The Truth About FIRE - Is Early Retirement Actually Possible? 

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I just turned 27. I've been doing a lot of calculating and found that I'm on track to retire by the time I'm 32. Unfortunately, I have to die before I turn 33 for this plan to work.

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My Husband and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

My dad is a billionaire and I FIRE since I was born. Hope this tip helps.

At my previous job we had a guy that won the lotto, and it was a big one. But he is also quite frugal, looking for discounts, etc. So he would make it last. But he still worked. All this change allowed him to do is work on his terms. He worked until 2pm, and rarely on a Friday. He was a fairly senior programmer, which definitely helped motivate keeping him on. But his is an example of what I really see in financial freedom. Not to stop working, but to work under your own conditions

Semi early retirement, where you work part time after aggressive saving makes more sense.

FI is everyone needs to strive towards, but RE is optional.

I was FIRE oriented for a decade but have changed my mind to it's not worth it. With the amount of sacrifices, you're delaying living life to the fullest-my 20s are gone now and all I have is a fat stack of cash but the feeling I never really lived. I wish I had traveled more, lived in different cities, went out, and tried more things, and progressed more in my hobbies. Now I'm in my 30s with no friends and no significant other (and it only gets harder to meet people as you get older). Then there are the points mentioned in the video-you still have to be frugal after retiring and many people still work. I'm tired of living for the future and am now trying to balance it out and catch up on 'living life'

I'm following most Fire-methods, but I have no plans to retire early. For me, the appealing part is having the financial power and freedom to be able to do things I otherwise could not do. Take a year off, work part time, try new things, quit my job i my new boss is an ass, and so on. It has also helped teaching me a lot about myself, and what I value, which is great.

Retiring even in twenties is pretty simple. You just need a rich grandma.

This is an awkward video to watch at age 30.

I think the big thing is peace of mind. at one point I was making ~$20k then I started my own handyman busyness and spent the same amount and had $60k in savings at the end of the year it was the first time I ever felt financially stable. Not having money is a million times more stressful than not spending money.

My first boss was in his mid 60s and two years into retirement when he decided to buy a burger joint, and while it stressed him out a ton at times it got him out of the house and i think he secretly enjoyed being somewhat of a mentor to a bunch of highschool aged kids

The most important part of FIRE is "FI" as in "Financial Independence". Saving up a nest egg so that you COULD live on it indefinitely is a powerful concept because it gives you options. It means that though you might have a job, you don't have to constantly stress about what would happen if you were to get laid off, etc. Retirement from your career isn't always your choice. Often it is not. Having options is a very good thing.

As someone who is chasing FIRE (I set aside 60-70% of my salary) I agree with you for the most part. But one thing left unmentioned is that ANY early retirement is considered FIRE. I don’t want to retire until the age of 55 and that’s still FIRE. I’m worried that people only see the extreme side of the FIRE movement and forget about the communities aim to promote saving money and living intentionally. The Financial Independence is often the main focus for most, the retirement comes second.

I like the FIRE movement - mostly because it inspired me to be a lot more intentional about my finances.

FIRE is definitely something I’m trying to achieve. Partly to actually retire but partly to protect myself in the event I lose my job, which is a constant threat.

I just reached financial independence after saving 80% of my income for 7 years. So I can confirm that it is possible. But I am also single with no kids and have the ability to really lean into the minimalist lifestyle. Even though technically my passive income exceeds my expenses, I think it would be foolish to completely just stop working now. I plan on just transitioning to work I’m more passionate about. If I’m able to produce a good income from it - that'l be a bonus.

My reaction anytime I hear a youtuber say "I retired early" (including some of the notable ones mentioned in this video) is "No you didn't, you switched careers to be a professional youtuber". They're all making money off their videos and many of them are also trying to sell courses. That's perfectly fine but just be honest. They didn't retire. They just switched careers so they don't have a normal 9-5 day job anymore. To me, being "retired" means you can survive indefinitely on your investments alone and I doubt many "early retirees" are in that situation, especially if they experience another long bear market like we did in the early 2000s. I have no doubt it's possible to retire early, and I plan on it myself, but I doubt the younger ones who've never experienced a bear market will truly be able to stay retired forever.

