FIRE article on BBC

[Koogie]

Pretty decent article for the most part. Some usual scaremongering from financial advisors but it paints the actual FIREers in a sensible and sympathetic light.


BBC - Capital - FIRE: The movement to live frugally and retire decades early

 

[Red Badger]

Good article. And yep, the shallow mindedness of the FA's quoted in the article continues to reinforce my disgust of that community.

 

[Chuckanut]

In regards to the 4% rule the article says:

But this rule has its flaws, especially when applied to young people. It’s generally used for those retiring in their 60s, who aren’t likely to need money for more than 30 years.

I disagree in part. It is not the rule that is flawed, rather it is the application of the rule to the wrong part of the population that is flawed. Still they make a good point. Often I hear people talk about the 4% rule and they forget the that it is aimed at those in their 60's who need about 30 years max of assured income.

What these young people need are assets that will continue to vigorously grow for at least the first 20-30 years of their 'retirement'. Then they can coast along with the 4% rule and probably come out OK.

Their biggest risk is some exogenous event that will upset their plans. A lot can happen in 30-50 years. After 10-15 years out of the job market, they may only be qualified to 'flip burgers', assuming that the burger joints are still using humans to do that work. So, part of their retirement needs to be a plan to get up to speed in the event of some unexpected event.

OTOH, it is great to see young people not willing to hand their future financial success over to some Megacorp, politician, FA, or other entity that may not have their bet interests at heart. I'm glad they have learned from the elders (many of whom were betrayed by those they trusted) who lost their retirement assets at the hands of others. Even if they don't manage to retire 'early' they will hopefully have enough assets that they don't have to 'take it' if the job gets oppressive.

 

[Choices]

Enjoyed the articles. I actually think they may help some folks who, because of Job loss, feel hopeless. Many folks have trouble thinking outside the box but you can reinvent yourself after 50.

 

[Chuckanut]

Here's an interesting take on the FIRE Early movement by a guy who I give some credit to for my own somewhat early retirement:

https://mailchi.mp/jonathanclements/humbledollarfanning-the-flames?e=1cb19528ba

There’s some sliver of truth to these complaints. Still, it feels like a cooked-up controversy. In a country where most people save too little and are pitifully ill-prepared for retirement, should we really be getting worked up over folks who are maybe saving a tad too diligently? Indeed, I’d argue we need more Americans who are willing to sacrifice today so they can have a better tomorrow.

 

[audreyh1]

Yeah - the anti-FIRE movement seems a bit contrived.

But, gosh, I bet a whole lotta folks had no idea that there was even a FIRE movement.

We’re pretty good about staying under the radar, so I’m not sure if the exposure is a good thing or not.

 

[Chuckanut]

Yeah - the anti-FIRE movement seems a bit contrived.

It really shows us the culture of the current so-called 'news' media. More and more we see Merchants of Outrage (as one senator has called them) who like to generate hot controversy and even hostility towards others, where it normally would not exist.

Hey, if one can really retire as a 30-something, Great! I believe it is a lot harder than some of these people think, but that's just my opinion.

 

[audreyh1]

Definitely Merchants of Outrage - good one! Gosh, that been going on for quite a while now and one of the reasons I quit watching news.

 

[Koogie]

Here's an interesting take on the FIRE Early movement by a guy who I give some credit to for my own somewhat early retirement:

https://mailchi.mp/jonathanclements/humbledollarfanning-the-flames?e=1cb19528ba

D*mn that was well written. I might have to read one of his books. Thanks for posting.

It really shows us the culture of the current so-called 'news' media. More and more we see Merchants of Outrage (as one senator has called them) who like to generate hot controversy and even hostility towards others, where it normally would not exist.

+1 as well. Love it. Great phrase.