FIRE is well known for its extremist money management, with aggressive saving plans that often see 70 percent of one’s monthly income going directly into savings. While it may seem that this would leave some living in poverty while their savings grow, there are easier ways to save aggressively and build wealth sustainably.
Professionals in the finance realm recommended savers put away 15 percent of their income to retirement savings as early on in their career as possible.
Having a set amount to save every month is a highly recommended strategy, but founders of finance website Frugal Twins shared that it should be far more than 15 percent.
This is where aggressive savings come in and the FIRE movement comes in, living a frugal lifestyle and putting away as much as financially possible for retirement.
FIRE stands for Financial Independence, Retire Early, an idea that originated in the early 90’s with the book: Your Money or Your Life by Vicki Robin and Joe Dominguez.
The Frugal Twins shared three ways savers of any income level can put aggressive savings into their financial…