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

I pursue a ‘mild’ version of FIRE (preparing to retire by my late 40s), and have found it pretty useful in preparing for my future and focusing on what really matters today. Some of the more extreme version of it are crazy though (a miserable 20s is something I think so many will regret), and paying for courses is crazy when there is all the guidance you could want out there for free.

I retired 19 years ago at 45 before there was much of an internet. I had no idea what I was doing, had no plan. I worked as a software engineer and hadn't saved much but had brought a house paying a mortgage but that does put away a little. I worked almost always in startup but never had a big payday, They were just fun. But I got to cash out of one for $100k and instead of looking for my next job I decided to work on my own app to see if I could start my own business. I'm a very good engineer and a sucky suck business person. I ended up just enjoying writing code and got into fish ponds and gardening. Became obsessed. I looked at my cash and decided to just have fun with ponds and gardening and go back to work when the money ran out. 3 years later...whoa, the cash lasted 3 years with a $2200/mo mortgage? I was very surprised. If I didn't have the mortgage it seemed like I could live forever I did pickup a little cash along the way building ponds for others, invented a pond cleaning tool that I made and sold, but not a huge amount. I wasn't even trying to save money. I was just so into the ponds and gardens I didn't have time to spend money. That's when I realized I had retired. I didn't even tell my wife because back then it was hard to describe. Today I could just say FIRE. So I sold that house in San Jose and got $400k profit tax free. Moved to Phoenix AZ. I've bought 3 home here over 15 years. I buy fixers, fix them up (another hobby I like) and when I want to move I sell them. Made $60k, $0k, $200k all tax free. The $0 was I got caught with 2 houses in the 2008 crash and one I had to rent so kind of hard to computer the actual profit but I think I broke even. Profit aside that's $0 rent or mortgage paid in 15 years. That's about saving $180k in rent/mortgage. All these 4% videos kind of skip around home ownership. To me it's key. In 15 years my net on house has been +$260k. As stated in the video, yeah when you retire young you have a lot of time. I wasn't interested in just partying everyday. That gets old. And who are you going to party with? Everyone is at work or has to go to work tomorrow. That's a big issue I don't hear people talk about. You better be good with yourself. I created a rule...whatever hobby I get into has to be no or almost no cost and must have the potential to earn money. Having skills that could be turned into cash imo is way more security than even a pile of cash. I had software, gardening/ponds and I had some construction skills which I improved by fixing up mine homes. My expenses over the past 15 years has been consistently in the $7000-9000 range. I get that seems low and the way I live most people wouldn't consider. I do live in a pretty nice area but it's been years since I ate out, went to a movie. I have dated a few times for short periods and spending goes up then, but not too much. It's been kind of like a game of "what can I do without?" I love it. And now I'm able to get SS which would be $2100/mo but I don't need it so I haven't taken it yet. So imo the question of when you can retire is not about how big a pile of cash you have. That's actually silly. If you have enough money to last you a month, a few months, a year, what's the harm in retiring for that time? That gives you the freedom to see what you can shake loose doing something you love. It's work when you have a deadline, a rent to make and $0 in the bank. That's the stress of a job. The dynamic changes completely when you have time. You can take some risk. Try out some ideas. Just don't spend money. Spending money is a trap. If you want to start a business don't start by buying office supplies...that's the trap. You know how to buy office supplies. It's fun. It seems like you're in business. Instead get right to the thing. Figure out how to do it for nothing. If you can't toss that and think of something else. 15 years may past before you realize you retired 15 years ago.

Great video! I think there are many interesting ideas from the FIRE movement, and early retirement is probably the least interesting part. This approach seems to help people focus on what actually makes them happy rather than conspicuous consumption and impressing their friends. One of the benefits of having significant savings is that you can focus on long them goals, and take risks that would not make sense for someone in a more financially precarious position. Being able to focus on the long term is usually good for your career, as it allows a more fearless approach. It doesn't surprise me that a lot of the people who set FIRE as a goal, instead continue working, as they are usually industrious people, and not really predisposed to sitting around or relaxing too much. Keep up the good work with these videos. I always look forward to seeing a new one in my notifications.

I FI'd out a few years ago and quit my job. I started a business so I'd have something productive to do. After 6 months of bliss, the stock market crashed. This is the nightmare scenario you mentioned. I didn't want to tap my capital while it was down, so I was suddenly depending on my business income. Turns out, I love being self-employed. I hated being an employee at a big company. Now I use the investments as a safety net to keep my new self-employed lifestyle going 😊

Financial Independence Recreational Employment. This is my goal. I was 44 when I decided this was for me, and I hope to achieve it at age 47. Almost there in age ... A ways to go in dollars. Downsizing your life is very difficult, too. We accumulate so much unnecessary stuff, and liquidating is both challenging, and less valuable than not wasting resources in the first place!

FIRE by 30 is incredibly optimistic unless you have a very well paid job, but doing it by 45 or 50 is quite reasonable for many, and already a lot earlier than 65. Also, it goes without saying - don't trust anyone selling you a course, ever. You can learn all you need to know about personal finances with a few books, and that won't cost you much.

Retirement for me is when I stopped "chasing money".

Early retirement is also very doable through the military. The standard retirement is after 20 years, which can be as early as 37 years old. I retired at 9 years, 27 years old.

I became financially independent by 34. But I love working, and have continued to do so. That said having the option to live/work on you own terms is very empowering

Not planning to retire until at least my 50's, but there are a lot of extra benefits to the flexibility having a nest egg gives. Once I realized I could live for years without working, or touching my retirement savings, my quality of life improved at my job because I felt more free to push back on management and pursue more of the type of work I enjoy. If I got fired, it actually wouldn't be that big a deal. That makes all the difference in job enjoyment for me.

I became an on paper millionaire at 31. That was 19 years ago and still working. One million isn’t enough to live an opulent lifestyle, the clip of those douche bags misleading folks and touting the common ease of becoming a millionaire is outlandish. Thank you for your thoughtfulness, and well researched knowledge, it’s so refreshing.

Glad you made this video. I looked into the "scam" fire movement years ago and quickly found out 90% of the storys went something like this. "I paid off 150k debt in 8months and retired in 10 years, me and my wife both made 200K-300K a year". Well no shit you where able to do it. If me and my wife made that kind of cash, I could do it in 3-4 years. Try and do this on a 40-50k salary that most people make. Unless you want to live the hobo/ mountain man or a self sufficient farm lifestyle it ain't going to happen.

I'd rather live a semi retired life with that balance between working the career I love and yet having more time to do other things I like. A balanced lifestyle is key.

I don't see myself retiring early. But I'm trying to save tons of money now so that one day I can wake up and work whatever job I want and not care how much it pays.

Best thing to learn from FIRE movement: Most people tend to spend more as they earn more. You start your real career after graduating from tertiary study so you move out of shared accommodation and rent your own place. You get a few promotions so you get a new car and trade in that thing you learned to drive in currently being held together with tape. These are quite reasonable but then we don't tend to stop increases in lifestyle spending after the really urgent stuff has been catered for. Our friends go on overseas vacations so we start doing that too. Your sibling gets an amazing entertainment system for their living room so you do too. If you are able to avoid this kind of ramp up of spending as you start really earning, it will make a huge difference by the time you're 40.

Acquiring a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $160K for some time now, but my major challenge is not knowing the best entry and exit strategies. I would greatly appreciate any suggestions.

One aspect that many ignore is that the lifestyle you get yourself used to in your late 20s and 30s is the lifestyle that carries on through your 40s and 50s - more or less depending on changes in your financial and health posture. Practically this means that if you compare the prices on food staples and calculate the pennies saved here or there, you may be turning yourself into an Ebenezer Scrugge without even noticing. Be mindful what your financial plans can do to your spiritual well being is what I'm saying. Minimalism and frugality can be a hair away from being a stingy penny grabber.

I think this was a pretty fair and honest assessment, which is not normally the treatment the FIRE community gets. Thanks Richard!

As someone who retired recently at 31, here are some more downsides: - Donating to charity becomes difficult if you run a tight retirement budget. - You cannot contribute to an IRA without earned income. - People who are frugal to a fault suck. - If you manage to still have any friends, they're all still working. - It's easy to lose discipline when watching RU-vid all day is a viable option. - It's easy to despise yourself and fall into depression unless you find a goal to work towards. - It may be hard to come to terms with not contributing value to society for certain periods of time. - I'm always thinking of what-if scenarios now that my career development has ground to a halt and it'd be hard to pick it up again in 10+ years. - You can party a lot harder and create better memories in your 20's than in your 40's.

