CNBC predicts end of FIRE?

[MikeyMarks]

CNBC: "The Concept of Retiring Early Could Disappear Due to Coronavirus"

One moonbat (who believes "having a relationship" with your money is the key to financial independence) makes a prediction, so the media run with it as if it's a new reality. Good Lord.

https://www.cnbc.com/2020/03/20/why...early-could-disappear-due-to-coronavirus.html

 

[LARS]

CNBC: "The Concept of Retiring Early Could Disappear Due to Coronavirus"



One moonbat (who believes "having a relationship" with your money is the key to financial independence) makes a prediction, so the media run with it as if it's a new reality. Good Lord.



https://www.cnbc.com/2020/03/20/why...early-could-disappear-due-to-coronavirus.html

$*$*&*! $)#(@*$$! A little late to be telling me now after twenty five years!

 

[REWahoo]

$*$*&*! $)#(@*$$! A little late to be telling me now after twenty five years!

+1

Some things are best left unsaid. How the heck am I going to get the last 15 years of my life back now?

 

[Amethyst]

Oh, no! I could possibly get my old job back, but I'd have to move 1,000 miles. And I definitely can't get my old house back, or afford a new one where I moved from!

 

[Fermion]

Well I would say working for the cruise/airline/restaurant industry right now is in more peril than the average FIRE'd person.

Most (not all of course) FIRE'd people have a lot of slop in their budget. Maybe they expected to do world travel and take cruises. That is over. There goes $10,000 a year back into your budget. Gas is cheaper, will be cheaper.

Someone needing $80,000 a year a month ago, might only need $60,000 a year now.

 

[Markola]

Actually, I agree with the article, though Grant Sabatier’s quoted opinions within it are wrong and limited to himself. I never liked the whole “FIRE Movement” promotion anyway. Working, saving, investing and retiring always has been and always will be based on unique decisions made individually. Like many here, I have been on the interesting trail of growing wealth ever since I was a kid. It’s just how I’m oriented. If some fantasy “movement” dissolves, it changes nothing for me.

 

[Lakewood90712]

How about this headline : F.I.R.E. comunity predicts the end of CNBC . Take that, cable news hacks !

Things will be less dependent on wall street , but still quite atainable.

 

[Toocold]

Not sure if it is CNBC or the guy, but I agree with three of the concepts presented. 1) Fewer 30 year olds, who previously had $1M and a 100% equity position, will retire thinking that they can withdraw 40k until there is a rebound. 2) Financial independence is more important than the act of retiring early. 3) meaningful work is always important. None of these are mutual exclusive.

 

[scrabbler1]

I learned yesterday from a retired friend and former coworker that our old employer is not only allowing and encouraging telecommuting (something I did for 2 years before they ended it, greatly contributing to my ER in 2008), but they are offering free car service to anyone who now has to go to the office! What a difference 12 years makes.

 

[scrabbler1]

How about this headline : F.I.R.E. comunity predicts the end of CNBC . Take that, cable news hacks !

Things will be less dependent on wall street , but still quite atainable.

 

[Dtail]

Well I would say working for the cruise/airline/restaurant industry right now is in more peril than the average FIRE'd person.

Most (not all of course) FIRE'd people have a lot of slop in their budget. Maybe they expected to do world travel and take cruises. That is over. There goes $10,000 a year back into your budget. Gas is cheaper, will be cheaper.

Someone needing $80,000 a year a month ago, might only need $60,000 a year now.

Do you think the cruise industry will never come back?

 

[unclemick]

Ahem. I agree with the part about - doing something you are passionate about.

Including those things where you don't get paid.

And the part about emphasizing Financial Independence means like the Chinese restaurant joke - pick from column A or B. There might even be a column C.

heh heh heh - oh and one more thing - even if you swear never to volunteer - you will get nailed once in a while. It comes with the territory. 26 ER years and counting.

 

[Fermion]

Do you think the cruise industry will never come back?

