My FIRE Failure and How It Exposed REAL Financial Freedom

Financial independence is NOT dependent on Wall Street. With the stock market at all-time highs, this message must be told: I tried F.I.R.E. 20 years ago and it was a dismal failure-- but it made me realize what TRUE financial independence is about. The FIRE movement (Financial Independence Retire Early) is based on a 10 year bull market which has the right intent, hitting the right neighborhood, but unfortunately, lands at the wrong house.
Yes, I leverage the stock market (as described in Unscripted through what's called "The Paycheck Pot" [See here: www.thefastlan... ]) but I AM NOT RELIANT on it. I much prefer an ailing stock market, rather than a robust one.

[@andrewlowes3224]

Thanks for your work MJ - I was considering the 9-5 rat race as that was all I was taught growing up - but after reading the millionaire fastlane I decided to pursue a CENTS business instead, and now I'm well on my way to doing over £100,000 in revenue in my first year selling at 19! Looking forward to your next book.

[@FastlaneMJ]

Strong work!!!

[@peteraspe5544]

What business r u in?

[@lifeisabadjoke5750]

@@peteraspe5544 he won’t say he just wants to brag online

[@fejioawdgafd8496]

Hello? I am a high school student in Korea. I happened to read this book in the library and my life changed from that day on. Throughout the book, my whole body was thrilled and I was in tears. These days, I am working hard to find a businessable topic, and I feel that I am alive every day while studying self-improvement, exercise, language study, and programming. Thank you.

[@goodfornothings]

Nice, keep going. Hwaiting

[@fejioawdgafd8496]

@@goodfornothings I haven't seen this in a while. Thank you for the comments! About two years later, I am now 20 years old, and I work an average of two hours a day and make a net profit of 3 million won a month. In my spare time, I keep studying to give people better value. I really enjoy living these days. Thank you. (Turn to Papago and the translation might be weird. ㅜㅜ)

[@zipsa_storage]

안녕하세요 저도 한국인이에요 반갑습니다!! 저는 몇주전에 부의 추월차선이랑 unscripted 를 읽고 요즘 되게 의욕에 찬 상태예요 ㅋㅋㅋㅋㅋㅋ 내년에는 휴학하고 창업관련 여러가지 필요한 공부를 해볼 생각입니다.. 혹시 어떤 일 하고계신지 여쭤봐도 될까요?? 저는 아직 편의점 알바로 용돈벌이나 하는 수준이라 어디서 시작해야될지 좀 막막합니다ㅜㅜ 깨달음을 얻고 실천하는 삶을 살고계신 것 같아서 진짜 존경스러워요! 이 댓글 읽으시면 답글 달아주세요🙂

[@fejioawdgafd8496]

@@zipsa_storage 안녕하세요. 이 댓글도 오랜만에 보네요 ㅋㅋ 현 pdf판매, 스마트스토어 하고있고, 앞으로 pdf기반 일대일 컨설팅, pdf연쇄출간 기획중입니다 ㅎㅎ 저는 개인적으로 컨텐츠 제작을 할 때 행복하다는 감정을 느끼는 거 같습니다.

[@zipsa_storage]

@@fejioawdgafd8496 오.. 스마트 스토어는 고려해본적 있는데 pdf제작도 알아봐야겠어요 감사합니다!! 앞으로도 보람찬 일 하시면서 경제적으로 자유로운 인생 사시길 바랍니당٩(´꒳`)۶

[@prabhakaranjeyamohan4579]

Mj. Thanks for the video. I am waiting for your videos every time. It's been a while since you uploaded anything. All the videos you release are concentrated with value.

[@FidoeFTW]

The idea of not being able to buy what I want, when I want, and handing over my hard earned money to some random broker makes me sick. Thank you for this video MJ.

[@eldelnacho]

Hello MJ, thank you for your insight. I must say both your books have changed my life, I've read them several times now - I started my serious self-improvement journey this year and read a lot of books along the way, most of them talking about BS stuff like think positive, think yourself rich kind of books, which at first were nice to read but had no practical application in real life besides "meditating for success". Your books are the real deal, no BS, straight to the point and with great advice. Thank you.

[@method341]

MJ it looks like your prognostications came true! I am hearing about all these people delaying their retirements amidst the current bear market.

[@heyzeus4045]

*Index funds = handing over my money to someone I don't know, to invest it in something I can't control.* PS: Thank you, MJ.

