FIRE Planning — Free Checklist (20 Items) | TickYouOff

20 items · Lifestyle · Hard difficulty · 2 hours

Step-by-step FIRE planning to reach financial independence.

• Calculate current net worth

  Total all assets minus liabilities, include accounts, property, and debts

• Track last 12 months' expenses

  Use bank statements or a budgeting app to get average annual spending

• Determine FIRE number using the 4% rule

  Multiply annual expenses by 25 (adjust if you prefer a conservative rate)

• Calculate progress percentage toward FIRE number

  Divide net worth allocated to retirement by your FIRE number

• Calculate current savings rate

  Divide annual savings and investments by gross (or net) income

• Project time to FIRE given savings rate and returns

  Use an online calculator or formula to estimate years to reach FIRE

• Maximise tax-advantaged accounts

  Prioritise accounts with tax or employer benefits before taxable accounts

• Contribute to employer plan to get full match

  Set contributions to at least the match percentage for free return

• Max out ISA/IRA and other tax-wrapped accounts

  Increase contributions up to annual limits where possible

• Increase pension contributions or benefits

  Review employer pension options and contribution tax treatment

• Build a 3–6 month emergency fund

  Keep this in an accessible account separate from investments

• Audit and cut recurring expenses

  Cancel unused subscriptions and negotiate or switch services

• Identify passive income opportunities

  List dividend, rental, royalty, or business income ideas to pursue

• Allocate to low-cost diversified funds

  Use broad index funds or ETFs to keep fees low and risk diversified

• Set target asset allocation

  Decide equity/bond split based on horizon and risk tolerance

• Rebalance annually or when allocation drifts

  Sell or buy to restore your target allocation and control risk

• Develop side-income plan with goals

  Pick 1–3 ideas, set monthly income targets and time commitments

• Automate savings and investments

  Set recurring transfers the day after payday to enforce saving

• Set FIRE milestones and schedule quarterly reviews

  Use milestones (25%, 50%, 75%, 100%) and review progress every quarter

• Create a tax strategy for retirement withdrawals

  Plan which accounts to tap first and account for taxes and penalties

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