Why the FIRE Movement doesn't work (Financial Independence, Retire Early) 

Inflation won't be an ongoing issue for much longer and you should know that. Are you intentionally trying to lose viewers?

Dad said "Stop it . Get some help. "

Ok dude you are already a millionaire you won in life and you should do something meaningfull with your time. Go get some land to farm, hunt and fish. Go back to the roots. Technology is making people so sick. Also you are better off to get as self sufficient as possible in these times and it gives you some sense of security. If there is one limited resource on this earth then its land.

McDonald's Soylord, Inflation will always be an ongoing issue as it has always been and YOU SHOULD KNOW THAT. Inflation has never ever been stopped. My great grandfather bought a home in 1960 for $25,000. Today that home is 1.5 million. If you were living on 1960 interest, or income, your money would be worth nothing today. Pension funds do not have cost of living increases. Bank interest is always way below inflation. Retiree's and people are then forced to gamble in investments which often times results in disaster.

You think life is basically over at 40/50? 😂 You’ll be 40 in a few years and according to you, you’ll be elderly. 😂 What do you do for fun in Sin City?

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.

You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.

​ *@heathermellon7826* I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.

Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

I agree - I think if you come from poverty and also if you are experiencing grueling awful jobs then the attainment of FI or FIRE is unbelievably appealing and motivating

I don't fucking enjoy working. Not my job. I do it for the money, period.

@@aluisious Most people doing FIRE don't enjoy the job they currently do for money. They do however have a job they know they will like but know it doesn't put food on the table. When hey reach FIRE they do the job they want, not the job they need.

@@LegDayLas the sad thing for me is, I cannot think of one job I would enjoy - the things I enjoy are a cost.... i simply do not get this job enjoyment talk? maybe it is just me

@@aluisiousyou dont enjoy your job. but there are other things u surely love to do.

Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.

It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.

I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

Exactly

Very helpful comments 👍

@@dongerinoduck7517 I think the difference is that most people don't aim for early financial independence so they aren't as conscious of what they are doing with their money, not tracking how much they are spending on what, increasing their spending as their income increases, not investing it, etc. so that at some point much sooner than usual, a high paying job is no longer needed.

But even then you still have oportunity costs (for example carreer options are gone)

@@dongerinoduck7517 "So at the end FIRE was about working hard and earning a lot of money?" Say you want to write a book, make some music or start a youtube channel. Most people don't have time for that because they have to work. With financial independence you can do those things without putting you or your dependents in financial danger: it is "work" but meaningful, enjoyable work.

its not late to consider financial planning, never can tell what the future holds

A lot of folks downplay our lives because we don't earn 7 figure salaries but we always end up good in retirement. i recall needing a good strategy to plan for retirement, hence I got privy to the services of a true market strategist who helped rejuvenate my $700k portfolio and boost performance and returns by 90% in a little over four years.

@@Shultz4334 There has been so much knowledge shared here on this channel, I'm at a crossroads with my portfolio and would like to see it grow in view of retirement. How can I reach this expert?

Can't divulge much but 'Monica Selena Park' deserves credit for my investing success as one of the finest financial planners out there, you should look her up to be able to locate her online if you are internet-savvy.

I find this informative, just came across the site of Monica Selena Park after inputting her full name on my browser, she seems impeccable.. thanks for sharing!

100% agree

Gold and copper remains the best investment to venture in, especially as a beginner, it’s not always affected by the downturn of the market

​@@PriyasagMI don’t rust them. They all gamble about the same thing which they are not even sure of. It's a waste of time

I won't recommend gold and coop although it's a good investment. I'II suggest digital assets as it's the best future investment. It's advisable to seek financial assistance based on your available capital and area of interest or preference.

True. Am not ready to gamble my money with anyone. That's sick, am looking at spending my savings and I can't afford to lose it.

That's absolutely correct. I find Patricia strain as the best fit for the job. She's a well seasoned financial aid with years of experience

Exactly! I feel like he misunderstands FIRE, because he doesn't have to worry about money or a job he hates or whether or not he can take time off. He already has money so I guess he doesn't understand why someone would want money.

It seems easier to just get a job that you. I like my job, it’s pretty interesting and all my friends work there too. I think if I retired early, I would just find some other way to make money to have something to do.

