Chrissy and her husband, Ryan, didn’t grow up wealthy. To get ahead financially, they’ve long known that a combination of “hard work and frugality” would be necessary, Chrissy told Business Insider via email.
So when the couple learned about the FIRE movement in their mid-20s, it was music to their ears.
FIRE is an acronym for “financial independence, retire early.” Generally, people who’ve embraced the FIRE movement want to grow their savings so they can achieve financial freedom and retire before they turn 65 — though some people prefer to keep working. To accomplish their goals, some FIRE advocates save most of their income, take on side hustles, or delay costly life milestones like having kids. Many FIRE advocates trace the movement’s philosophy to the 1992 best-selling book “Your Money or Your Life.”
To learn more about the FIRE movement, in particular strategies for maximizing savings and reaching financial independence, the couple sought out FIRE-related YouTube videos, Facebook groups, newsletters, and podcasts. They then tried to apply some of that information to their financial strategies.
Their efforts have paid off.
Over the past several years, the couple has grown their combined net worth to more than $800,000, according to documents viewed by BI. Chrissy said their goal is to grow their investments to roughly $2.5 million over the next 10 to 15 years — which she hopes will allow them to retire before she turns 50. Both she and Ryan are in their early 30s.
“Retiring at 65-plus years old just doesn’t sound appealing,” said Chrissy, who works as a marketing director and is based in Colorado. “I’m sure we’ll still be active and healthy at that age, but there’s a lot more that we can enjoy when we’re in our 40s and 50s.” The couple’s last names were withheld for privacy reasons.
As many Americans struggle to save for retirement — and many retirees feel they don’t have enough to stop working — the FIRE movement has offered a potential blueprint for people who desire financial security. While some people have found success with FIRE, it hasn’t been a good fit for everyone, in part because it can require significant savings goals that might not always be realistic. However, FIRE proponents live a wide range of lifestyles. And experts say some principles of FIRE — like the benefits of saving and investing at a young age to take advantage of compounded investment returns — are applicable to a wide audience.
Chrissy shared her and Ryan’s top strategies for growing their savings — and the one change to their lifestyle that could make an early retirement a bit more difficult.
How to live a FIRE lifestyle
Chrissy summed up the couple’s financial strategy as “spend less, make more, and invest more.”
To spend less, she said they’ve reduced how much they dine out at restaurants, bought in bulk from Costco, planned their own vacations rather than using travel agents, avoided gym memberships by working out at home, and limited alcohol consumption.
They’ve also postponed certain expenses to save some extra cash.
“I went many years with a broken phone screen and really didn’t mind,” she said.
To make more money, Chrissy said they’ve “aggressively pushed for additional income.” For her, this has taken on the form of “climbing the corporate ladder” — she said she landed a six-figure salary at age 26. She also started a side hustle working as a registered dietician, something she focuses on during evenings and weekends.
Ryan works full-time as a human resources professional. In his spare time, Chrissy said he focuses on managing the couple’s three investment properties which provide them with passive income. The couple’s combined taxable income was roughly $250,000 in 2023, according to a document viewed by BI.
When their strategies generate extra money, the couple invests as much as possible in their 401(k) plans and low-cost index funds.
In case of emergencies, the couple keeps about six months of funds in savings.
Chrissy said saving money was easier when she and Ryan lived in Indiana. The couple relocated to Colorado during the pandemic, a few years into their FIRE savings journey.
One of the biggest differences between the two states has been the housing costs, Chrissy said. The couple is based in Monument, Colorado, where the average home value is about $743,000, per Zillow. In Fishers, Indiana, where they used to live, the average home value is $426,000.
In the years ahead, one lifestyle change could put some additional pressure on the couple’s finances: They’re expecting their first child, which they know will come with many new monthly expenses.
However, Chrissy said she thinks her financial goals are still achievable, in part because she and Ryan have been planning for life with a newborn. They’ve even planned how to finance their child’s potential college education.
“We’ve started to save up for his 529 plan so that they can attend college,” she said, referring to the investment account that offers tax-free withdrawals when the money is used for certain education expenses.
Are you part of the FIRE movement or living by some of its principles? Reach out to this reporter at jzinkula@businessinsider.com.
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