- Calculate Your FIRE Number: Determine your target retirement income by calculating 25 times your annual expenses.
- Get Out of Debt and Build an Emergency Fund: Eliminate all debts and save 3-6 months’ worth of expenses in an emergency fund.
- Reduce Your Spending: Cut unnecessary expenses to save more aggressively.
- Increase Your Savings Rate: Aim to save at least 50-70% of your income by maximizing savings.
- Invest Wisely: Allocate 15% or more of your income into tax-advantaged retirement accounts and other investment vehicles.
- Increase Your Income: Look for ways to boost your income through side hustles, career advancements, or investments.
- Stick to Your Plan: Consistently follow your budget, monitor your progress, and make adjustments as needed.
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