The Problem with the “FIRE” Movement

Financial Independence. Retire Early. Those words sound great right? But is it too good to be true? I’ll explain the different types of FIRE, share my honest opinion on it, and what I recommend you do if you want to achieve FIRE.

Ramit Sethi is the host of Netflix’s “How To Get Rich” and New York Times bestselling author of “I Will Teach You To Be Rich”

[christophermiles]

I don’t want to retire early. I want the ability to retire early. The FU state of mind.

[alessandrasmota]

Love how the Money Guys created a new acronym for ppl that actually like working but don't want to retire, but want to just do something else or reduce working hours: FINE: financial Independence, next endeavor.

[xmochix]

Financial Independence is the key. Whatever you choose to do is up to you! No one wants to be tied to their job.

[LB-fstm]

FIRE definitely has it's pros and cons- it's about having total freedom of choice. My husband and I actually think FIRE is a great compliment to your (Ramit's) concepts for financial security. Going through FIRE won't make you happy, in fact it gives you more choices which can feel daunting at times, but honestly, it's AWESOME. Once you FIRE, it's freaking cool. We suggest people begin with FIRE, get their crap together, actually learn how to manage their money and their impulses, learn how to scale back and be intentional, then once they achieve financial goals and develop discipline, they transition to Ramit. The problem with just starting with Ramit's plan is that he doesn't stress discipline enough and people hear "live your rich life" and go full-tilt. People often miss (or intentionally ignore) the parts about discipline so they don't learn the basics or how to control their impulses and rewire their "consumerist" brains so they can spend intentionally- an essential part of financial independence. We feel, Ramit is great to help you relearn how to spend money POST-FIRE. FIRE really helps you break bad habits so you can develop new skills. Just thoughts from someone who has done both. We love both and think they actually compliment each other well.

[Monkey_G]

Was one of those people that invested 65% percent of their income for 5 years, thankfully you have taught me to relax a little and enjoy my rich life. Thank you Ramit!

[andrewdaly]

Never thought about this in this way. I personally started my fire journey the wrong way, I was letting it dictate what I ate and did for fun in order to maximize savings. I still am striving for FIRE but now have a healthier relationship with money and save as much as I can but splurge on things that bring me happiness.

[Tchild]

I just make sure that I save 20-30% of my income, then I buy those lattes, first class tickets and drive my Mercedes. When I think back over my adult years, it is all a blur, time melding from one year to another with few notable moments. The only thing that helps me keep time and what I truly cherish and remember are the memories I have had traveling with my family and friends. Everything else is just a fading mirage.

In 2015, I just went out and bought tens of thousands of dollars worth of outdoor lifestyle toys: Camper, motorcycles, truck to pull camper and we went out with out kids to Moab and other beautiful spots around Utah for the next five years. My kids are now grown and gone and I now realize that was the best money I spent....ever.

You cannot get your time back and when you are older, you realize that time is the most valuable commodity anyone has. Save, but don't exchange time for money.

[eldanielromero]

Being ultra frugal was the best thing I could have done in my early 20’s. It’s easier to train yourself to spend, than it is to train yourself to not spend. It feels more rewarding this way.

[eddie]

As someone who started with lean fire, i started listening to your videos as a way to allow myself to spend money last year. I'm certainly not lavish by my incomes levels, but its certainly let me chill out.

[andresgarciacastro]

Most good stuff in life isn't expensive: a nice dinner with friends, playing board games, playing instruments, dancing, painting, playing videogames, hiking, biking...

[ghjong]

In between Fat and Lean FIRE is Coast FIRE: you buildup assets to reach your crossover point, and then dial back hours and stress while figuring out your next steps. The other thing to remember is that retiring early doesn't necessarily mean at 35; it can also be 50, 55, or 60. SSA considers 63 'early' retirement, and 67 'full' retirement.

[rpguitar]

I retired early at 54, after learning about FIRE and how the math worked at the ripe old age of 52. On one hand, I wish I had been more intentional about this goal when I was younger, as I would have retired sooner. On the other hand, I never led a life of deprivation and I didn't obsess over my "number" for decades like so many younger folks do. Ultimately, I think I'm grateful for where I ended up and how I got there. This was an insightful and fairly presented video, Ramit. Well done.

[anageorgina]

Ramit, I have to say... this is your most balanced, most compassionated, most positive video yet. Thank you for showing more of this part of you.

[BBQHellvampire]

I'm grateful I stumbled into a FIRE community 4 years ago, helping me set goals and starting my personal finance journey. But I also started noticing these negative sides that you mentioned which I'm trying to be mindful of. Great video putting it all together, both positives and negatives!

[MNP]

A new term I recently learned is "Barista FIRE". You work until reaching the crossover point, then continue to work a part-time job. I tried retiring in my 50's, but quickly realized I wasn't ready to fully retire. I enjoy my job even more knowing that I get to pick and choose when I work. We travel and spend time with family when WE choose, not when our employer chooses.

[Ayobussa]

You’ve become my favorite money mentor. Thanks for this and everything you do!

[masterfiddler]

FIRE has always been around, though not as an established community. I appreciate Ramit’s recognition of both positive and negative sides to FIRE, but I also think he’s way too focused on the original FIRE community, whereas there’s an enormous number of people living it uniquely today. I definitely appreciate this video for demonstrating the balances though!

[vulpeeze]

I only want to do FIRE so I can still spend extravagantly while i pivot from my well paying career to my dream but lower paying career

[Mr._Du]

So instead of following the FIRE movement, you should cut your expenses by 30%, raise your income by 30%, and then retire in 9 years? That's... that's exactly FIRE.

[shrapmetal]

I had an uncle and aunt who hoarded their wealth. In their final years there was mental and physical decline and one of their children basically robbed them and left them to die neglected and without proper care. Time is our most precious resource and you cannot hold on to material things forever.