My plan is to retire at around 45-50 with a good portfolio and then work part time with something less stressful or more season based and then taking the rest of the time off for own projects and hobbies. I feel like this idea of retiring in your 30s but not having any plan on what to actually do with all that free time could possibly leave you miserable. Aim to find a work in a field where you can say you really really enjoy going to work everyday.

You are the kind of finance nerd no one asked for, but a lot of people really need. Thank you for that. Really like your videos

Many people give up on FIRE once they decide they want kids. Some parents do achieve FIRE, but in most cases they had really, really high incomes, or they received significant financial support from their parents, which most don't acknowledge in their FIRE videos/blogs.

Some of those people made a lot of money in the first place, having a good job, and then they moved to countries with lower cost of life, like Portugal, or tax havens.

My only comment to those on RU-vid talking about FIRE - more power to you and for a few channels, they really helped break down the great black box mystery that is investing in a way I could understand. There are 2 observations that I hold in reserve each time I see a video by the proponents of FIRE: #1 They aren't _really_ retired, they just aren't working a 40 hour traditional work week commuting back and forth to suburbia. It's like Tim Ferris - he works incredibly hard for someone that wrote a book about only working 4 hours a week. The same for these RU-vidrs - they still have to stay on top of their income streams _AND_ they are making RU-vid videos which.... is _work_ because if their channel gets enough views - they make money. One of the real estate guru's openly states RU-vid is where he focuses most of his time, not his real estate holdings. Why is that? because RU-vid makes him money now and helps him build a brand he will likely be able to trade on as influencer in 10 years. #2 For me, the math of every person working a 8-5 M-F traditional job quitting after their small business takes off just doesn't work. If every person in a capitalist society could actually do that... then it would have been done a couple of centuries ago. I am all about having multiple streams of income and even trying to develop a business that will help you make money from a hobby or something... it is just unrealistic to think that *_every person_* that pursues this will actually be successful enough to quit their primary job. The math just isn't there. That said, if your goal is financial freedom and YOLO - then I think FIRE is doable as long as you are in it to live a comfortable life on a budget not a wealthy frivolous one. I also suspect that some of those content creators live more humbly than they portray. But that portrayal is just good business. Take the videos as inspiration most definitely but also with a grain of salt. I can promise the truly "rolling in it" wealthy people don't do RU-vid videos except as PR with the guidance of a social media publicist. Think of it like this, Warren Buffett could make many millions by actually writing a book.... yet he never has. His writings have been published and he has loads of biographers - but he hasn't built a 'brand' around self-promotion because he really doesn't have to.

I began following Fire at 29, this was 6 years ago. I don't follow it as strictly as i should but I have been able to make vast improvements in my spending habits and it has definitely helped me a great deal. Even though I am 35 and still working but I am on tracking of retiring much much earlier than 65, I am hoping by my late 40's, I will be able to retire. Although I highly doubt I will.

for a person that has lived both in a 1st world country(the US) and a 3rd world country .. where you were born defininitely makes a huuuge difference in being able to pursue FIRE

As someone who lives in Appalachia, I know from experience that my relatives who live in NYC or Los Angeles could very easily buy a house here and still have hundreds of thousands of dollars left over. The dividend payment from IBM would put them in the $40K a year range, whereas the average income here is $25k a year.

I think a lot of the main population could greatly benefit by following some FIRE principles, especially given that such a large percentage of the population live paycheque to paycheque. I have been following fire movement for a few years now and it has greatly changed my financial outlook. Even if I don’t retire early, I will have options!

I smashed that like button since you're reasonable and for you not having a flashy and (for lack of a better term) douchy personality that plagues the financial circles on RU-vid.

I just turned 30 a week ago. I have no savings but at least I paid $24k in consumer debt in the last 12 months.. I spent my 20s, well , spending and did not have any sort of financial awareness. I think there are lots of factors that play a major role on whether FIRE could even be an option for you. I personally did not grow up in a financially oriented household and my upbringing was plagued with instability, my mom claimed bankruptcy a few years ago. I personally had to take student loans and then proceeded to make terrible financial decisions that got me into $35k of consumer debt throughout my 20's. Financial literacy is such an overlooked concept that can make or break you but it is never too late to start changing your habits, time will pass anyway ..

Man, i really enjoy how fair and humble you are, keep up the good work!

Hey! Love the honest and pragmatic view on the FIRE movement. I totally agree and feel that the fundamental goal is to have the freedom to do what you want and ultimately spend your working hours on work that is strongly aligned with your values and something that at its core you enjoy doing. Love the videos man! New subscriber!

The problem for young, single, childless people considering this, is that you're assuming you're never having kids. If you start a family, it becomes way harder to budget or even predict your annual spending. What if your kid has a medical condition, or get accepted into an expensive university, or you have 3 kids. Your FIRE budget probably goes out the window

That intro was hard to listen to. Really tired of some of those youtubers selling retiring early... And still working with their income being advertising that they're... Retiring early

FIRE: Live like a deprived animal in your 20's, retire too early, go back to work when you're 45. Being 37 myself, I look at these vidieos of the FIRE prophets in their 20's describing their lifestyles and I think, "I'm glad I passed." That being said, the skills they teach are great for me. I am trying to save so that about 1/3 of my income is derived from savings by the time I'm 50.

It also should be noted that for many people, their income may increase greatly as they get older. I'm in my early forties and I'm making triple what I made in my 20s and nearly double what I made in my 30s. Everyone is going to be different, but working an extra decade may enable a person who is barely capable of retiring while living frugally, be able to retire very comfortably and have a lot more lifestyle flexibility and financial security.

Early retirement is less realistic than financial independence. FI is when you work on something you enjoy, even if it doesn't bring in lots of money.

This is why I like your channel, you are honest and straightforward in your analysis. Please keep up the great work and I look forward to more of your content.

Reaching fire, or at least coast fire really changes a person. I did my full time job for 15 years, worked OT, showed up did the job knowing freedom will come someday. Once you taste freedom it changes you, and you never want to give it up. You will find how different you are from most people because priorities and lifestyles are so different. You will notice more how so many people are negative or depressed and have to find a way to cover it up. Mostly I have noticed is I will not take crap from some boss. While I do want a part time job (20 hrs max, 15 would be ideal) I can no longer deal with hassle and have quit 2 part time jobs already, one of them after only 2 days. This I have never done before because conditioning from society about the virtues of work. Did anybody else notice changes? Can you go back to a cage of work after tasting freedom?

Once you reach retirement, the goal is not to stop working. But to work at a job that you enjoy so much that you would do it for free. In other words, you are working because you enjoy it, not because you need it in order to survive.

Our goal is work optional by our early 40’s!

I'm living on less than 15k right now, and I'm not even trying, just broke... 😂

Well measured video describing FIRE. I love the idea of saving enough up to a point to where you can choose to work a job that you're much happier in.

Shots fired towards Andrei and Graham? Youre a brave man, it was honor serving with you soldier. I kid, great video as always!

The point of early retirement isn't necessarily to go "I'm never working a job ever again." It's to go "I will only ever work a job I want to work." (And to recontextualize the things most take for granted as an earned extravagance. Helps to build a sense of appreciation.) And that mistake could be deadly. Going entirely without work is just going to lead to depression and early deaths. (You can actually track the retirement age and average age of death in first world countries.) Most people don't actually know what to do with themselves once they don't need (or can't) work. The actively religious actually have a leg up in this regard, believing they've got a purpose to live for and promote. (Regardless of your's or my personal beliefs on the matter.) So, in essence: Find the meaning of *your* life. Work towards that.

I used to want to do the FIRE thing, and get retired early, but now I see things differently: I work a flexible-ish job with a great team of co-workers in a job that fulfills me. And I have time to do my hobbies like guitar lessons or horse riding. While I'm in this job, the only thing I'm saving for is buying a small piece of brownfield land (disused council land in the UK, cheaper than other types of land), clean it up and build a small house on it. Rest can go in investments, but honestly, I'll only be focusing on saving up for that debt-free house and hobbies in my free time of a flexible job. If you have a free roof over your head (the largest cut from your monthly income), then you can fund anything else (like groceries, etc) with a part time job. Even better you could make a little backyard garden and pay less on groceries. I'm most likely gonna be working well past the early FIRE retirement age with this plan, though, but I'm fine since I actually like my job lol

I'm 42 and retired. I've been dividend investing since the 2008 crisis and got to a point where I was making $4k/month in dividends. About a year ago, the company I was working for ran into financial troubles. I thought $4k/month wasn't enough if my company went belly up. Especially in a city like Vancouver. I started looking at ways to use my current holdings to make more money and stumbled on options trading. I tried it out for a month and tallied up nearly $30k in options income. 6 months later, my company did go under and I've been willingly unemployed since. The problem now isn't money, it's finding something to do... I'm so bored that I'm considering go back to work... so FIRE... do it only if you have something else to do to keep you busy. The first few months were great, I got tons of rest after 25 years of working but now, I'm bored out of my mind... lol I guess technically, I'm not retired. I'm an IT Manager turned Options Trader so it's more of a career change but what I do now takes about 2 hours week...

As someone who has recently reached FIRE at age 33 I think you've hit the nail on the head. The journey is very personal. Although I don't have to work anymore for money, I find myself engaged in other labors of interest like blogging and mentoring. FIRE isn't about being able to spend more money on things. It’s about spending more time on the things that money can’t buy! For anyone curious about how to reach financial freedom, here are some investments ideas that worked well for me over the last 10+ years. -Use leverage when it makes sense to such as borrowing money for an appreciating asset or a lucrative degree. -Look for opportunities in the real estate market. Over 90% of millionaires own their own homes. That's not a coincidence. -Financial success depends more on the methods and principles than simply hard work. Good strategies create wealth. Great strategies produce even more wealth. -Shadow financial experts and professionals who have a long track record of success. Study what they do. Look at how they think. -Take advantage of market corrections to buy quality assets when others are selling, and hold when others are buying back in. Poor performance in the short run doesn't prevent great returns in the long run. -Don't invest in anything that you cannot commit to for 7+ years.

ME as of January 1st 2021. $1.4 million at 55 with a 3% withdrawal rate. I could even easily live off $35k or less per year.

Graduating with a CS degree this December. I had a full ride scholarship, worked throughout college, and am currently doing freelance software engineering work. I have about $30k saved at the moment, but I'm hoping to have as much as $70k by the time I graduate. After graduating, I have a job lined up that'll have me earning $100k a year. A friend of mine also works at the same place, so we'll be living together to save on costs. My monthly expenses should only be around $1200. FIRE is tough, and most people aren't in a situation to do it, but I'm counting my blessings and hoping I can make it work. Great video!

Man I love your approach on tackling all these popular RU-vidrs!

Sounds awesome. Thought about this myself and chose the traditional route. My main concern is illness or disability more than age so having a large fund to offset those risks seems very prudent. I will say that I always dreamed of doing what I am doing when I was a kid and have absolutely no motivation to stop until I am forced to.

FIRE by creating a youtube channel called the plain bagel. A voice of reason. It's about finding something you love. Retiring is boring as well. It's the reason some retirees go back to teaching or giving speeches etc. They got bored watching the news all day

My semi FIRE plan: I’m retraining as a plumber. In my 50’s I’ll take on a mellower work schedule. I really don’t mind work, just working too much.

Excellent overview; I clicked in worried that there'd be some clickbait alarmism, but this was fair, insightful, and accurate - especially about how the mindset can stand to benefit many/most people, but that there are no guarantees and circumstances may make it impossible for some people no matter how well they practice the tenets.

Great analysis. I love that you give the truth to people even if it’s something they may not want to hear. That’s how you really help people.

I have a friend who inherited an estate worth 8 million and he retired at 32, but after 2 years he went back to work because he was so bored lol - so a lot of you want to retire early but in reality you will get bored and your dopamine system will go after something else.

Your advice is invaluable, and you are offering it for free for us peons on RU-vid. Kudos to you my friend

9 months into being "semi-retired" just turned 40. My income is a buffet table of passive dividends, rent checks, covers call premiums. I like it better than working 7 days a week owning a coffee shop. Recently went back to college to check off that box and inspire my kids a bit

As a couple that is currently on the path to FIRE by the age of 40, this is an awesome video! People often skip over the possible negatives when attempting to promote an uncommon strategy. This was a great breakdown of the different points of view.

