Is Financial Independence, Retire Early (FIRE) Only for the Rich?

The FIRE dream isn’t just for high-income earners. But you’ll need a mindset shift - and a game plan.

The idea of Financial Independence, Retire Early (FIRE) has become increasingly popular in Singapore. But a question that often arises is: Can the average worker - earning less than $8,000 to $10,000 a month - realistically achieve FIRE?

This very topic was recently explored in a lively Reddit discussion, and the answers may surprise you.

While it’s easy to assume that FIRE is a luxury reserved for high-income tech professionals or finance bros, the truth is more nuanced - and, in some ways, more encouraging.

The Misconception: FIRE Is Only for High Earners

Let’s be honest: many FIRE success stories online showcase individuals earning $15K/month or more. But the median monthly salary in Singapore in 2024 was around S$5,500 (about S$66,000 per year) 

Sources: MyCareersFuture, Smartwealth

If FIRE were only accessible to those earning $8K or more, it would exclude the majority of working adults.

Fortunately, FIRE isn't about how much you earn - it's about what you do with what you earn.

5 Realistic FIRE Strategies for Singaporeans Earning Below $10K

Whether you’re a mid-level executive, civil servant, or small business owner, you don’t need a massive paycheck to begin your journey toward financial independence. Here’s how:

1. Redefine FIRE: Have you heard of Barista, Coast, or Chill FIRE?

Not everyone dreams of retiring at 35 and sipping coffee in Bali.

• BaristaFIRE means working part-time by choice, not necessity.

• CoastFIRE means saving aggressively early so your investments can coast to retirement.

• LeanFIRE means living simply and retiring earlier by spending less.

👉 By exploring different versions of FIRE, you can decide which one suits your preference and situation the best and work towards that.

2. Cut the Clutter - Not the Joy

A common theme in the Reddit thread? Most people overestimate what they truly need to be happy.

Reducing monthly spending on housing, transport, and lifestyle can dramatically lower the amount needed for financial independence.

Living with intention doesn’t mean living with restriction.

3. Small Amounts + Time = Big Results

Even if you're only able to save $1,500 - $2,000 a month, investing consistently over 15 - 20 years can build a significant nest egg.

Someone investing $3,000/month at a 3% return could accumulate nearly $1 million over 20 years. Not quite full FIRE, but a huge financial cushion.

✅ It’s not about timing the market - it’s about time in the market.

4. Grow the Gap: Income & Skill Stacking

Your current salary isn’t your ceiling. Promotions, role changes, and side hustles can all expand your earning power over time.

Upskilling, freelancing, or building passive income streams are often overlooked ways to accelerate your FIRE path.

At WealthDex, we’ve seen clients increase their financial runway significantly just by making smarter career or business moves - without burning out.

5. Don’t Just Chase FIRE - Design Your Life

A powerful insight from the thread: FIRE shouldn’t be the end goal. What matters more is designing a life with freedom, purpose, and peace of mind.

Some people find joy in work. Others want time for family, travel, or passion projects. FIRE is a tool to get you there - not the destination itself.

Final Thoughts: FIRE Isn’t a Formula. It’s a Framework.

You don’t need to earn a five-figure salary to pursue financial independence in Singapore. What you do need is:

• Clarity around your lifestyle goals

• Consistency in saving and investing

• Creativity in increasing income and managing expenses

• Coaching or community to help you stay on track

At WealthDex, we believe FIRE is not just for the privileged few - it’s a vision that anyone can work toward, with the right plan.

👣 Want to Explore Your FIRE Path?

Our advisors can help you map out your numbers, assess your financial health, and design a personalised path to early-or flexible-retirement.