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Some become independent at 30, others not even at 70!
But there is an interesting term in personal finance called FIRE – Financial Independence, Retire Early!
This means you have enough savings to maintain your lifestyle until you die.
The rule states that you need 25 times your annual expenses to become financially independent.
Let's say you want to retire at 50 and you're 30 today. Taking into account all your expenses, you spend Rs. 12 million per year.
At 6% inflation, the value of Rs. 12 lakhs, 20 years later it will be Rs. 9,999. 39 million.
Multiplying this number by 25 gives you Rs. 9.75 (Rs. 39 lakhs x 25) as your FIRE number.
Calculate yours now!
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