Kevin O'Leary discourages FIRE

[scrabbler1]

O'Leary also wrongly assumes that people want to socialize with their coworkers. I had extremely little social interaction with any of my coworkers (inside the office but especially outside the office) in all my years working. Therefore, I wasn't really losing anything when I left. Instead, I regained control over my personal life, now able to do things I hadn't done before or in a while.

[Blueskies123]

I will take the opposite side on this opinion. I think he is right for MOST people but not for people who have had a plan for a long time, have modeled their options, have thought about health insurance, budgeting, and social life. My dad, who without any kind of plan and savings, quite at 62 because someone made him angry is living solely on social security. I suspect 90% of people who retire early are like my dad.

[joeea]

Celebrities often say stupid things.

To stay in the spotlight, celebs often resort to extremism and stridency. That doesn't make them right.

[ziggy29]

Quote:

Originally Posted by Blueskies123 I will take the opposite side on this opinion. I think he is right for MOST people but not for people who have had a plan for a long time, have modeled their options, have thought about health insurance, budgeting, and social life. My dad, who without any kind of plan and savings, quite at 62 because someone made him angry is living solely on social security. I suspect 90% of people who retire early are like my dad.

Maybe. But there is a difference between "work longer because you probably aren't as financially ready for retirement as you think" and "work longer because work is what gives meaning and purpose to life".

You are mostly talking about the former, and to the extent it is true for any given household, I would agree with it. The latter is purely projecting one's own values and experiences on to everyone else -- "I don't care how financially and emotionally you are ready, WORK WORK WORK!". It is the latter attitude that people here are largely taking issue with, not the former.

[daylatedollarshort]

There is a way to have a social life outside of work. It is called making friends. In fact the longest running study on happiness found that social connections, not work, is major key to happiness: “Our study has shown that the people who fared the best were the people who leaned into relationships, with family, with friends, with community,” Waldinger said in the TED Talk."
Source:
https://www.cnbc.com/2018/03/20/this...uccessful.html

I find it interesting that business people are often focused on data and research to manage their businesses, but do not apply that methodology into their own happiness and personal lives. The research on happiness studies often point to factors like exercise, relationships, gratitude, being a part of one's community, health, nutrition, music appreciation, getting out in nature and mindfulness, not working 24 X 7 or dying with the most money. There are no happiness studies I know of that support a "Lean In", go out to business meeting dinners after you put your kids to bed, kind of lifestyle.

[bushpilot]

There are other (and often better) ways to have social interactions besides getting paid for it, just like there are better ways to have sex than being paid for it.

Likewise if one desires to be "productive" (generally a healthy desire), getting paid for it is not the only way to get there.

[kcowan]

Quote:

Originally Posted by mystang52 In the last week I've had a taste of "retirement without anything else to do" as I recover from being sick. It's tough being cooped up, and I could see how someone doing this voluntarily would see work as a better option.

When I got bed-ridden, I rationalized that at least it was a day off. Now that I am retired, I resent the intrusion to my active retired life.

[MRG]

Quote:

Originally Posted by Blueskies123 I will take the opposite side on this opinion. I think he is right for MOST people but not for people who have had a plan for a long time, have modeled their options, have thought about health insurance, budgeting, and social life. My dad, who without any kind of plan and savings, quite at 62 because someone made him angry is living solely on social security. I suspect 90% of people who retire early are like my dad.

Well I left early because my VP was a screaming idiot but that's where the similarities end. I had a plan and savings, I left a year early for my health. No sense staying to be yelled at and insulted because someone doesn't have a clue about technology.

No amount of yelling changes how hard people w*rk, the smart ones find different things to do.

[Spontaneous Saver]

Quote:

Originally Posted by Bigdawg I'm at work right now and I'm bored.

+1

[Teacher Terry]

My social life never revolved around work. I kept the 2 separate.

[Gumby]

Who is Kevin O'Leary and why should I care what he thinks?

[MarieIG]

Quote:

Originally Posted by JoeWras He's dead to me. Kevin, turn around, and walk out that door.

[youbet]

Quote:

Originally Posted by Blueskies123 I will take the opposite side on this opinion. I think he is right for MOST people but not for people who have had a plan for a long time, have modeled their options, have thought about health insurance, budgeting, and social life. My dad, who without any kind of plan and savings, quite at 62 because someone made him angry is living solely on social security. I suspect 90% of people who retire early are like my dad.

I'll take that one step further.......

Here on this forum, many define FIRE differently than what O'Leary is talking about. He was in his 30's when he became very, very FI and did retire. But then, three years later, decided the rush of starting another successful company, being employed in a challenging/stimulating situation or similar was calling to him and he went back at it. That's very different from many of the members here who talk about FIRE in their late 50's or into their 60's and even then are overcome by the "OMY" syndrome.

To me, the interesting cases to read about on this board are the folks FIREing in the sense the millennials think of it....... EARLY, and likely with some risk and acceptance of the unknown involved. The risk can be financial, family, personal, social or other. But many/most of us, like myself, chose to remain in the harness and pulling the plow into our 50's and 60's for whatever reasons. I really can't fault O'Leary for pointing out what he's pointing out.

My idea of the ideal "earn a living" scenario is that your're clever enough to earn money doing things you enjoy whether you're employed, self-employed, a business owner, etc. You move from opportunity to opportunity freely when you wish never selling your time into an unhappy situation. And when you're tired of it, you find you're FI and switch to treading roads without concern for income.

[HadEnuff]

My guess is that Kevin O'Leary, although not retired, does not have to bother himself with tasks that are boring or otherwise very distasteful, or shortsighted unpleasant egotistical bosses to make his life miserable.

[RobbieB]

All these blowhards can say whatever they want.

If I wasn't here I wouldn't even have known of Mr. O'Leary's opinion of early retirement.

I agree with socialization with one's work mates though, I still have dinner with a guy I worked with 40 years ago that lives 400 miles away from the first job I had out of school. That's 8 companies and 400 miles away. He's still working field sales and calls me when up from So Cal.

[youbet]

Quote:

Originally Posted by HadEnuff My guess is that Kevin O'Leary, although not retired, does not have to bother himself with tasks that are boring or otherwise very distasteful, or shortsighted unpleasant egotistical bosses to make his life miserable.

I imagine that's true! Since most folks typically spend more years earning money than they do retired, career management is probably as much or more important than FIRE planning. Spending 40 years pulling the plow through hard, rocky ground is not a wise way to spend our precious time! I cringe reading about folks who spend years and years at a job where they're miserable yet just can't career management themselves into a more desirable situation. Apparently Kevin has his act together in this regard..........

[unclemick]

Unless a body part is sore at the end of the day and you have dirt under your fingernails it ain't real work. It also helps to get what you consider lousy pay that you feel is needed.

Everything else is fun.



heh heh heh - so the article is about a guy having fun - a better word than 'work.'

[timo2]

OMG

[ShokWaveRider]

Kevin O'Leary was always a Blue Collar / working man's celebrity. It may work for his fan base, but not for the majority of those here at er.org or those with a decent education.

[Nick12]

His net worth is $400 million dollars. He's done well.