> living off of 25000 a year might sound great on paper In my country $9k-$10k a year is considered a decent salary, so yeah, $25k a year sounds great to me! Looking forward to achieve it one day. :D

Love this practical advice.

I love how honest you are about these kinds of things. You’re actually trying to help people invest successfully rather than trying to sell us something.

Being somebody who is striving for FI I'm not really thinking of going straight to not doing anything, but having the chance to take much greater risk with Jobs as I am not as dependent on the income part of the Job anymore. I thought hard about Lean/Coast/Fat fire and came to the conclusion that to retire with a minimal amount of money accessible infinitely is very unappealing, however having the capacity to choose your own destinity is incredibly powerful. You can quit your job that might be paid well but unfulfilling and try to apply your skills in your own company or a startup that is high risk. Also I'm truly afraid of the retired but unvalued section of RE. Update: After reading all the other comments your video greatly captures the difference between the people who can FIRE wanting the flexibility and the people who want to retire having a hard time to reach those savings goals.

Smashed the like button, and subscribed. Enjoy your early retirement, Mr. Plain Bagel.

One thing I appreciate about the FIRE movement is that it’s definitely not your average passive income sham. They’re upfront with you- “listen, you’ll be grinding HARD for the next 10-15 years to get this set up. Then once you’re set, you’re free. But it’s not effortless.”

You're a splash of cold water and I can appreciate that. I too am pursuing FIRE, and get into work I enjoy that doesn't need to be in the 6 figs.

9:50 you just stated what I was thinking. Saving money and retiring is about not having to work the hours you are told to. Leaving your day job does not mean doing nothing but watching TV or youtube Videos all day.

I went from living on disability to financially independent at 35. I never wanted to be rich. I just wanted to be *safe*. I'd guess that many of my classmates that graduated in '08 feel the same. I'm not retired yet. My retirement target is the median household income at 3%. Approximately 2M. I once read the advice 'build the life you want, and save for it. Trust me when I say that is a far better route than a life of extreme frugality.

Really good video! A lot of helpful info and knowledge

Solid vid! For me, it means that I have the ability to stop if I wanted. I enjoy working, but I want to be able to stop or quit if I don't enjoy it anymore! Something to fall back on :)

This man just quoted every single channel that I subscribed, great video good sir! Like button was well deserved. Even if FIRE doesn't work for everyone, they're still saving at least some money rather than losing it on useless and unnecessary material, and/or equipment!

To late, I'm already over 50. But wait, I'm retired. Must have done something right. :-) Here it is (Free lesson - nothing to click on or buy a book for): *Work hard; Save a lot; Invest; Spend wisely* Granted you knew all that - but here is the catch: You need to follow it for some time. :-)

I am certain that people underestimate the cost of getting old. Medication, premiums, hospital bills, coverage gaps, nursing home bills, all of this is enormously expensive. It's easy to live off of 50K when you're young.

I love all of your videos!!! With that being said, are you going to do more of the cartoon 5 min videos, regardeless of what you do I'm completly watching all of them, keep up the great work. Your killing it!

I like the couple who announce to have retired early and sold all their furniture. But, they kept the TV.

As someone who slipped in the bath at 33 years old and it led to severe permanent disability, I can tell you from all the people I've met is that nobody has any idea of the real cost of healthcare, disability, the risk they take by not having social advantages, etc. I was lucky, I had good insurance and live in Canada. Still cost my savings to fight to get my disability approved (they never accept without a fight unless you have terminal cancer). So I would have been ruined had I been a FIRE retiree. Once you are disabled, you are impossible to insure, you need costly help at home (most spouse leave so good luck with that bill to pay a stranger to help), you need modified everything, everything costs so much more, no one wants to hang out with you if you're homebound, and you lose your precious freedom. So really, anyone doing the FIRE from my perspective is gambling with the devil. I didn't even start with just plain normal inflation like what covid brought us. But as I said, people young and old, never think of accidents. Only happens to others. Sadly no.

6:06 That was perfect mix of analytical and advertisement

I retired when I was 19. I'm now declaring bankruptcy, my 3rd. I'm going back to work as a life coach.

I really like the idea of taking a job you love vs a job you NEED to make ends meet. Lots of pressure when every pay day counts and there is risk of you losing your job out of the blue.