100% new to this!! Do I save/invest for long-term retirement or for now?

[wasabipea]

Hi! So my friend has only turned me on to FIRE last week and I am obsessed. I want to change my life and push myself so I can live in a different way. So I can be FREE. I'm reading The Simple Path to Wealth right now and am planning to do what the author says, i.e. invest as much as I can in the VTSMX chiefly in the form of an IRA (not sure which kind yet) and my 403b account. I definitely want to save money for retirement. I'd like to have in the millions when I'm in my 60s, which I know is possible if I heavily invest for retirement. But I'm so attracted to the retire early lifestyle. I don't want to stop working but I want the option. So how much of my money do I invest in a way that is accessible? What is the trade off between accruing money for now or for after (60+) retirement? Sorry if this has been posted a million times, just looking for answers!

And, fyi, I'm about to be 29, have 74,000 in school loans (which I pay the minimum on because they'll be forgiven in 2024), 1500 in consumer debt which I'm paying off by january, 65,000 in my roth ira/403b via work, and about $3000 in an emergency fund.

Where do I start??

[PaulMaxime]

Here's a link to the Forum's thoughts on investment order:

https://forum.mrmoneymustache.com/investor-alley/investment-order/msg1333153/#msg1333153

That's a good place to start.

Also, I'm curious about the percentage of your income that you are able to save. Maybe you can figure out how to put even more away without unduly impacting your lifestyle too much. This has two benefits - increased growth, and lower expenses that allow you to reach FI much earlier.

Also, consider that you can only cut expenses up to a certain point. How much thought have you given to ways you can increase your current income through your job or through side hustles.

[NoStacheOhio]

What about the fees and fund choices in your 403b?

You can also access money in tax-advantaged accounts early, it just requires a little bit of planning and effort.

Maybe just pay off the $1500 from the emergency fund then put the money back over the next couple months?

Have your read the main MMM blog? Lots of good info there about putting it all together. Start at the beginning.

[Retire-Canada]

To the broader question save up $750K-$1M that'll let you stop working on a reasonable budget if you choose to. Given your starting age that will set you up for any early retirement. Then if you either don't want to retire early at all or want to keep working a bit part-time your investments will keep growing.

If I could go back and talk to my 29yr old self it would be to save/invest like a mofo and be retired by 40. FWIW it looks like I'll be 50 when I can retire. Sadly my younger self didn't get the message! ;)