[@jeremytorgersen]

Great perspective!! While I do strongly follow the FIRE movement, and have for the past 4+ years since discovery (followed Dave Ramsey and Rich Dad Poor Dad prior to that - it wasn't extreme enough). Loved the books 'Early Retirement Extreme' , 'Your Money Or Your Life' , 'Antifragile' , (and many other books/blogs/podcasts) so I have the "floor" of frugality, simplicity, risk, and tax efficient investing mostly figured out, now on to raising the ceiling because I simply don't want to keep working the 9-5 in the office for much longer, even though it can be lucrative - being commercial insurance sales. I admittedly am one to take frugality a bit too far, and this is what I hope to change while still living a preferred simple life. My why is mostly escaping the rat race and not being told what to do and when. At 37 I am very close to FIRE now, however I do want to start a business or plural (finally) after procrastinating for so long. I suppose I am in the "middle lane", if there's such a thing. Inflation, healthcare, and future tax rates concern me, so I want other businesses in place to generate several more streams of income! I don't care about stuff, I want the autonomy to do what I want when I want, not asking a boss when I can take a vacation. That, and I don't enjoy the weekends because all of the hiking trails and National/State Parks are packed with the "majority" weekend warriors, no thanks. After watching several of your videos and interviews, I just ordered both 'The Millionaire Fastlane' and 'Unscripted' and am excited to read them both and put them to work! Also looking forward to the third book when it comes out!

[@InfiniteValue]

Family Fitness and Freedom! This is the perfect balance. Following the CENTS model I was able to start a profitable vending business! Execution is KING! I’ve read both your books and love the value you provide. Thank you for sharing this eye opening video MJ

[@mateusznowak6598]

Bro after your first book fast line... I change evrything i go from 3 k usd to 40 k usd on month, that wos game changer for my, this book shake my brain you are king of money

[@VinnyMickeyRickeyDickeyEddy]

It's now 2020 and you were right.

[@edmoney4244]

Great video MJ, another blast of truth into putting another hole in the 'veil'. Thank you for helping me wake t.f.up

[@sebholding]

and so what kind of investment instead is supposed to be indépendant from external factors such as the state of the economy ?

[@FastlaneMJ]

No "investment" is immune, the point is not to RELY on investments. Be debt free, own your house with no mortgage, cash, some real estate and other business assets not entirely linked to market dynamics. The trade off (of course) is you have to be OK sitting in cash while a market euphoria (like now) is underway. Thank you for stopping by.

[@sebholding]

MJ DeMarco I didn't know the real estate market, cash (with a negative real return) and businesses are independant from external factors such as the state of the economy. thanks for your help.

[@generalqwer]

@@FastlaneMJ Big fan of yours MJ, but would have to agree with this guy, real estate and business assets are most definitely linked to market dynamics, not sure sitting on cash is the best way to go about it either. Index funds are recommend by Warren Buffet and many other great investors. They are not as bad as you make them out to be. You received an unusual amount of dislikes so there maybe a point to this.

[@grf73tube]

@@FastlaneMJ you need to put your money somewhere, and when you do it you become dependent on economic and market dynamic. If you keep cash, you're basically doomed unless you have several millions

[@brendanhall7539]

I don't think you can ever be completely independant of the market. The idea is to outsmart the market at rise to the top. Gold and residential housing are pretty solid investments.

[@JushinEmpire]

Thank you, MJ. I'm in process of executing my first idea after reading both your books.

[@benweaver7455]

I tried starting a business. I don't have what it takes. The stress alone would be a painful death. I can't settle for the 9-5 because I have no skill. My new goal is to die really early and inherit my riches in heaven.

[@goodfornothings]

😦

[@radekgasior]

Still in shape!

[@danstephen4780]

Thanks you alot for this advice sir Mj Demarco.

[@frankschannel1]

By that definition you cant ever be financial independent. If the whole economy collapses it does not matter how much you have stored away.

[@mihaiioc.3809]

While this is true, if you got rich one way or another, and still own that asset, chances are you can still use it the same way, except not money but people trade their goods or something like they used to before money was a thing.

[@zacharyreynolds5192]

4:40 Yes, it happened again 2020

[@Putseller100]

Yes and bounced right back up. In fact that’s how it has always been happening. If people choose to sell in those situations they don’t have what it takes to be successful.

[@AK-47ISTHEWAY]

​@Putseller100 I don't think you understand how reality really works. If you were just getting ready to retire and a market crash happened, would you be able to postpone it for several years? What if you were already in retirement? Would you be healthy enough to come back out and start working again? Would you even be able to find a job?

