Unveiling the dark side of the FIRE movement: Sacrifices, Misery, & Toll it can take on your life.😱

Are you considering FIRE? This video challenges the popular trend and reveals the potential downsides of extreme savings.

#FIRE #FinancialIndependence #Retirement #EarlyRetirement #money #finance #financialsecurity #financialfreedom

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Celestial Wealth Management, LLC is registered as an investment adviser in the State of Maryland and Texas.

Neither the information nor any opinion constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instruments.

This video is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person.

Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment and planning strategies discussed in this video and should understand that statements regarding future prospects may not be realized.

Nothing provided here constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments.

Investments in securities entail risk and are not suitable for all investors. This is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction. All investment strategies have the potential for profit or loss.

[healthyaisletoasia]

That's not what fire movement is about. It's about cutting things that don't make you happy. Don't spread misinformation dude

[RayRockman]

Some people can live a minimalist lifestyle and be happy, others can’t. There are people who work a job they don’t like to support their overextended lifestyle until they’re 65 only to die of disease shortly into their retirement. FIRE brings purpose and independence while learning to live one’s best life without luxury, a very underrated concept in todays world.

[dustingoldsworthy]

10 years of mild sacrifice and 30 years of freedom, is better than 40 years of wishing you had money while working lol

[jamesrrr]

Right now I live on about 12k/year, renting a studio apartment, eating well. It's all good, buying stuff doesn't make you happy. Investing for your future does.

[jairosambula]

Fire movement is great! It all depends on how you go about it! I am living example that!

[dustingoldsworthy]

To me FIRE is about what you value more:Not being a slave to your boss, /job, freedom, not worrying about money, debt, working till you die, having time to live and explore, retiring at a healthy age buy something you want with cash. ORRR do you value impulse spending, outward show to impress others, having the latest gimmick, are these things worth more than your freedom and piece of mind. you earn money either way but its what you spend it on that matters.

[rossmacintosh]

He seems to equate the FIRE movement with extreme frugality. While some seeking FIRE do practice frugality, others do not. The movement's basic premise is to have an investment portfolio that can support your lifestyle. It's a personal choice what lifestyle that is. Of course those with high incomes but modest lifestyles can reach FIRE earlier than their more spendthrift or lower in income. Saying FIRE requires saving 60 to 80% of your income is an oversimplification. Those percentages might be possible for someone with a high enough income, but even those with modest incomes can work towards a FIRE goal. It will likely take them longer just as it will take those who don't adopt frugality longer. Anyone can meet their retirement goals sooner if the do the sensible things FIRE seekers tend to do. Avoid debt, save & invest, and live within your means. That's good advice for everyone! Saying it's "dumb" just shows his ignorance of what the movement really is.

[adityach]

Also don't forget a goalless life. We might complain about work but often it is what keeps us going.

[AverageDad]

You may be right for some people. Working my shit job until I'm 65 if I even live that long sounds a lot worse than living cheap for a third of that time.

[bluetocop]

an early divorce and large child support payments left me no alternative. now in retirement i have a great time

[alexander]

There are several things to consider that may determine how effective FIRE will be for you:
- Are you surrounding yourself with people of a similar frugal mentality?
- Can you find ways to have positive life experiences that don’t require much money?
- Can you save the necessary amount of money without being an unnecessary burden on others?
- Do you have a plan of what to do after retirement that will give you purpose?

[TheOne-vfyw]

I use fire as a bridge to time freedom to pursue things I want to pursue, like my own business. It gives a financial back stop if something were to go wrong. Time freedom from a job is my main motivator and actually raising my kids. Not someone else

[ShenoUzumaki]

For once, a financial short I can agree with lol.

The frugal living thing, at least in terms of physical health, can wreck you. Bad sleeping conditions to start: if you don't sleep right your brain is not going to function properly enough to even do those stock trades in the first place.

[withyoctopus]

Frugal living isn't as depressing as it's depicted here. Just having hobbies that are productive or at least free instead of costing a lot of money makes a big difference in on the bank but not in the heart.

[kevinjohnson]

Sometimes it might not involve as much sacrifice, as much as it does creative thinking.

[progressivebusiness]

Actually it’s very empowering. And you don’t have to save 80%, 30-40% works just fine. Nothing More frustrating, looking back over 20 hard working years with nothing to show for it. Small sacrifices over a few years is well worth it

[Vacationtime]

Not really as this concept can be tweaked. Not everyone want to work full time until they retire. Some people, such as myself, only wants to work one day a week or only part of a year. Stay out of debt, pay cash for your home and save as much as possible.
VT247

[chrisniner]

I'm living 6 pack to 6 pack in an old refrigerator box.

[MercedezBenzLife]

Actually, the dumbest plan is to follow the traditional legacy system and work until you die. Then you'll never. You'll really be miserable then trading your time for money like a hamster slave on a wheel. Jeez

[withyoctopus]

FIRE doesn't have to be achieved in a decade. We're shooting for 50. That's still early, but very doable. Maybe we'll not stop working but just reduce hours by what feels right. Sometimes, life throws you a curve ball and I'm happy that I'm flexible enough to go with the flow.