Nairobi

What are your thoughts on the FIRE (Financial Independence, Retire Early) movement?

I watched the "playing with fire" documentary over the weekend, and it was interesting, but how realistic is it? Idk so thought it would be interesting to get other people's opinions.

What do you think?

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💵 Finance

💸 Investing

37 comments

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BlueJays2591

Politicker

Federal Business Dev Director

it works for some, not for others. financial independence sounds great, but living that frugally isn't for me. it's the whole "hate your life for 10 years for saving purposes so you don't have to work until your 60" thing for me. i would rather enjoy every day and understand that I have to work. i don't hate what i do so i'm in no rush to retire from it. if you hate what you do so much that you can't stand the thought of working it for 20+ years, then you're in the wrong line of business and should find something you enjoy.

Nairobi

Politicker

I totally agree with you. I think that frugality is too extreme for me.

funcoupons

WR Officer

👑

I'm not an expert in it but from what I understand the premise is to sacrifice anything that isn't essential for survival now to have a decent existence later on.

Doesn't suit my life philosophy. I can die any time. I want to enjoy the now, and if that means spending $$$ on a nice dinner, eating healthy (but expensive) groceries, living on my own in a nice apartment vs sharing a basic place with two room mates, I'm going to do it even if it means I don't get to "retire" at 35.

From my understanding, the "retire" simply means you save up enough so that you can quit working and afford to exist...again, basic living arrangements, basic food, not a lot of money for entertainment/extras. That lifestyle isn't appealing to me now and I don't see it being appealing later.

My solution is to make much more money than the average person needs to exist. That way, I can spend a little now and enjoy myself, and save a little for later so I'm not working until I'm 65. Also leaves me money to play with investments so I can have passive income so money still comes in when I retire from working full time.

Nairobi

Politicker

Preeach 🙌 Seems like we have the same life philosophy.

Stardust

WR Officer

President

I'm all for sensible frugalness to build resilience and choices. However, as we age and go through life's stages, our priorities change. What the "retire" dream was for me at 35 is no longer relevant at 50. My definition of 'retire' has changed over time and the dream at 35 doesn't appeal to me now. I may not do what I do today but I'll still be 'putting my time on my interests' full time. Meaning 'retire' is an outdated concept, a more meaningful concept is transitioning through life's chapters. The notion of saving up to give one lots of life options is relevant.

CuriousFox

WR Officer

🦊

Soooo you're saying I shouldn't have bought the color changing lightbulb and the cotton candy because it has a unicorn on the package?

Lame.

Nairobi

Politicker

haha you never disappoint 👏

CaneWolf

Politicker

Call me what you want, just sign the damn contract

One of my best friends does it and writes blogs about it. I, on the other hand, think that you should save but also enjoy your life. If I can fly first class cross country for a few hundred extra dollars, I'm probably doing it. I could get hit by a car tomorrow so I'm not really trying to save just for when I'm 45.

Nairobi

Politicker

Oh nice, do you mind sharing your friend's blog? Even if that lifestyle is not for me, I like hearing people's stories. "Living each day like it is your last"

CaneWolf

Politicker

Call me what you want, just sign the damn contract

Let me recommend the starting point for most people in that lifestyle instead. This guy's site is insanely built out. Fair warning, he can come across as a bit of a jerk.

https://www.mrmoneymustache.com/

Telehealth_2the_Moon

Notable Contributor

Director of Business Development

I'm all for any movement that encourages people to save more and pay attention to their money. That being said, FIRE as an end result, especially at the age you hear about it from a lot of people online (because you know internet so you just see the perfect side of things) is less important to me.

Of course, it would be awesome, but you need to weight current happiness, wants, desires against being financially independent. Also, based on my experience in different investment groups, FIRE people seem to be a bit umm dogmatic about it all, there is no middle ground.

I think it's great to bring attention to many people about how things like the stock market, compound interest, and smart money management can really pay off over decades; but I don't seem to like how I see many of the FIRE peeps approach it for those outside of the movement.

Nairobi

Politicker

Right, I think there should always be a middle ground.

sales7

Politicker

Commercial Product Enablement

FIRE for me is really easy actually because I don't restrict what makes me happy. I do however live within my means and and focused on passive income streams on the side to ensure my money works for me & my savings rate.

FIRE doesn't have to mean boring, its just about refocusing your priorities & not setting yourself up for massive debt.

Nairobi

Politicker

Oh nice, are you living that lifestyle to retire as soon as possible or just to be financially savvy?

sales7

Politicker

Commercial Product Enablement

The retire early aspect I don't actually interpret as "retiring" more so just giving me greater flexibility in how I spend my time and what jobs I choose to take. I don't think I'll be happy retiring completely ever but I'd like to choose jobs without the pressure of financial obligations.

SADNES5

Politicker

down voters are marketing spies

Not for me, although I am sure we've all had the "eff it, I'll live in a van/tiny home" moment.

They sacrifice so much, just to not work. Which is fine. But I meet good people through work, and some turn into friends.

I like eating out, supporting the people grinding on the front lines. If you want to do it, that's all good.

Just not for me.

Nairobi

Politicker

Agree, I think you can still be financially free and not make that many sacrifices.

CaneWolf

Politicker

Call me what you want, just sign the damn contract

A tiny home would probably be sick for a while but I would do that for the experience, not to save money.

Prizrak

Politicker

Disruptor of worlds

I lived that life. It wasn't that hard, I just kept my expenses fairly low and negotiated with the company to buy me everything. Then through other unexpected wins I did quite well. Fat FIRE is the one you wanna be looking at though.