[@TyRaNn254]

Well done! I really love your books and your forum but in this Video i just partly agree with you. I have to say i also invest some of my money in the stock market. If there is a crash, i rather see it as an opportunity than a disaster. Of course if u put all your money in, you´re screwed. But if u, for example would have waited in 2008/2009 till the crisis is over, and did not cash out all of your money from the stock market , you probably would be even "richer" today. Time in the market beats timing the market :). Keep on going. Props to you MJ!

[@dailyhacks4634]

Interesting view on fire, however some of us have started creating a business and failed you have done it twice so you have those skills. You have to depend on something weather it be stock market or a customer . I would rather depend on this stock market than making customers happy and selling things or creating products. .. you need to have savings and add them as a part of your portfolio. Investing only in s&p 500 is not a great stratergy. I am not hating on your idea but I have seen 2 re recessions . And not seen and major dips in my portfolio as I live within my means . I don't drive N expensive car it dosent matter to me and nor do I want to buy fancy sneakers. What I do want to do is be a master of my time. I rather own parts of 100 business than start my own . Fire is a lazy person's way to freedom . Call me lazy but this lifestyle suits some of us.

[@Elaba_]

You need to know upfront: can I handle a stock market crash financially and psychologically. Imagine you have got 100.000 dollars to invest in stocks: I would invest 10.000 dollars each year in the coming 10 years. It's a form of dollar cost averaging where you're probably less likely to sell out of fear. Also do some research about 'coffee can investing'.

[@deejay3297]

as expected, another wise and excellent message, but hey! how do i git rich quik dog??

[@Ragnar6000]

the fastest way to get rich is to build a business!

[@deejay3297]

@@Ragnar6000 actually its becoming a single mother

[@kevindudson2344]

That is what I say to everyone who will listen. The biggest mistake new investors make is to invest now.

[@stephtraveler7378]

I'll add one to it... If your FI is dependent on selling the benefits of FIRE on youtube, ,you are not FI, nor RE.... Hear that MMM?

[@randomnumbers84269]

Screw stock market... Hodl bitcoin instead.

[@MinecraftWood67]

Work of a genius. Dunno why KZbin is full of crappy shit with millions of views and something like this equals 10k views.No comment.

[@csjaybit]

wow! he predicted 2020 crash!

[@santimerino]

Thank you again MJ. You're great. See you in the Fastlane!

[@kebman]

Two words: Stop Loss! :D Buuuut yeah, when the market crashes usually those aren't even triggered ... So here's a new few words: Get out early! Or don't play at all. Tho, tbh, if the market is clearly moving upwards, and you're not in it, then you're losing money. Which leads to the _next_ few words: Learn how the market works, so you don't invest blindly!

[@johnp7739]

Yep. I'm not completely against index funds, but you're talking a huge risk if your retirement depends on the S&P 500 continuing to gain 10% annually. We're not only on a 13-year bull run (since 2009), but a much longer bull run since the early 80s. Stock valuations (i.e., how expensive stocks are relative to their earnings, book value, sales, etc.) are at some of the highest levels ever, even after this 10-12% decline.

[@g.starkiller6354]

Here after Coronacrash well rip Fire guys :D

[@bhaveshpanchal5835]

It did happen in 2020

[@bossturbo]

2020 stock market checking in... 💥〽

[@bryanramirez1280]

lol

[@bossturbo]

@@bryanramirez1280 no worries I made it all back and then some on GME 😂😅

[@bryanramirez1280]

@@bossturbo Great to hear! 💎 Hands!

[@Philcoonan]

You never said what the stock market alternative is. Did you leave that money in a checking account to make 0 interest?

[@krod16]

Earn a ton from business. Then an option like government, municipal bonds that offer low interest but secure.

[@mihaiioc.3809]

Did you even hear one word of what that guy said?

[@naythaniel]

@MJ DeMarco Have you read "The Intelligent Investor" by Benjamin Graham? I'm curious what you think of it. I read it when I was a kid (I was a finance nerd.). And recently reread it after reading your books. And I looked at it in a new light.

[@gersonadr2]

I’ve read both MJ’s books and Graham’s. My 2 cents: “The Intelligent Investor” is great for developing the necessary behaviour for a competent investor. I find myself going back to this book anytime I need to clear the media noise and relearn the fundamentals. Now, this is where it falls short imo: it goes ad nausea on bonds vs shares allocation, but never touches on real estate, not to mention entrepreneurship. MJ’s are a different beast. His approach to wealth growth is not your average 8% market returns, but a potentially 1000% pa returns over a business system where you control (and leverage) all the variables. Noam Chomsky once said, “The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum”. MJ biggest contribution on me personally is to realize there are are more options out there

[@esenciadelcaribe]

MJ, because of the Millionaire Fastlane book, I’ve decided to start a clothing brand in the Caribbean niche. Recently starting out, I’ve made 3 sales and hoping to scale faster after I learn new marketing strategies. Thank you for opening my eyes.

