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Mentor
Save more spend less
Mentor
Step 0 to fire is earning good money
Step 1 to fire is spending substantially less than you earn
Step 2 is investing that differential as aggressively as you can tolerate
Step 3 is continuing the process until your invested amount covers your expenses on an ongoing basis
Gotta quibble with the order: Spending less is 1st/most essential step.
My MIL retired a few yrs early - could have done so at 60, now that I've seen her savings - as a single parent with 2 children, on a nurse's salary.
And she still clips coupons.
(Though I yield the point that if you earn enough, it's very easy to save enough; that's why the NW people report on here is so high at 40)
No, I don't think it is too late. Others may think differently, but I think FIRE is a shift in mind set. Like PwC1 said, just start to spend less and save. You may not retire as early as others, but you can FIRE earlier than before beginning FIRE. And if you somehow start to like your job, being financially independent will only help you, so I don't see any downside to beginning FIRE.
Coach
My biggest tip is to find a new job. Life is too short
This
Subject Expert
I didn’t start much before then either, sadly. Just get started, immediately. Max 401k. HSA if eligible. Backdoor Roth. After-tax 401k if eligible. I don’t have the flowchart handy but there are some helpful FAQs etc on the FIRE subreddits.
Coach
Did you feel similarly about your previous job? If not maybe the current one just isn't a good fit. I wouldn't want to work 10-20 years at a job I hated just to FIRE if I could find something that I didn't hate even if it meant working a bit longer.
I just listened to this podcast episode and thought it was super helpful as an intro to FI! It’s called “The Stages and Checkpoints of FI” from the Choose FI podcast. https://podcasts.apple.com/us/podcast/choosefi/id1187770032?i=1000522869683
Enthusiast
You are not late. I learned about FI when I was 35.
Definitely not too late.
Save 70% for the next 10 years.