I think it might come back in 2 years, greatly diminished. I think we might see some bankruptcies before then.

 

[FIREd]

FIRE became popular with younger crowds during the bull market. Youtube channels and blogs on the topic started to pop up, often pushing very optimistic (and in my view, unrealistic) assumptions. I have no doubt that the current situation will take a lot of steam out that.

 

[Dtail]

I think it might come back in 2 years, greatly diminished. I think we might see some bankruptcies before then.

I guess it depends on the psychology of how folks view ships as a housing of potential viruses.

 

[MikeyMarks]

FIRE became popular with younger crowds during the bull market. Youtube channels and blogs on the topic started to pop up, often pushing very optimistic (and in my view, unrealistic) assumptions. I have no doubt that the current situation will take a lot of steam out that.

Funny how FIRE increases in popularity during periods of easy money. When twenty somethings start setting up FIRE channels on YouTube, that’s probably a good time to sell stocks. [emoji4]

 

[GravitySucks]

Too late. I'm unemployable. Both due to my skill set being close to obsolete and my bad attitude.

 

[REWahoo]

Too late. I'm unemployable. Both due to my skill set being close to obsolete and my bad attitude.

I was sure you were going to say it was because you had a chronic condition: anal glaucoma*.




* The inability to see your @ss ever show up for work again

 

[augam]

I think it might come back in 2 years, greatly diminished. I think we might see some bankruptcies before then.

I think it's a big enough part of Florida's economy to bailout.

 

[Markola]

Then let the state of Florida bail them out.

 

[gauss]

Sure - And these are probably the same folks that have been proclaiming for years that folks in my generation (early Gen-X) would never be able to retire.

Somehow that did not turn out as predicted.

-gauss

 

[Chuckanut]

+1

Some things are best left unsaid. How the heck am I going to get the last 15 years of my life back now?

My time machine should be fixed sometime in 2160 when they start making the temporal-vortex-transmogrifier that I need. If I can remember, I'll come back to 2020 and return you to 2005 so you can work all those extra years. No need to thank me now. Wait until 2005.

 

[MRG]

FIRE became popular with younger crowds during the bull market. Youtube channels and blogs on the topic started to pop up, often pushing very optimistic (and in my view, unrealistic) assumptions. I have no doubt that the current situation will take a lot of steam out that.

+1

I've seen a bunch of younger people who are enthusiastic but think it's a race from 20-30. I guess as long as you wanted to see the world from the comfort of your van/rv/bedroom and write articles about it. No thanks.

 

[Andre1969]

When did the young'uns grab latch onto the phrase "FIRE" and appropriate it as their own, and twist the meaning around to being "the FIRE (financial independence, retire early) movement, which embraces the concept of saving the majority of your income in your 20s or 30s so you can retire in your 30s or 40s."

I know there might be a few of us here who retired in their 30s and 40s, but they're going to be outliers. I think for most of us, it's more like later 40's, 50's, early 60's. Basically, going out before full retirement age.

I would say this turmoil is going to delay the retirement plans of some people who might have been close. In my case, it certainly has. I actually hit my number back in January/February, but I'm nowhere near that now. I was pretty much dead set on retiring at 51, which comes in April 2021. I have a feeling I won't be doing that, now!

But it's NOT going to destroy the concept of FIRE as we know it. It's just another setback, such as the late 2018 dip was, the Great Recession, the 2000-2002 period, and so on. It's not like everybody's going to just give up on retirement, and suddenly work until they drop dead. Eventually the market is going to bounce back, and if it's anything like the past, it will roar back with a vengeance, so they only losers are going to be the ones who panicked and sold off at market lows.

 

[ER Eddie]

I know there might be a few of us here who retired in their 30s and 40s, but they're going to be outliers. I think for most of us, it's more like later 40's, 50's, early 60's. Basically, going out before full retirement age.

Yeah, I think the average age of ER here is about 56, from a poll I saw.