12/17/2023 0 Comments Monthly living expenses calculatorShared housing could help keep costs down - for example, splitting costs with family members or having long-term, reliable roommates. "I know that rents right now are crazy, and housing costs in general are crazy," Boland said, adding that the cultural expectation in the US that people live by themselves can also exacerbate housing-cost issues. She stressed that it's particularly important to keep housing costs low, but understands that this can be a big challenge right now. She added that it didn't hurt that they had "slightly above average" incomes that helped them save even more, despite living in a suburb of Washington DC, which is a high cost-of-living area. "We always tried to keep our housing, car, and food expenses pretty low and never really got out of our league in terms of those costs," said Boland. Keep living costs down as much as you canīoland said the first step to being able to save enough in your retirement plan is to slash as many costs as possible while you're still working. She said two key tenets of her "boring" strategy have helped her stay on track toward financial independence - and shared one pitfall that FIRE adherents should avoid. "One superpower of most people who achieve FIRE is patience." "I know that's an unsatisfying answer, but it's true," said Boland. When asked what methods the couple has used to near their FIRE goal, Boland said they did it "the boring way." However, she's still confident they'll hit their numbers in a few years if the market recovers soon enough. With a few data inputs, the calculator helps users understand how much they'll need to retire early, and how likely they are to end up with $0 before the end of their retirement period.Īs for her own FIRE journey, Boland told Insider that she and her wife were "about 90% to our goal" with their own retirement accounts, but experienced some setbacks due to the market downturn. Software developer Lauren Boland, 40, is among the latter group.īoland is so interested in the FIRE movement ( Financial Independence/Retire Early) that she programmed an early-retirement calculator in 2013 called cFIREsim that is still so popular it's been used over half a million times in the last year. It often indicates a user profile.Īchieving financial independence and retiring early is something many people dream about, but the number of people who dedicate time, energy, and money to achieving it is far smaller. Account icon An icon in the shape of a person's head and shoulders.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |