Home » The Reality of FIRE Movement (Financial Independence Retire Early) [keyword

The Reality of FIRE Movement (Financial Independence Retire Early) [keyword

by Tratamientorosacea



Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships:
You can visit our websites for more information about us: &

Many people ask me what I think about FIRE movement (Financial Independence Retire Early) which has been a thing for some time now.
This movement is increasing in popularity among young people.

The basic idea is to work hard through your 20s, live frugally and optimize your expenses so you can retire as early as your 30s and live comfortably for the rest of your life.

How realistic is this lifestyle? What can you do to optimize it better?

Is FIRE lifestyle the right choice for you, and what are some traps of this lifestyle?

Let’s see.

Who are we and what do we do?

We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

We have lots of interesting articles on different topics, we have relevant information up to date.

Author: Michael Rosmer

Feel free to join our community!

Don’t forget to subscribe to our channel
.

Images related to the topic financial independence retire early

The Reality of FIRE Movement (Financial Independence Retire Early)

The Reality of FIRE Movement (Financial Independence Retire Early)

Search related to the topic The Reality of FIRE Movement (Financial Independence Retire Early)

#Reality #FIRE #Movement #Financial #Independence #Retire #Early
The Reality of FIRE Movement (Financial Independence Retire Early)
financial independence retire early
See all the latest ways to make money online: See more here
See all the latest ways to make money online: See more here

Related Videos

39 comments

The One 15/09/2021 - 1:41 Chiều

Love the content. And I’m on the path (about 5 years out) from FI. Keep it up!

Side note you should throw some light on that wall in the background to get rid of that harsh shadow 🤙🏼

Reply
cryptoFi 15/09/2021 - 1:41 Chiều

This is so true and resonates exactly with me. It's like you read my mind. I'm happy I got to the same conclusion while I am still in my 30s and I will have many years to live fulfilled following this philosophy. There is no better investment than to invest in yourself. Thanks for the video!

Reply
Grow Your Wealth 15/09/2021 - 1:41 Chiều

Amazing take on F.I.R.E. 🙏

Cant wait for your next video! 💪

Reply
TheRetirementality 15/09/2021 - 1:41 Chiều

Good Points. I talk a lot about this on my channel and your take is similar to mine.

Reply
ContrarianExpatriate 15/09/2021 - 1:41 Chiều

You’re fooling yourself. I am in year 5 of early retirement and life could not be better. Seems like you’re either trying to justify your inability to adjust to FIRE or you resent those of us who did succeed at it.

Reply
Ed West 15/09/2021 - 1:41 Chiều

"Focus on increasing your income"

Such an underrated statement and so true. Too many financial advisors focus on cutting spending and increasing interest income. Yes, these are important to cash flow, especially if you are spending way above your means. But the real way to build wealth fast is to get a better job that pays more. As long you don't spend recklessly, increasing your paycheck is going to do far more than any other strategy.

Reply
MrNature234 15/09/2021 - 1:41 Chiều

All true but…. Still doesn’t beat early retirement.

Reply
J R 15/09/2021 - 1:41 Chiều

Some folks don’t just over correct from career burnout…. Ending up FIRE’d.
There can also be climate or geographic burnout where someone gets sick of say….. upper Midwest USA winter!… And then over corrects by moving to a Caribbean island to find it’s too boring or too hot, etc.
You did a nice job presenting a reasonable cautionary note about how “The grass is always greener…”, so be cautious about going to an extreme opposite.

Reply
Dan Laub 15/09/2021 - 1:41 Chiều

Great point about investing in yourself. The ROI on human capital can be significantly greater than the ROI on financial capital.

Reply
MetalGearMk3 15/09/2021 - 1:41 Chiều

retirement but have a hobby. You can grow mushroom to make money 😀

Reply
Ilya 15/09/2021 - 1:41 Chiều

I read FIRE as get financial independence and do things because you like it, not because of money. To me it's business class seat in life

Reply
J K 15/09/2021 - 1:41 Chiều

I kind of disagree. If you are retired think the point is to find STRUCTURE, MEANING and SOCIAL INTERACTION to you days. It does not necessarily have to be work. Because once something becomes "work", it's no longer something you do out of interest and becomrs a chore. You can do many things like volunteer, hike, gym, learn a new language, help out animals, meditate, travel, DIY projects. Have a structure and purpose. You don't need to be always working. Btw, the purpose of having money in stocks/dividends is that you get both regular income and the stock market will generally rise and beat inflation over time. That's the point of having investments.

Reply
Maryn the explorer 15/09/2021 - 1:41 Chiều

How does FIRE work?

Reply
Venus Reena 15/09/2021 - 1:41 Chiều

If you made it once you can do it again.. That great work ethic is likely genetic.. But its best to protect capitol before seeking profit/risk.. IMO

Reply
moneybee 15/09/2021 - 1:41 Chiều

I'm a big fan of the FIRE movement, with the RetireEarly portion being optional. I think really hustling and working hard towards financial independence is a great goal no matter your plans on retiring. For me, travel is my primary passion, so the allure of being financially independent and working for myself (even if generating a lower income) is something that excites me. Always interesting hearing as many perspectives on FIRE as possible. Nice video Michael!