Techlead is a lost soul. Look thru his crypto videos and u will be wondering "are people speculating crypto risking their life savings for fun? Or they wanna make 10000% return to retire the grind and do whatever they please?" Maybe not going to the beach but be your own boss perhaps. So whether FIRE or Crypto can get you there, one takes longer but less risky. The other goes up and down 80% each time. I like steady growth don't you? Maybe techlead is more of a gambler instinct, need to YOLO and win in an instant, cannot wait. I dunno.

Yeah this video is true but mostly misses the point. FIRE is about the freedom to not have to spend most of your time paying the rent.

He purposely misunderstands FIRE so he can make people click on his video out of fear/curiosity. It also angers people so they comment more on his videos which just makes the video even more popular.

Techlead is the type of guy that even he has someone he still wouldn’t really want to spend his money But, he’s the type who enjoys a partner who’s in the same wave length as him (ie: someone who also sees money as figures moving around spreadsheets+investments portfolio), believes in the same value+lessons in life as him If he pairs up with a girl who loves spending money+going out+loves expensive flashy stuffs, he’ll be 10 times more miserable than what he is now

There's a modified version called "fat FIRE" which is basically just getting a bigger number so you can live large in retirement. Like 5-10 million instead of 1-2 million.

@@BennyOcean that doesn't sound attainable for most people. Getting 5-10 million is simply out of reach for the vast majority even if they work 60 hours til age 65.

@@Ziegfried82 You don't gain financial independence working a 9-5 job alone. This is more about passive income

@@mynameismyname8366 I wasn't saying 9-5. I was saying 7am-7pm 6 days a week. I can tell you as someone who actually makes 6 figures that it's not so easy to turn 1 million into 5 million let alone 10. Very few people are capable of doing that before retirement age or at all really. And anyone selling you a "strategy" to do this is likely full of it.

@@BennyOcean Thats a horrible idea to live large in your old years. Why not live now when you’re 20,30,or 40? If you inflate your lifestyle with material goods, you will go broke a few years after retirement. Also, your body will get weaker, meaning you might not be able to enjoy daily life.

This video felt like he didn't fully understand what FIRE is. He said it was about why FIRE doesn't work...and then gave all the same reasons people say FIRE *does* work. Not needing luxury brands, reducing spending, recognizing WHY you actually need money...

@@jjede 100% agree. This guy has NO Clue! Bailed out less than four minutes in. Life is just too short to waste precious time on such blather. BTW, retired nine years ago, just before turning 56. Been loving life ever since.

I agree he went off topic, but his point about massive inflation and low stick market is interesting. I’m wondering how it is affecting fire

​@@jjedei consider myself extremly lucky that i never gave a f about what clothes that i wear as long as they arent complete sh or luxury brands like gucci (which is just for popr people wanting others to think they are rich anyway)

"The liberty to have your time" beginning when, exactly, in your finite lifecycle? There is also balance, and I think that's what I heard in this discussion.

Make it 10. Retiring at 18 is way too old

@@vips078 most gangsters do retire at 18 these days before they are no longer able to get away with murder

@@weishi5286 yeah they retire 6 feet deep lol

You’ve never worked a day in a life have you

Money isn't everything. Not having it is. - Kanye West

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Last year, I hesitated and failed to take any action until the year concluded. However, this year, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Claire Martha Magalhaes to create a long-term investment strategy, and she assisted us in managing our investments while we focused on my jobs without any concerns.

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the successes you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

I work with *CLAIRE MARTHA MAGALHAES* ,who is based in the United States. If you would like more information about her, you can conduct a search online. She even got featured on CNN recently.

I searched for the name and found her website, where I saw her qualifications and testimonials that looked impressive, with many positive reviews. I reached out to her to discuss my financial goals. Thank you for pointing me in the right direction.

This is less of an issue in Canada

Agree, this is what we expect.

I would sleep with 5 star prostitutes non-stop. Then I would invest in longevity companies and sex-robots. I would hang out with friends, read books, travel, try out different careers, eat expensive good food, learn about all kinds of stuff. I guess I would be filling up the Maslow's pyramid.

u totally.missed the point

A relative of mine is FIRE-ing until he's 50. I was like "wth? those are your best years! Balance does exist you know!"

