"It depends, but traditionally, it would be saving as much as up to 50pc, says Irish Independent columnist Michael Houghton, who breaks down his own FIRE journey and the overall movement on this week's Money Talks podcast. But you can take it at your own pace as well, he says. There's no strict requirement. Some people do deliberately go slower. It can be hard to find that balance sometimes between saving now and wanting to live your life at the same time."
"We were in the habit of simply spending all of it, as most people would do, anyway. I sat down with my wife - I found a new project that came with a 20pc pay increase - and I said, 'Look, maybe this time we just hold our spending. We don't look to increase our spending. We just look to actually save some of this money and see how that goes'."
FIRE stands for Financial Independence, Retire Early and promotes retiring decades earlier through aggressive saving and frugal living. The movement originated in the US in the early 1990s and continues attracting people despite modern hustle culture. Typical strategies include saving large portions of income — historically up to 50% — while balancing current lifestyle satisfaction. Personal income and tolerance for frugality determine achievable pace. Michael Houghton adopted the approach after freelance pay increases and deliberately held spending to save more. Initial goals can be modest, and many people tailor the pace of saving to fit family and lifestyle priorities.
Read at Irish Independent
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