Nik Johnson, a 48-year-old retiree from Florida, credits the FIRE (Financial Independence, Retire Early) movement with helping him achieve financial independence. He met his wife Adinah, who shares his passion for frugality, while working on software and teaching at higher education institutions.
Together, they saved $1.6 million by cutting expenses and investing in a modest home. Nik’s discovery of the FIRE movement during the pandemic led him to Camp FI, a gathering of like-minded individuals striving to break free from the rat race.
The movement was inspired by Peter Adeney, aka Mr. Money Mustache, who retired at 30 and now lives life as if he had already retired 100 years ago. He emphasizes the importance of identifying what’s essential and trimming spending elsewhere.
Vicki Robin, a pioneer in personal finance, advocates for asking yourself “what’s enough” and living frugally to liberate time for meaningful pursuits. The consensus among early retirees is saving 25 times yearly expenses and living off a 4% annual withdrawal rate.
Nik and Adinah enjoy a life of freedom with their three children, prioritizing experiences over material possessions. They spend their days pursuing activities like Disney visits and family outings, rather than accumulating unnecessary items. The couple’s journey showcases the rewards of embracing frugality and pursuing financial independence.
Source: https://www.cbsnews.com/news/how-the-fire-movement-is-inspiring-early-retirees