If you think FIRE is about retiring early you have a fundamental misunderstanding about the actual meaning of FIRE. It is the pursuit to reach a point where you COULD retire early (what you describe as just "early retirement".) Those who are successful with FIRE detach finance from their work. They still work, just for other reasons and the money is just a bonus. Is FIRE practical for everyone? Absolutely not, especially for someone who already has a family to provide for. It takes a dedicated mindset and a willingness to sacrifice for a future that is not guaranteed.

FMD! You'll end up a lonely sad loner who lives with his parents!

FIRE doesn’t have to ignore legacy. My favorite reps of the movement speak about their passions, but oftentimes in such a way that others don’t realize that a passion project or lifestyle is required to not give up on FIRE.

What kind of legacy? I do think if I make more, my children will have more of an inheritance. I would like to make sure they are secure.

That's the key. My retirement plan is to do a desirable job that doesn't pay well.

Rather than embracing minimalism, folks who are striving for FIRE need to devise a plan to structure their investments with the appropriate amount of growth and risk management for their goals. Also keep in mind that some traditional retirees have dealt with one or more market downturns; hence, consulting with them might help flesh out some additional strategies to add to one’s investing tool belt.

That's not true at all. You can reach Financial Independence without being an extreme minimalists. There are tons of people on the FIRE subreddits, including myself, who have an average salary of $50,000 - $100,000/year that are saving 20%+ and reaching Financial Independence around age 50-55 or so. That age is still ~10-15 years sooner than most people at least in America and is obtainable if you start around your late 20's or early 30's with a reasonable savings rate of ~20%. An extreme minimalist in my mind would be saving 50%+ of their income.

he may very well be.. Unfortunately he has no choice but needs to work hard. Ex is dinging him for Child Support some crazy monthly amount.... He cant even see his kids. Sad situation.

Pride and morals and ethics are the names we put on those ' feelings ' be they real caveman honest feelings or some sorta programming which is plausible ? Was the rat race created or naturally came about

@@chevredupoitou7330 you obviously have never owned land before of any kind. If you ever do you will realize having a space on this planet that is ONLY yours that nobody can tell you what to do while you are on it is a truly freeing feeling.

@@JodsLife1united states still owns your land

That applies to some people. In general, I don't think the costs of a hobby are a good measure for their seriousness, there is lots of fun stuff to do with little to no costs.

A big example is art. It would be nice to be able to make professional-looking art, but that requires time, time that most of us have to spend working. Life is all about choices, and people can probably find a way to do both, but it requires serious sacrifices somewhere to work to have enough money AND be really good at your hobby.

@@thienkimnguyen27 its not always about cost but literally time . For example i am a national master in chess. I can become the strongest player of my country in about 2-3 years of full time training but thats a 5-6 hours a day most days regimen. How am i supposed to do that with a full time job?

@@murkywaters5502 not only that but I know for a fact there are far better artists than me, far better musicians, and far better game designers. So doing what I love is never going to make good money. That's why I do things I don't want to do to make money.

@@Ziegfried82 There are lots of bad musicians making lots of money. Don't steal your own joy by comparing yourself to others. You be the best you can be and that is enough. Also, remember. It's not the New York Times best WRITING Author that gets good money. It is the New York Times Best SELLING Author, that makes the bank.

When you near 40 it rings clear. It is ringing for me anyway

@@jameier11 Of course it rings clear if you have a brain. That's just that you've realized you are a mortal. But if you do not have self-destructive habits, eliminate foods that age you, perhaps exercise, you likely have half your life left. It's not "pretty much lived" by a long shot.

Definitely not. “Pursue” hobbies you like, a job is just for money

If you don’t like the job in the field you are in, and have been there for years, it’s immensely difficult to just change professions while still dealing with all of life’s financial challenges.

Just get a job you like or don’t hate, and if you get good enough then there’s a good chance you might kind of enjoy it.

@Boba not all the way true. I play in a full-time orchestra, and while it doesn’t pull a tech level salary, I love almost everyday that I’m on stage playing for people. I am tenured and cannot be fired at anytime. It’s kinda the best.

@Boba Yeah but you dont have to do a crap job for decades just because it pays more. You can do a job you're ok with and make a little less and do it for longer.

Nice 👍

Seems like you are just bragging to brag.

@@chinaberg no. I mean I watched this video a while back so I’m not clear on all the details anymore but from what I remember, he seemed to ridicule the concept of retiring early as if not working and not achieving would leave someone feeling empty or you would get bored if you weren’t constantly striving for the western concept of “success.” Some of us push back on that. We’re comfortable letting go of that chase. I don’t judge people wanting to work their whole life or people who get bored with the vacation style retirement but I also push back on the idea that you can’t feel happy and fulfilled letting go of titles, rank, status and the chase for more money and more success and external validation. Some of us can let go of all that and feel content. There’s nothing wrong with either approach. So many people are so quick to judge other people’s lifestyle and goals. Especially in the west.

@@franciscofletes1948 That's fair. I am happy for you that you get to enjoy your retirement.

this is entirely inspiring and just gives confirmation ill be ok. im 16 i turn 18 next year. i got into university (first gen and the youngest in my family to go to college.) i should graduate at 20 but i do have the plan to graduate in 2.5 to 3 years. while managing to study abroad as well. debt free at that. im going to work in tech my plan; is postgrad 1- 2 years as a consultant (mainly because im fascinated with this career but also travel points.) then move to tech. im going to start social media this year, as i have a unique background and i want others like me to see they have options too. my goal is to make at least 10k a year to invest half of that until im 30 then let it compound. im sure i can live off of 3k a month (an extra thousand for car stuff. if i get one.) the other 2k can go for emergencies and such. i also want to start a business using my knowledge of living abroad and researching capabilities because ive seen many people wanting to move but not narrowing their wants, needs or goals. i dont want millions especially since i plan to move back abroad. once everything is automated. i have many interests i hope to pursue. some have said my goal of 5 units in five countries as a personal goal is ridiculous and that im too young to even be considering my near future but i just want to diversify myself and see my limit. because i know i can do big things. and i will get my residency in mexico as well as germany. all of this for freedom and stability really. thats my main value because with freedom comes the other things i want to do like travel and get my private pilot's license. i dont agree with a lot of what tech lead has to say about much and has said in this video, but thank you for commenting.

Barista fire it is

This is what I'm aiming for, have enough in the bank to compound whilst I work as a postman (always wanted to do it). Seems like an interesting, stress free job unlike my engineering job currently.

At 35 I'm now I'm far more interested in FI than actually FIRE

In Cuba the education to become a doctor is free as the goal is to make the world a better place. That healthcare is free too. Capitalism can't tolerate this. Hence Cuba has to be on the sanctions. However, Cuba is not the only place where this happens. In Scotland the education is for free and the healthcare is too. You are in the wrong country and going after the wrong solution.

I mean cuba did side with russia. Lol thsyre still being puniahed for that.

You're not thirsty for money, You're thirsty for health...

You pretty much hit the nail on the head. The only reason why I would save for retirement (here in the US) is in the event of failing health. At the end of the day, daily living is relatively cheap after you pay off your house and healthcare is taken care of.

I agree, I’ve worked with nurses working OT at the hospitals getting their wages garnished paying for their chemo TX-most nurses I work with paid their student loans, but still owe medical debt-total bs

I want to go sailing, but a safe sailboat costs $2 million and I need another $3 million to have the passive income to quit my work to make time for the sailing.

@@jimj2683 go on someone else’s boat

@@jimj2683 take people on trips, i went on trips with a couple, paying for the ride

Idk. I was in a situation where I could've died. Affected me in other ways, but not my goals and priorities. I'm just a boring person who doesn't really care to seek out everything life has to offer. Though I guess I also just don't appreciate being alive in general.

Definitely true with a pool. I never got one because I saw how much trouble it was for friends to maintain. And BOATS!

Right on! ... NPR had a show called, "Car Talk" hosted by a pair of real characters. Whenever a caller talked about an ill-planned purchase or high ticket repair job, they'd say, "sounds like a boat payment!" 😆

Right, that saying: the things you buy end up owning you instead, always come to mind… sometimes I dumbly forget.

Well, it all is a matter of calculation. Owning stuff that you don't use is expensive, renting stuff that you use frequently is also expensive. Rent what you don't use frequently, own what you use all the time. With real estate the calculation is a bit more tricky of course. That's why I like to calculate the per use cost of things and also how easy it is to sell it again and at what price. Some things are just cheaper to own than to rent.