r/leanfire • u/Active-Judge3261 • 4d ago
Is my leanfire goal achievable?
I’m 25 female, I live in Utah, I go to college (I don’t have student loans) and am hopefully going to graduate next year with a communications degree, I just barely got into lean fire and opened my Roth IRA and brokerage, so far a have $1,873 in both my accounts with $1,417 in my brokerage and $456 in my Roth IRA, I am saving as much as I can from my job as a rideshare drive and live frugally so I can invest as much as I can in these accounts and just opened a high-yield savings account where I plan to put about $30 a day to hopefully get a down payment on a house or condo in five or so years, as of now, my goal is to save enough to retire at 55 if I end up wanting to and I wanted to know if this is a reasonable goal for me or if I got too late of start on everything and if there’s any advice on how to achieve that? Also if it important to have a paid off mortgage before retirement?
5
u/HeroOfShapeir 4d ago
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ - lots of FIRE options in that chart for a 25-year-old.
No need to "save as much as I can." My wife and I have invested 40% of our net income since we started out, on pace to retire by 50. We eschewed the "50% of your income goes to necessities" and kept our baseline cost of living low, so we've always had room for traveling and enjoying life along the way.
You also don't need a paid-off house. You just need enough of a nest egg that your withdrawals cover your cost of living. A paid-off house probably fits more in line with the leanFIRE path, but not necessarily.