But just financially, [FIRE] doesn’t make sense unless you’re very, very rich, and if you’re very, very rich, you probably have expensive taste. For most people to quit work for 40 or 50 years, it’s just not a plan that can be sustained for anybody, except for people on TV... Did you hear what I said? And 50s! 50s is too young. The math won’t work.
- Teresa Ghildarducci
Teresa Ghildarducci, what are you even talking about? I've seen my fair share of mainstream TV and for the life of me I cannot think of a single character backstory that breaches the topic of early retirement — Teresa and I must have widely different tastes in TV shows... Also, I don't keep up with the lifestyles of Millionaires or Billionaires, but Warren Buffet strikes me as someone who is "very very rich" yet doesn't appear to have expensive taste. For someone who appears to have written books on retirement and pensions, she certainly could've provided facts or even a fact to back up her position.
By the time you’re 40, you should have a little more than your annual income in the bank sequestered for your retirement in either a 401(k) or an IRA. By the time you’re 45, you should have two times your annual salary. By the time you’re 50, you should have three.
Yikes, seems like someone could use a refresher on the basic benefits of compound interest and investing in the stock market.
Great article. Thanks for sharing!