I don't know if I should feel sorry or LOL at these "FIRE Adherents."

[Roccus7]

While reading in the NYT today I caught this fantasy world I didn't know existed...

...an adherent of the FIRE movement, the personal finance strategy popular among millennials. It stands for “financial independence, retire early.”

The FIRE movement was born during the stock market’s historic 11-year-long wealth-creating run. Professionals in their 30s and 40s were saving up million-dollar nest eggs and quitting their jobs in the prime of life to live off investments. It was unheard-of in modern times, at least for anyone without a trust fund.

Didn't anyone tell them that even in the best of times, $1 million won't cover them for 50 years?

 

[WhatKnot]

While reading in the NYT today I caught this fantasy world I didn't know existed...

...an adherent of the FIRE movement, the personal finance strategy popular among millennials. It stands for “financial independence, retire early.”

The FIRE movement was born during the stock market’s historic 11-year-long wealth-creating run. Professionals in their 30s and 40s were saving up million-dollar nest eggs and quitting their jobs in the prime of life to live off investments. It was unheard-of in modern times, at least for anyone without a trust fund.

Didn't anyone tell them that even in the best of times, $1 million won't cover them for 50 years?

Morons, and this is the future.

 

[BennyV]

The whole FIRE movement was pretty intriguing to me as well a few months back when I first heard of it. I read up on it and listened to some podcasts. The majority of these people work at jobs with high stress levels and high incomes. The idea is to keep expenses low and sock away anywhere from 50-80% of their income in investment vehicles. Then they basically live off the interest, dividends, and capital appreciation. A key to it is keeping your expenses low. Lower than anything you can imagine. Obviously the pandemic and recent market volatility is going to question whether this whole thing is feasible or not. Doing what you want with your time instead of being tied up with work the majority of the day is what it’s all about. Most of these folks work gigs - dog walking, scooter charging, blogging (think Mr. Money Moustache, Financial Samurai, etc). So instead of working full time they are either not working at all or doing these small time gigs to supplement income from their investment portfolios.

I think your right Dom a million today is nothing compared to a million 10-20 years ago.

 

[Roccus7]

I guess that until you lock your wealth in ironclad, no risk investments, you're always subject to the vicissitudes of volatility. A long-term plan that bets on the come, isn't a plan at all IMO, it's a day dream. I guess the generation that thought Unicorns fart Rainbows just learned a hard reality lesson.

By all means, do retire early if you can manage it. I did at 56 and it is friggin great! We lived well below our means when I was making coin and besides putting our children through college with no student debt to hang over their heads, we made some very strict and conservative assumptions in my retirement math.

Turns out many of my most conservative assumptions were wrong, but that's a happy problem so I can Super Size that next meal at McDs without worrying. More importantly, both grown up children have realized that a debt-free education is a wonderful gift. Their teenage cries of things like "Dad, we must be poor because you drive a beater!" have changed to expressions of sincere gratitude as they witness their friends and colleagues struggling trying to get out of burdensome student debt.

 

[CELLFISH]

we resigned from work early too, she was 55 nyc Ed Dept, me a few years later, she has part time income, me I go food shopping... cellie...