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Retirement Discussions / FIRE Wannabees
|Subject: FIRE checker for Fools||Date: 8/13/2003 1:57 PM|
|Author: matt5||Number: 339 of 5138|
After reading the Millionaire Next Door three times ( I currently own 5 copies and give them as gifts to friends and family when they graduate from high school/college) it had a profound impact on my life. I think following the seven principles of millionaires covered in that book can drastically increase your odds of becoming FIRE. They are:
1. They live well below their means.
2. They allocate their time, energy, and money efficiently in ways conducive to building wealth.
3. They believe that financial independence (the FI in FIRE) is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation.
The book explains in full detail each of these principles and how they achieved the