Why the FIRE Movement doesn't work (Financial Independence, Retire Early)

[@KappaBoba]

Fire isn’t about making your life miserable until you retire..

[@dannydiscovers]

But it can have that effect if it's too intense

[@beastofthewest3713]

Greatness requires sacrifice

[@La_sagne]

but its hard to find whats actually making you happy and how much money makes you how happy

[@OSP715]

This video should have been title as "Why the FIRE Movement doesn't work for me..."

[@dannydiscovers]

Everyone is different

[@eightsprites]

Things changes with age too. Im 46 and I feel doing ”nothing” doesn’t bother me. I can do something intensive and then nothing for a while and then doing something intensive again. But I dont feel I _have_ to do something. I think sitting a month on a beach probably would work. Could never do that mentally when I was 25.

[@dannydiscovers]

Yeah it for sure changes, I guess I'm aiming this advice at younger people who are craving retirement in their early twenties.

[@LegDayLas]

FIRE is not for everyone, and it's also commonly misunderstood (as you did). The "retire early" aspect is what causes it. People that achieve FIRE do not just retire in their 40's, they continue to work because they want to work, not because they need to work. The have separated their financial wellbeing from their work and have thus "retired early" from dependence. If what you do now is what you enjoy and can do it without sacrificing finances/your future? Then hell ya, do it. Not everyone has a thing they enjoy that can also fund them through life.

[@dannydiscovers]

solid point. I think my main issue was depriving myself for some future that isn't guaranteed. It works for some but that was just my take

[@Kevin-ol3vx]

@@dannydiscovers There is a difference between negative freedom and positive freedom (freedom from vs freedom to). You're correctly orienting yourself in valuing the life that you want to live, but ignoring the massive time investment of holding a full-time job, and how that limiting that will also be in the long term. You have this "save money" OR "go out with friends and enjoy yourself" mentality, where you could have an "AND" mentality instead. Deprivation is always going to be depressing and unfulfilling, but choosing freedom for yourself later doesn't have to come as complete deprivation now.

[@coreyschneider4041]

Great point about “retired early from dependence”. I think most people go work at jobs they don’t love and allow bosses and people to belittle them/stress them out because they are dependant on the job. Having independence through money allows you to choose whom you want to surround yourself with. This reduces massive amounts of stress. Money buys independence and time. Money can reduce a persons misery that comes with dependence.

[@TheFIREdCouple]

Absolutely! that is our motto as well - "Financial Independence is a must. Retiring Early is an option"

[@TheFIREdCouple]

@@Kevin-ol3vxAgree. As long as you are not just "retiring from" your job but actually "retiring to" your interests, passion - FIRE will work for you.

[@Castro-worldbravest]

I’d be retiring/working much less in 5 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $250k per year, but nothing to show for it yet.

[@M.Morgan]

it is never too early or late to start retirement planning, there are advisors out there that can help you build a personalized plan

[@arlenehill4ril]

Money advice is subjective, what works for you may not work for me, but it's always better to plan. I'm quite lucky exposed to personal finance at early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after 100s of thousands invested subsequently.

[@pluto1of1]

bravo! I am 36, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in this shaky economy, can your advisor please be of help?

[@arlenehill4ril]

Can't share much, I take guidance from 'THERESA LEIGH DETRICK' a renowned figure in her industry with over 16 years of work experience, I'd suggest you research her further on the web.

[@okaydamian]

I feel excited to have come across this, curiously inputted Theresa Leigh Detrick on the internet, spotted her consulting page ranked top and was able to schedule a free session. Ive seen commentaries about advisors but not one looks this phenomenal

[@hartlytartly]

I'm not going to assume too much, but you talk very much in "me" "I" and "mine" terms, so I'm going to assume you're single. It's not really a surprise that you got bored of doing what you want, by yourself, in a couple of weeks. I'm at a place financially where I can cut back on work and spend time with my family, and there's nothing in the world that's better than that, and for that FIRE is awesome, especially the FI bit.

[@dannydiscovers]

FI is good for sure - just overly sacraficing is not my jam anymore.

[@dadventure-tales]

This. I am in the same boat. The closer you get to FI, the more relaxed you feel about work and career in general. Still a staunch believer in the FI/RE movement. RE part is mostly misunderstood though. It doesn't mean wasting your life away drinking. It means now you get to do whatever the hell you want and live life in the slow lane (or the opposite of the commuter lane). For example, you can become a park ranger. Doesn't pay enough to secure a comfortable lifestyle. But, if you're FI, then you don't care about the low salary. You just enjoy the work. and when winter comes, quit and find something in the warm islands. Just an idea.

[@estherchandy6292]

It works for me. Elegantly, beautifully, frugally, simply

[@dannydiscovers]

Sounds good

[@cgmtv]

You had an experience at 20-something years old, when your wisdom is not exactly stelar, you got bored because you just thought about hobbies and you take a huge conclusion about the FIRE movement.... Again, you did what youngsters do, thing they know "all". Life will teach you a lot, about yourself, about the others, about what's important and what is not. The path to FIRE is not linar and everyone has their own. Some like to save money, some like to spend a little, some start it hard and then slow down, due to an event, etc. A man and a river will never meet twice. We will never be the same tomorrow and the river water (the context of your life) will not be the same.

