A Redditor in the Chubby FIRE community plans to retire at 62, aiming to cover expenses with interest-bearing accounts. They currently have a household income of $390,000, a paid-off home, and a college fund totaling $425,000. However, to reach their goal by 2028, they must decrease their annual spending from $200,000 to about $120,000 net. This case emphasizes the importance of financial planning and spending adjustments within the FIRE movement framework.
Understandably, anyone who wants to achieve FIRE (financial independence, retire early), never mind Chubby FIRE, will have a specific net worth in mind by the time they hit a certain age.
The biggest caveat in this Redditor's life is the need to reduce spending significantly to make things work.
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