Reply
Timithos 15/09/2021 - 1:41 Chiều

I would add that for a person to be fulfilled they need to practice gratitude for everything in and around their life – gratitude, appreciation, and thankfulness. This is a mental and heart practice that can be developed from within by everyone and is very powerful. When you are grateful at no matter what stage your life is in, you can achieve bliss on demand. And unlike the opinion of some that you will become complacent, you will actually be more focused and connected with your future dreams, than someone who is ungrateful and unhappy. People who are less grateful tend to focus on the negative, and to be stuck in their past. A person living even a minimal life in Georgia, the Philippines, or Namibia spending $1000 on their monthly lifestyle, and making $3000 income, as a person filled with gratitude can be EXTREMELY happy and moving upwards. I perceive Michael as a more grateful than average person.

Reply
Jose Ignacio 15/09/2021 - 1:41 Chiều

People confuse working with freedom. My friend once told me that if you are always working you won't have time to make money. Best advice I ever got.

Reply
lucchese20 15/09/2021 - 1:41 Chiều

Thanks Micheal for this! You certainly made me feel (on the verge of retiring) a whole lot better about myself and what I’ve accomplished. Yeah—I can now buy that business class (or economy plus 😀) ticket if I want to…so I consider myself and wife to be successful. I didn’t know what the FIRE movement was until recently (via YT) and thought that approach might be the way to go for our kids (now young adults). After listening to you, I’m starting to rethink that potential “suggestion” for them. Appreciate your work. 👍🏻

Reply
Alex Nezhynsky 15/09/2021 - 1:41 Chiều

I agree with you, but I don't think your advice is practical for most people. Here's where I think they depart from you.

Retirement doesn't mean you do nothing or you only have leisure. First and foremost, it means you don't have to work to be able to live. That's because most people have jobs, not careers. A job is something you get paid for because you wouldn't do it voluntarily. If those people didn't have to work, they would quit. Case in point, people in the US and Canada are staying home on unemployment benefits, while businesses are struggling to fill positions in trucking, fast food, etc.

If you have enough money and you choose to do nothing, that's perfectly fine. In fact, it's nobody's business. There is no objective morality that says it's wrong to be a NEET. It's certainly better than committing crime or burdening the welfare state. In fact, why work hard when 30-50% of your pay goes to fund a corrupt and bankrupt state that's ideologically against you? To then tell yourself it's your social duty to contribute is foolish. What are you contributing to, the decline of your country and/or culture? At that point, not working can be a form of protest. But even if you relocate, what if you don't have a family or children, why work hard then, and for who, if you're going to die anyway? For the strangers in your society that don't work hard themselves? It's a philosophical conundrum.

If you don't have to work, you can do other things. You could still work if you so choose, but you have the freedom and means not to. Life isn't about work, meaningful or otherwise. Inherently, it's about survival and reproduction – anything beyond that is your own choice. And work isn't the only source of meaning either. Again, for most, it's mostly a source of sustenance. You could do things that are not productive but are still meaningful like relationships, parenting, hobbies, sports, travel, volunteering, etc. You can also consume and splurge – there's nothing inherently wrong with that if you finance this lifestyle yourself. It's your money, so you can do anything you want with it as long as you're not hurting or depriving others.

Reply
Zorro de la vega 15/09/2021 - 1:41 Chiều

I don't believe in retirement.

Reply
Omry Yadan 15/09/2021 - 1:41 Chiều

"Focus on increasing your income".
Fine, but is it ever enough?
Is there a point where you say: my income is irrelevant now. My existing net worth can sustain what I need indefinitely.
Why limit what you spend most of your time on to things that will produce income at that point?

Reply
Hamza Assyad 15/09/2021 - 1:41 Chiều

I am kind of part of the FIRE movement, as I am tracking my investment and investing heavily while being young.

However, I go on family vacationz and don't count my spending, I eat out because I enjoy good food and I don't hesitate to spend money on things that bring me real value. Recently bought a SUV do go on road trips with youglings. Could I have bought a 1k minivan? Probably. But I want this SUV to be here to build memories and let me focus on the kids and not oil changes.

At some point you have to get out of your bubble of rat race victim and understand that you play a small role in a large world. Understand how you can gain the system and buy your ticket out of the slavery world. But going and spend your 20s and 30s in a miserable job so you can do what you like in your 40s is a waste imo. You have to think of ways to do that sooner. Maybe you won't retire at 38 but at 45. But in between you would have spent the better years with your kids and built memories. I don't want to build memories with teenagers that actually don't want their parents around haha. I want to build them now.

Build the life you want, then save for it, not the opposite

Reply
hayder 15/09/2021 - 1:41 Chiều

Thx for the video. Very simple and good.
It seems to me the point really is not just trying to be happy but having a peaceful and meaningful way of living. That's different and better than from just trying to find happiness (in a place or in a slack/relaxed way of living)

Reply
Marcin D 15/09/2021 - 1:41 Chiều

Nice summary about the fundamental miss-conceptions in the final goal of the frugalist/get rich quick schemes. Having the possibility to lay all day on the beach and get drunk any time is definitely great, but it doesn't mean it is good to do so all year long.

