FIRE Savers Race to Retirement
Shortly after Matt Owen graduated from college, he consulted with his parents' financial planner, who told him he would be lucky to retire at age 50. Matt, now 29, and his wife, Alli, 28, had other plans.
Starting four years ago, the Owens slashed their living expenses. They cut back on dining out and expensive trips. They rented out the spare rooms in their Bakersfield, Calif., home, generating enough income to cover their housing expenses. Each year, they increased their savings rate until they were salting away as much as 70% of their $250,000 annual income. In April, the Owens quit their engineering jobs, hit the road in a 2006 Dodge Sprinter with 395,000 miles on it and now blog--at owenyourfuture.com--about their experiment to live on $40,000 a year.
In their blog, the Owens post their monthly expenses, which so far average just under $2,500--well below their target budget. And they haven't completely quit working. The Owens offer financial coaching to other couples for a fee via video conferences, and in November they will launch courses to help people get their financial life in order. They also have a side hustle selling healthy baked goods online. They are still six years from reaching their financial independence number of $1.2 million. "We launched early, knowing that we were going to make more money," Matt says.
A hot movement
The Owens are on FIRE.