[@Ragnar6000]

Awesome MJ, im working on my cash flowing online business, which will then fund my dividend money machine, enjoyed your book the Fastlane.

[@dark9218]

So true man but what we suppose to do while we come up with this fastlane idea? Gotta do something man

[@caninho1]

Aren't dividends also coming from the stock market? What's the difference there exactly? In unscripted you showed us how you can get 40k a month in dividends while your capital is still there.Thx

[@FastlaneMJ]

In a collapsing market, you will still get dividends, but your principle will suffer beyond the income. The point is not to be reliant on it, and to not only survive and OUTLAST a collapse, but thrive in it. As the vid stated, most folks can't survive a crash and the duration of the recession. I invest in the stock market, but it rarely exceeds 10% of my net worth. (See the link in the description)

[@caninho1]

@@FastlaneMJ thanks!

[@florianruhstaller1730]

@@FastlaneMJ what else do you invest in? Real estate? Mortgage lending? Bonds? Your own business?

[@frenchcreators6299]

Merci, je suis français et j'ai découvert depuis peu votre livre "l'autoroute du milionnaire". je l'ai dévoré ! Continuez à nous inspirer et nous donner le plaisir d'entreprendre !

[@MrDonkov]

FINALLY another MJ video :)

[@LEON-vt8zz]

Thank you sir MJ Demarco for this important information!

[@bryanramirez1280]

I guess a follow up video could be on where you do place your money if not the stock market in an inflationary enviroment.

[@AK-47ISTHEWAY]

T.I.P.S. Treasury Inflation Protected Securities.

[@davidvillarejo1593]

thanks you m.j

[@mithilmallya2829]

He was so right!

[@xXxno6xXx]

Well, if you got enough capital, that even with a 90% meltdown you can live the life you want, things are kinda fine I guess. I have a number in mind for financial freedom. Exceeding the necessary number means adding probability of staying retired after are meltdown. At some point its just a exploit explore tradeoff.

[@martinjosephlubowa]

Thank you MJ for the millionaire Fastlane and unscripted life books. I am now on my new journey of building a CENTS business!

[@cato451]

The risk free rate currently stands at 0.75% so in order to generate $30,000 a year in income you will need $4M.

[@modesto885]

@MJ Demarco can you elaborate on why your not a big fan of Warren Buffett as you mentioned on another video? Thanks.

[@stachowi]

Fucking Yes!!! MJ video!!! When is the next book coming out?!

[@SuperTripps]

Thanks for exposing this

[@season2463]

MJ, Thank you . Great vídeo . We need more !

[@RobertR1611]

Fastlaners are frugal with time.

[@youssa5789]

Good job Mj (from a french viewer)

[@MarioJPav]

So is that book "your money..." a slowlane book or fastlane?

[@ericaung592]

Love u mj! Do more videos please 😊

[@TH-uw9py]

This was EXACTLY the video I needed. Thanks MJ!

[@pentrubarbati]

In what did you invested your mnoney ?

[@rudged123]

Exactly! He never tells us.

[@PassiveIncomeTom]

Fantastic video MJ!

[@rudged123]

Let me get this straight, he sold what he anticipated to be 4%of his portfolio at a time when the overall market went down, meaning the amount he liquidated turned out to be a higher percentage than he planned. The market went right back up, along with the total value of his portfolio (assuming he invested in index funds). He makes it sound like he went bankrupt.

[@MN-wg8qd]

You could take 100 smart people and have half try entrepreneurship and have the other half become software devs who switched jobs for $$$$ every few years. I guarantee that the latter group would be more successful overall and could retire by no later than 40 anyways with plenty of money. I can make 200k+ as a software dev and you call that slow lane. You'd applaud someone who hustled to generate a business that makes 200k. I think that the personality type that will be successful in business is very rare. For every person who can be a successful entrepreneur, there are probably ten that could be in upper tier paid work and do very well for themselves.

[@SuperTripps]

This man lifts the veil on everything

[@MN-wg8qd]

Business owners are financially dependent on consumers and overall economic realities just as much as stock holders are.

[@Visiomax]

I might be too crazy with this but is "The Adventures by Joe Schmoe" your next book?