Why You Should NOT Take Part In The F.I.R.E Movement!

[@darrenmcinerney2212]

Hi Paul, I like the FI part not the RE part . I agree starting a pension as soon as you can is probably the best way to go. But we are getting screwed in Ireland with the high taxes on ETFs/ Index funds on investments in Ireland outside of a pension. With the 1% levy and 41% exit tax plus the very high management fees that the big banks charge in Ireland. We should have ISAs like in the UK and junior ISAs to save and invest with no tax on the gains made and with the choice of low management fees like Vanguard that charge about 0.2% a year in the UK. Not like the crazy management fees of about 1 to 1.5% that the banks charge in Ireland for similar kind of investment funds. The banks are making a fortune out of us especially on pension funds with them crazy high management fees not to mind allocation fees.

[@michaelhoughton84]

This is my second comment on this post, after watching this again a year later. Paul has the math all wrong in this video. He talks at the start about people who save 60% of their income. A savings rate this high would have someone retire in about 10 years, not 25 - 30 years like mentioned in the video. Furthermore, living off 40k a year in Ireland is very doable without needing to live frugally. We have 3 kids and live on roughly this amount. Saving say 50% isn't that difficult then assuming that one has a well paid job, or a couple is both working. Finally, his example of 8% annual return in a pension is way off. Fees alone make up 1-2% of that and he has failed to mention inflation. I think a long term pension return is more likely to be 3-4% after fees and accounting for inflation. His numbers start to fall over at that return. Balance is important, but their are principles of the FIRE movement that are great for people and Paul should have done more research before posting this.

[@bm2555]

A lot of people getting payed for saying it doesn't work

[@madzyadzy07]

I think the FIRE movement can in-still some good fundamentals about saving money for young people and allow them to get compound interest working for them as early as possible.

[@merobertd]

maybe your client base is slightly askew with people that enjoy their career path / options & working pass retirement seems pleasurable to them. I believe the "FIRE movement" is a response to the never ending grind of dead-end jobs. I work in a dead-end. money is the only factor preventing my retirement, I could easily leave my desk exactly as it is right now & I wouldn't miss a thing. years ago living in a van by the river was a bad thing now "Van life" is a goal for some people (not me). I like you content & will keep watching.

[@CORRIGEEN71]

Retirement is removing the obligation of work not stopping

[@davidbrown2625]

Great video Paul! I think everyone is different. I would be a fan of the FIRE movement but I wouldn't disagree with you either since you make good points in the video. My understanding of the FIRE movement is that you don't have to spend lots of money to enjoy life. People will spend 10k+ on a car when they don't even drive that much. People have houses with more rooms than they use. Fancy clothes, watches and other crap to impress people they don't know. I think cutting out expenses that doesn't improve the quality of your life is a good thing and using that money to invest in the future rather than wasting it is a good thing.

[@davidbrown2625]

Too many people are stuck in the rat race trying to impress people they don't know. The fire movement to me seems like a good way to get out of the rat race and live a simple and happy life. Living a simple life or being frugal doesn't mean not enjoying life.

[@AnaMaria-wg8xb]

What Pension Fund has a 8% interest per annum in Ireland?

[@michaelhoughton84]

Especially after fees and inflation.

[@ronanhunt88]

You can invest in the s&p500 or a global equities fund via your pension. So they historically return 10% plus (on average) so around 7% inflation adjusted. I’d assume 5/6% to be conservative and be happy when it does better!

[@dazza4345]

100 percent agree.You have to a balance between the here and now and the future.

[@iLikeTolookAtUtube]

I think you have mixed lean fire with fire here . Theirs also coast fire where people know I can if I want retire from this date but I don’t have to if I don’t want to . So many people can afford to retire but simply haven’t looked and seen this fact. It is as the comments mention as well about minimalism as well . Absolutely love your content but I think you missed the mark here

[@serialkiller288]

What if i could pull it off by 25 then its not bs at all!

[@markobrien2241]

Love it.. We are the same love our jobs but maby want to have secure finaces at 55 not to retire but have the choice incase anything pops up along the way.

[@rullanrinaldi5602]

Well said

[@sneydyman]

Yes but which pension plan provider give good fees that's alway the problem

[@teamaskpaul6124]

The lowest fees doesn’t mean it will be the best performing fund. I wouldn’t mind paying a bit more for a better fund manager. Reach out if you want to discuss options. Thanks Mark - askpaul team

[@cormacobroin]

Paul, you've straw manned what the movement is about. This is awful. You're financially incentivised to not have people do fire. This video is deliberately damaging

[@foodmens]

Age 55? Nahhhh Phuck That Mate! I already did the math. Suffer now, Leisure later with more time on my side. Your advice is not bad, heck I agree with ya. But I want to do this Faster.