[1][2][3][4][5] Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and their income, and investing the difference.
Some proponents of the FIRE movement suggest the 4% rule as a rough withdrawal guideline, thus setting a goal of at least 25 times one's estimated annual living expenses.
[10] At a 75% savings rate, it would take less than 10 years of work to accumulate 25 times the average annual living expenses suggested by 'the 4% safe withdrawal' rule.
[21] These works provide the basic template of combining a lifestyle of simple living with income from investments to achieve financial independence.
The Mr. Money Mustache blog, which was started in 2011 by Peter Adeney, is an influential voice that generated interest in the idea of achieving early retirement through frugality and helped popularize the FIRE movement.
[10][19][20][22] According to a survey conducted by the Harris Poll later that year, 11% of wealthier Americans aged 45 and older have heard of the FIRE movement by name while another 26% are aware of the concept.
Critics cite the challenges of attaining high savings rates on a modest income[28] and FIRE enthusiasts that already had high-paying jobs, such as Peter Adeney of Mr. Money Mustache.
[clarification needed][29] Conversely, Justin McCurry, as quoted in a CNN article about him, said: “Financial independence is well within reach of an average college graduate,” he said.
But for the vast majority of college grads it is in within reach, even for people who earn less than $100,000.”Critics have also suggested that early retirees may not be setting aside enough funds for safe withdrawals during retirement.