job.

[@ProjectFrugal]

That's a good plan. If you got to Lean FIRE and carried on working for a few more months to get some spending money and a little bit of wiggle room then that would be awesome! (And evaluate obviously!)

[@crystallaner230]

Paid off home is huge. I live on about 12k a year due to this. Thrift everything you can

[@amendezmuniz]

Hola Leila! These videos keep me pump; even if I’m a decade behind. 😅

[@ImaniLove94]

Love this series! Its an interesting re-frame to think about different kinds of FI as benchmarks. My first goal was for sure to reach Coast FI. I've never heard of Barista FI buy maybe tagging these as benchmark goals to traditional FI could be fun!

[@PersonalFinancewithLeila]

Thanks Imani! And definitely! They're all good stepping stones to true "retirement"

[@QuesttoFIRE]

Totally agree with this one, and you bring up a lot of valid points about being lean FI. Lean FI is a goal of mine, but only as a stepping stone to traditional FI. 😊

[@PersonalFinancewithLeila]

Stepping stone is the perfect way to put it!

[@kmque3166]

Hi Leila, serious medical issues will put a dent even in FAT fire…Not ur faves but 1/3 of Americans don’t even have any retirement, so I take lean fire too! A financial marker is amassing at least $100K in liquid assets by ages 30-33.

[@kingconstructo]

Living off of roughly 20k a year eith current savings rate. Plan is to live off of 25k in dividends. A couple more years to go until I FIRE.

[@PersonalFinancewithLeila]

🙌🏻🙌🏻🙌🏻 so exciting!

[@ProjectFrugal]

Nice job :)

[@nomad7540]

How does SS and pension incomes figure into these retirement saving goals?

[@PersonalFinancewithLeila]

They don't actually! So those aren't included in these calculations, that would just be extra income in the future!

[@ProjectFrugal]

Lean FIRE for us is $25k NZD a year. Still at least 4 to 5 years away yet :(

[@colorsofavon934]

Wow, how do people only spend $20k annually?

[@nomad7540]

You have to live in a low cost-of-living area and have a paid for home and vehicle. That number probably does not include the cost of health insurance and is after tax spending. Put another way it is net spending after taxes and health insurance and does not include a mortgage or rent or car payment.

[@nomad7540]

@@HaveMindWillThink At 23K you probably get some gov bennies.

[@kingconstructo]

I invest most of my income, doing that I live off of less than 20k a year

[@KutkoterYT]

@@nomad7540 23k is around median income where I live. I guess it's really about perspective

[@matt8578]

​@@nomad7540I don't. I moved from big city to small city where the dollar goes further. No student loans, no car loans. TV is $20/mo, cell is $50 and that's for 2 mines and unlimited everything. All in all, my basic expenses are less than 1500/mo. It can be done.

[@iwantcheesypuffs]

Lean FIRE- You get to walk on public beaches with your friend's dog (because you can't afford one), and pick flowers while camping out of your car/truck/van. You managed to save 500-1M for retirement. FIRE - You get to have most of the same lifestyle as you had when working, and possibly go on vacation once in a while. Congrats -- you managed to save/invest 3M+ for retirement. Fat FIRE - Living the big life, going on vacations multiple times a year. You ARE the Jones'! And you should be proud you managed to save up 5M+ for retirement.

[@J.futch97]

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