Reply
Antonin Dvorak 15/09/2021 - 1:41 Chiều

I would like to talk to You personally, I there a possibility that I can call you if there is, please send me a number where I can call you thank-You PETER JANKU??? Important in the worth 10 figures is what I Am talking about!

Reply
Mujtahid Haque 15/09/2021 - 1:41 Chiều

I have enough crypto to retire in 2-3 years

Reply
Jonathan Wood Vincent 15/09/2021 - 1:41 Chiều

Thanks! The appeal of FIRE has been to have that time to build something meaningful, to study philosophy, learn new skills, and understand life more clearly. Going to the beach and getting drunk/stoned, etc every day does not in the slightest appeal to me.

Reply
Chris 15/09/2021 - 1:41 Chiều

9000 a month way back was not very basic, if passive. That's actually 3 mil at 5% yield. Not great, not terrible, certainly not basic.

Reply
Bob Barrett 15/09/2021 - 1:41 Chiều

Great video! Also great point of view. Thanks.

Reply
difference018 15/09/2021 - 1:41 Chiều

FIRE gives people a way to live life on their own terms. If they want to work fine, if they don't want to work that is also fine. You may love your job one day and hate it tomorrow. The FIRE guy can choose to walk away from a job or career that they don't like, and that kind of freedom is invaluable. Other people have to put up with it forever.

Reply
don hall 15/09/2021 - 1:41 Chiều

That provided some new ideas, really thought the fire movement was great up till watching this

Reply
peter pan 15/09/2021 - 1:41 Chiều

great video michael, i totally agree

Reply
Alexander Kosek 15/09/2021 - 1:41 Chiều

Great channel , i enjoy every episode 🏆🌎🇦🇹

Reply
Robster 15/09/2021 - 1:41 Chiều

One of your best videos so far. So true having purpose in what you do rather than just doing nothing

Reply
S. Walker 15/09/2021 - 1:41 Chiều

As with most movements, there are all sorts of misconceptions surrounding the FIRE movement. Just like overzealous religious movements, I find it very dangerous. Plus, many of the basic tenets of FIRE are put out there uncritically and can be flat out wrong, such as the 4% rule and never running out of money. The reality is a bit more complex than that, and it's a very dangerous thing to have a bunch of uncritical 32 year olds believing…

Reply
Paulo Fradiano 15/09/2021 - 1:41 Chiều

Loved it Michael. Agree 100%!

Reply
Alistair Robinson 15/09/2021 - 1:41 Chiều

Love your videos. Am close to FIRE myself aged 38. A couple of considerations 1) people that reach FIRE generally never retire, they do do more meaningful work knowing they are set for life. 2) the process of achieving FIRE is not a sacrifice, its a hugely rewarding, challenging journey that few people will ever achieve.

Reply
J K 15/09/2021 - 1:41 Chiều

"I was making $9,000 a month, which was kinda OK… it's enough to live on" Are you serious? Was the point just a humblebrag? There are plenty of places in the world you can live easily on just 2k/month. Different people have different mindsets and amounts that make them happy.

Reply
akshay kumar 15/09/2021 - 1:41 Chiều

Good to see you Micheal. Hope all is well. Great topic. Here is where I would lay out my points, a friendly disclaimer – I am not forcing opinions and as such but stating my arguments which I feel is a crucial part of FIRE:

1- Meaningful Job
Micheal, if I could simple state one thing and leave the argument then this would be it. You made great point about meaningful jobs but in all honesty are there any jobs that would give you any meaning these days? To average Joe its soul crushing and even taking a change into meaningful jobs would put Joe back into the market for the meaningful job. Not to mention it's hard in itself to get a job. Even worse the corporate climate filled with sociopaths. I mean just look at the CEOs and bosses these days or even videos of Joshua Fluke. This whole point could be dragged on but ollbleave it at this.

2 – Hobbies/Passion/Meaning.
What if you had all the money in the world? Naturally any or everyone or most would pursue their hobbies which give meaning. This is what FIRE provides. Where money is not an issue and you coukd do what you want. For instance there is no well paying jobs for a painter to enjoy himself and get paid well for it or musicians for that matter. when was the last time a Metal Band could get huge like Metallica by selling albums?
FIRE provides that freedom to do what you want without thinking of money.

3 – Money
I agree Hedonism is not the way and do nothing at all but knowing that you have not to worry about money is a great feeling altogether.

4 – Escape
This would tie down to Geogeaphy. What if you want to escape the place you are in and go someplace else and not work there? What if the place you are in is getting worse (Which is the case these days). FIRE provides for that.

This are the things that I thought of from the many. I may missed some points but These would be my arguments for now. If you spot any typo, I apologise my phone cannot handle huge comments or repliess. As for Warren, dont like that shady character same with Robert Kiyosaki.

Reply

Leave a Comment