My FIRE number

After reading a lot of information about calculating my ‘FIRE’ number I thought I’d throw some numbers together using the information provided in my daily spending Up app.

According to the app I spend around $2,500 (ball park, higher end) each month. Multiplying this by 12 months for the year then gives me an annual living spend of $30,000. Finally using the simplistic FIRE formula of ‘Annual living expenses, multiplied the by 25’ and I get my FIRE number!

$750,000!

I think I’d need to add a little fat to this as I like the idea of having a little bit more money to play with prior to taking the plunge. So I did the same calculation but added a cool extra $1000 per month in living expenses. Running this through the FIRE calculator hit me up with a nice number – I like the sound of eventually being a millionaire.

$1,050,000

Now, the hard part, how do I actually achieve this number?