Here's how to figure out how much money you need to retire early. (via CNBCMakeIt)
, tells CNBC Make It that while the FIRE movement is great for those who want to pursue it, it's not realistic for many. FIRE is extreme, and extreme methods have extreme results — not always for the better.
"Striking the balance between a comfortable lifestyle and saving for your goals is, I think, a superior way to go about it," says Boneparth. "FIRE isn't really a balance, it's an extreme tilt of the scale."A New York City-based millennial who retired with $2.
"These analyses don't take life into account, they're in a vacuum," he says. For example, what if you experience a serious illness, a recession hits right after you "retire," or your house burns down — all of these things are impossible to foresee. That said, Boneparth says anything that gets people to save more and think about their holistic financial plan is a net positive. Adopting parts of the FIRE movement that align with your goals can be part of a comprehensive financial plan, even if you don't necessarily have a specific number you're aiming for.
"My dad always said if you're floating down a river where there's rocks lined up on the shore, the last thing you want to do is crash into the shore," he says. "Floating down the middle is the safest way."
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