Here are some bullet points of the individuals this article mentions when talking about some people following some FIRE principles, focusing on lowering their spending.
- Daniel: Age 36, 270k income, works in NYC, lives in NJ, shabby apartment, cheap food, limited extras (e.g. no tv), sows his own clothes when they rip, wears layers rather than run heat, splurges on Chipotle rarely, 70% save rate, maxes out IRA contributions, nest egg at 400k, on track to retire in three years. Has noticed girlfriends and co-workers don’t necessarily understand his choices. Plans to move to Texas when he retires due to no income tax or somewhere in Asia where there’s a low cost of living.
- Shang Saavedra: Age 34, eight months pregnant, lives in Manhattan, pulls in more than six figures annually, doesn’t seem to own a car, $25 monthly entertainment budget, doesn’t drink, tailors their own clothes, 50% save rate, and already hit financial independence.
- Carmen Perez, Age 32, got into FIRE while looking at how to get rid of $57k of debt, makes six figures, doesn’t splurge on shoes, enjoys a modest date night twice a month, quit high-paying job and plans to learn how to code and live off her savings during her career change.
Note that these stories focus on individuals that have embraced a certain aspect of FIRE and do not necessarily mean you have to do exactly what they have done. Nevertheless, it’s always good to have case studies on what other people are doing and seeing how they are handling it.