Nairobi

Politicker

Wow, you need to teach me how to negotiate! You said "lived" so did you get to retirement, or you stopped living that life?

Never heard of it, I'll look it up.

Prizrak

Politicker

Disruptor of worlds

So to negotiate expenses with your boss heres what you do. Grab a giant client. Then hold them hostage. "You know how the margin on my recent client was 5M. I can get more of those clients if you lease me a V12 S class (it was all the rage back then)." If this is the first time you ask they will tell you no. Then you go to the competition and tell them the same thing. Betcha they'll buy you a car to come to them. Then you go back to your boss and hold yourself hostage. "I like working for ya, but cards on the table, I got an offer working for other company, and not only is it better, it includes the S class." Then hand him two papers. One is the lease agreement for the S class the other is your resignation. Tell him you're going for lunch and if he hasn't decided when you get back you'll pick for him as you're very busy and don't have time for this shit.

After you do this once or twice the next thing you ask for gets a sigh and a nod.

I've retired 3x now... was about to be 4 when my friend told me that I wasn't actually going to retire, like always, and to accept the offer at this company that wanted me.

Nairobi

Politicker

Are you even real? I need to be living in your world

Prizrak

Politicker

Disruptor of worlds

I can't suggest anyone live like me. Especially in my younger years. If you think I'm reckless and a loose cannon now, you shoulda seen me 20 years ago.
But that is one thing that has benefitted me. After you deal with your own mortality and life and death sorta stuff, bosses don't seem that scary anymore. When i was an AE we had a meeting with an EVP and at the end of the meeting they asked if we had any questions or comments. So i raised my hand and told them I could have used this time a lot better and it feels like I've been beat over the head with a rainbow.

Now I would never suggest someone say that to their bosses bosses bosses boss. But its always worked for me.

handysales

Politicker

Enterprise Sales Lead

The actual FIRE process is pretty dang intense, so I don't know that I'd ever get to that level. But shoot the idea of frittering away cash now (early 30s) to have a few million at age 55 or 60 is definitely worth it.

More of a Dave Ramsey guy myself.

SalesPharaoh

Big Shot

Senior Account Executive

It really depends on what lifestyle you want to live and how content you can be with it. For some people not having a routine is super annoying others super important for example my grandma went on retirement she made sure to keep herself busy with philanthropic projects just to keep herself active and fresh.
Others like a friends of mind want to live the island life and working there. So it really comes down to what you want and how you can build your current lifestyle to support your future goals. For me I want to be rich so I live below my means to save and invest in the future but not with the goal of retiring early though but to be able to have a more "lavish" lifestyle in case I grow older.

DataSlangah

Politicker

SAE

I had a buddy in law school that sold his company for 160M prior to going to law school. His take was 15M after it was all said and done with taxes and everything. He was 35. When I met him he was 40, as a 1L. He had more money than he knew what to do with, and clearly more money than these "live frugal" clowns that eat bologna sandwiches and reuse coffee grounds and crap.

I asked him point-blank, what are you doing here? He said to me that retiring at 35 sort of sucks. He joined the country club, bought a big house, drove nice cars, and was bored as fuck. He said that "no one he wants to hang out with is also retired. So he was playing tennis and golf with 60-year-olds. It made him feel old." There is only so much you can do to work on self-improvement and working out. He said it wasn't all it was cracked up to be, so he went to Law school. Now he runs a law office practicing on things that interest him.

Nairobi

Politicker

"Bologna sandwiches and reuse coffee grounds" I can’t 😂 Wow, that’s nice, props to your friend. What field was his company in?

DataSlangah

Politicker

SAE

His company made chips for Motorola phones.

elhandsomediablo

Good Citizen

Sales Development

Totally need to watch this, I am studying for an International Business degree at our state university. The accounting classes were a game-changer. Sometimes we are so unaware of how horribly we manage our finances that it impacts the future ahead. Bought my first 2 bedroom condo, the best decision ever. (for me of course, I understand everyone is on different wavelengths).

Nairobi

Politicker

Yep it’s a good documentary. Nice, I also studied in International Business but oh lord, I hated my accounting classes, now I do see the importance though. Congrats on your condo!

wineandwhiskey

Fire Starter

Senior Account Executive

There's a balance. Retiring early would be fabulous, but how much to sacrifice now to do it? Should you go without restaurants? Or maybe just don't buy that extra $1,000 suit/clothes you've been eyeing. Everything is a trade off.

Personally, I save a specific percentage of every paycheck and just do whatever I want with the rest. I'm fine not living balls to the wall now in exchange for being health enough to enjoy my retirement.

Nairobi

Politicker

Agreed, a balance is important.

Wolfof7thStreet

Valued Contributor

If you get lucky/ are born into good circumstances, absolutely. That said, we cant take it as a blanket statement because it is simply not possible for everyone

Wolfof7thStreet

Valued Contributor

That being said, many of us here are likely to be on the lucky side, myself included. I am absolutely working towards this and there is no shame in that either

Blackwargreymon

Politicker

MDR

It's great, I'm living that lifestyle

Clashingsoulsspell

Politicker

ISR

One of my best friends does it and writes blogs about it.

MR.StretchISR

Politicker

ISR

Soooo you're saying I shouldn't have bought the color changing lightbulb and the cotton candy because it has a unicorn on the package?

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Nairobi

What are your thoughts on the FIRE (Financial Independence, Retire Early) movement?

What do you think?

37 comments

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