[@dannydiscovers]

👍

[@FinancialFreedomLifestyle]

What people get wrong about FIRE, yes saving as much as possible is good but you need to combine that with making as much money as possible and invest everything you can. We "retired" from our day jobs 3 years ago at 28. It's doable but some of the old info out there is outdated.

[@dannydiscovers]

Congrats!

[@stevendoesburg6555]

I think context is important to understand where the movement came from and what they mean when they say retire. FIRE started with white collar graduates in the us making 100k+ straight out of university in a high stress and high pressure corporate environment and a culture where everyone spent every penny they earned and more for 40+ years until they retired. In this context the realisation that you can live ‘frugally’ and still be happy on 25-30k a year, invest the remainder and be able to ‘retire’ from the high pressure high stress corporate environment 30 years early was novel and appealing. Retiring in this context does not mean lying around on the beach all day drinking cocktails. It means getting out of a work environment you don’t enjoy and being able to spend your time doing what you want without having to depend on it for income. Most people who managed to get there are still doing productive things after retiring from the corpo stress and bs. Many who are new to the movement focus on the RE part but the FI part is much more meaningful than they realise.

[@stevendoesburg6555]

Also, frugal from a middle class American perspective and frugal from an Irish/European perspective are probably not the same thing. What they call extremely frugal I consider a pretty normal and sensible lifestyle here in Holland.

[@dannydiscovers]

Totally agree

[@Anyone-zb8bh]

Retirement if you want to call it that isn’t about too much time on your hands. It about the one thing you can’t get back and that’s time. Financial independence provides you the opportunity to gain back your time to do what you are intended to do with it. Not what someone else wants you to do with it (ie work for a paycheck). There are many methods to get there and they all require saving now to spend later. Some are more aggressive at it than others and one person’s “enough” may be another’s starting point. Point is not to miserably save enough to just get by. It’s to build enough wealth to give you the freedoms you want to enjoy with what limited time you have on this earth. Find your supplemental number that you can work towards and make that part of a complete package.

[@dannydiscovers]

Agreed

[@christophdenner8878]

I think things change over time, especially in your 40s. I'm in my mid 40s and after more than 23 years high-speed in the rat race, mostly in abusive demanding jobs, I love the idea of doing "nothing" and just living day by day. Honestly, the times I was unemployed were the happiest months of my life. It's wonderful to have an empty calendar, I can spend weeks/months just having slow mornings, cooking, going to the gym, learning languages and dedicate myself to scientific topics, read great novels, be out in nature. My days are absolutely fulfilled without the awful grind in corporate treadmills. I can't wait to retire soon. To the young people out there: you dont't have to deprive yourself in your 20s, but do save a good portion of your income and invest it wisely, eg, low cost ETFs. In your 40s, this might allow you to say Goodbye to the rat race as your 45-year-old body will feel totally different than your 25-year-old body. Talking from experience. Enjoy the journey!

[@dannydiscovers]

Good advice I suppose it is also an option to work in a less demanding job too. One that we won't dread

[@christophdenner8878]

@@dannydiscovers Yes, absolutely. I think it's the wiser option. Would I be in my 20s again, I'd do that. I was very ambitious when young, studied a lot, did a PhD, worked demanding jobs - would never do this again. These types of careers consume our lives. I had a terrible burnout from which I have not yet recovered. I'm a late GenXer (born 1978), I think GenZ will not buy the grind as we did and that's a good thing.

[@hey_atw4711]

My early retirement isn’t actually retiring but retiring from a job I need to a low paying job I like

[@dannydiscovers]

Same as my perspective really

[@aristotelisp3667]

Great attitude of looking into the future. Isn't it stressfull though being a freelancer to manage all aspects of the services you provide, from time managing all the way to finding a closing deals with clients? I genuinely want to know. Thank you for your sharing your life stance.

[@dannydiscovers]

Yeah it definitely is stressful at times. Particularly when there are gaps in work. I think once you determine that the trade-off is worth it, then it becomes easier. I got a wake-up call when my "secure job" let me go when the pandemic started. Since then I believe all jobs can be stressful and insecure.

[@Pieter2360]

It’s about FI, not necessarily RE.

[@dannydiscovers]

just my views

[@LoganGabriel6m]

"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."

[@SophiaChloé6f]

Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.

[@AbigailOliviaq4l]

Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.

[@LincolnFelix-s4z]

That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.

[@AbigailOliviaq4l]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.

[@LincolnFelix-s4z]

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@burtking4270]

I like the video - but I think you need to talk to some people who are actually older and retired to get their perspective. Friends and the beach are great but you have a long life in front of you. A lot of things WILL go wrong along the way and not saving enough will be a terrible mistake that you can't undo once you're older.

[@dannydiscovers]

Agreed. Saving is important. But for me, extreme frugality isn't worth it

[@johnmurray20]

got some good inspiration for 2024 from this

[@dannydiscovers]

Great to hear John!

