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AdvertisementNupur Dave thought her decision to retire at age 40 in 2022 was an easy one. But the reality of retiring early turned out quite different. AdvertisementSavings and financial independenceDave on her last day at a financial services company, where there is an early retirement advertisement. Nupur DaveBy retiring at 40, Dave became part of the FIRE — "Financial Independence, Retire Early" — community. Advertisement"The whole idea of FIREing was possible because I'm in India," Dave said.

Persons: Nupur Dave, wasn't, Dave, Dave Dave, FIREing, Jovan Johnson, Gwendolyn Merz, Merz, Michelle Jackson, you've Organizations: FIRE, Google, Independence, BI Locations: Bangalore, India, Atlanta, San Francisco, Illinois, Asia

☆ I saved $200,000 by the time I was 27 — but I was miserable
▼ + stars: | 2024-02-15 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

Gwen Merz started saving money early with the goal of financial independence and retiring early. I had opinions on how my partners were spending their money, and people don't really appreciate that. I bought this really nice sewing machine because quilting and hobbies are really important to me. Doing these hobbies is really important to me, and I just didn't have any space to do anything. I’ve reached a point — it’s called “ Coast FIRE ” — where I don't really need to save any more money for retirement at this point because I have saved so much so early.

Persons: Gwen Merz, —, Merz, Gwendolyn Merz, I'm, It's, ”, “, I’ve, it’s Organizations: Service Locations: IT, Australia

☆ A 32-year-old set aside 78% of her income for 5 years and saved $200,000. She explains why she abandoned the FIRE movement and decreased her savings rate to 10%.
▼ + stars: | 2023-09-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

"I thought, 'Oh, this is just how all work is,'" said Merz — and it wasn't for her. Like many super savers Insider has spoken to, Merz focused on lowering three main expenses: housing, transportation, and food. Merz, a "recovering super saver," used to save up to 78% of her income. Merz currently contributes 10% of her income to her 401k, "and that's about as much saving as I do," she said. A 10% savings rate will still allow her to retire in her mid-50s, she said, since she has such a big head start on savings.

Persons: Gwendolyn Merz's, Merz —, wasn't, Merz, Gwendolyn Merz Merz, maxing, Roth, Gwendolyn Merz, I'm, she'd, I've, St . Louis, She's Organizations: Independence, CSA, Roth IRA, Washington DC Locations: Illinois, Pontiac, Midwest, Washington, St ., —

☆ All smoke and no FIRE: Early retirees open up about the struggles of ditching their paychecks in exchange for freedom and the new ways they're generating extra income
▼ + stars: | 2023-09-13 | by ( Laila Maidan | Kathleen Elkins | ) www.businessinsider.com time to read: +14 min

Members pose questions from how to save and invest to how to raise a family while on the path to early retirement. Early retirement doesn't mean never working againBut the FIRE movement can be more smoke than fire. Think about what's important to you and what you want your lifestyle in early retirement to look like, Cheng said. One message he shares with his community is that early retirement may not be the ultimate finish line for everyone. He also started coaching high school tennis and grew his online blog that offers tips on early retirement.

Persons: Rachel Covert, Isaac Mizrahi, Covert, That's, subreddit, Gwendolyn Merz, Merz, She'd, Marguerita Cheng, Cheng, It's, Michael Quan, Quan, Winnie Jiang, Sam Dogen, Dogen, Sam Dogen Dogen, Shan Fu, Fu, I'm Organizations: Financial Independence, Social Security, Lean FIRE, FIRE, Fortune, Bureau of Labor Statistics, Credit Suisse, Millennials Locations: NerdWallet, New York City, Mexico, Portugal, Asia

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