[@Engineering-zw3fv]

i'm 35 years old and totally unhappy with my actual job. i spend my days rushing from tasks to tasks without any kind of enjoyment. This years, i decided to learn web development and enhance my english so i can find projects as a freelancer. Do you think that my age will be an obstacle to achieve my goal?

[@dannydiscovers]

Actually you will get more natural respect as a freelancer when you look a little older

[@shirelylinero]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

[@doran-f6w]

I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.

[@Godwinkeneth]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@kevinvictor-s2w]

This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.

[@Godwinkeneth]

Angela Lynn Schilling is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@kevinvictor-s2w]

Thank you for the lead. I searched her up, and I have sent her a message. I hope she gets back to me soon.

[@michaelmayes9689]

I admire the Fire movement it goals and aims. Any normal working person should take something away from this philosophy, it's about cutting out wasteful spending and diverting it into producing wealth by investing. The reality is most normal people will fail ,as to follow this philosophy and retire early as you need investment capital and that is the problem, most people only can invest a small amount but by compounding for 30 years this will produce a significant amount. The 2nd inhibitor is life itself, you can't guarantee employment or that you will not suffer a financial crisis via an unexpectedly large bill. Many have a goal of not retiring early but the ability to live off some part of your investment income and work part time. Investment income gives you one thing and that is a degree of independence and that should be our goal. If the Fire movement doesn't work for me then is the problem with the philosophy or with the individual ?.

[@dannydiscovers]

I agree with living below our means - I don't agree with postponing all joy until we retire. That's a mindset I see a lot. "Skip your daily coffee now because when you're 50 you'll have freedom" My opinion is to bring joy and freedom into everyday life rather than waiting. That doesn't mean you shouldn't save money or invest

[@michaelmayes9689]

@@dannydiscovers Danny i have not written that you should put off buying coffee or enjoying life, as these are personal choices which we all have the choice to make. I am an older person. and what i find utterly amazing is people want to retire early but don't even expect to put any ground work in by just looking at their expenditure as seeing what they could cut out and divert into investments in order to make a revenue stream which pays them.. My only concern with the FIRE movement is after conditioning your mind for 20 or 30 years to live a more frugal lifestyle you become conditioned to that state, the same as spendthrift people who can't stop spending will these people be able to stop saving and start spending, it is easy to say but i fear many will find it hard to do. Today many in society feel they need to reward themselves, they deserve, they need gratification of owning a new handbag pair of trainers as they deserve it, but the reality is they don't need it. I think that people who follow the fire movement, still live and enjoy life but have learned to cut out unnecessary expenditure and are able to divert some money into a income stream.

[@dcabral00]

I found that I enjoy my time off only when it hasn't been available for a while.

[@dannydiscovers]

same exactly

[@Johnny_Mor]

Yup. True.

[@divertiti]

No one is lied to you and FIRE works as well as you plan it. Just because you failed to do the prep work before pulling the plug and had no vision or self awareness of what you wanted your life to be, it doesn't mean the movement itself doesn't work. This was 100% on you.

[@dannydiscovers]

glad you liked the video

[@TheWilDOn31]

So I'm guessing you already retired and are now bored watching KZbin from your yacht, since you are so sure this bs works. If not, then you are probably immature, gullible and driven/controlled by ego and the internet.

[@gs.artist7]

Which IDE do you use to make websites? Should l use Sublime Text or visual studio?

[@dannydiscovers]

I use VS code, I started with it and just kept going.

[@koolkevinc]

Definitely vs code

[@DrKnowsMore]

FIRE only works if you have a high income, like double the national average.

[@dannydiscovers]

Maybe yeah

[@JW-ku7nn]

FIRE isn't about trying to save every penny and be miserable the whole time. The key to FIRE is about balance. Its cool you are shifting your goals, but to say FIRE doesn't work is very misleading.

[@dannydiscovers]

Get's clicks though

[@yeeedwin8]

❤❤❤

[@dannydiscovers]

🤙

[@330DKNY]

Get better hobbies, you talk about wasting your life in early retirement, what do you think most 9-5 jobs are?

[@dannydiscovers]

very few hobbies take up full time. Also the whole point of the video was to find work worth doing rather than living frugal and working at something you hate

[@SquallTheBlade]

If the only thing you can think of doing in your free time is workout and an activity you dont even enjoy, I'm sorry but you dont even HAVE any hobbies. Some people actually do and would enjoy the free time.

[@dannydiscovers]

Thanks for watching

[@SquallTheBlade]

nice non-response lmao@@dannydiscovers

[@saadbinmohsin1848]

"Hey man! Great stuff. Loved the video. However, imagine how much more engaging it could be with added sound effects, editing, and graphics. You don't necessarily need to hire someone for this! I believe I can assist you as I'm new to programming but have video editing skills. I'm looking to expand my network and think this could be a beneficial opportunity for both of us. If you're interested, please reply with your email for further contact."

[@dannydiscovers]

Thanks for reaching out but I'm happy enough with what I'm doing for the moment 🙌