An (Updated) Rant On The FIRE Movement

In this episode, Chelsea gives an updated, nuanced look at the FIRE movement and the quest for financial independence generally, from problems within the movement to how to find it actually helpful.

Join this channel to get access to perks:

The Financial Diet site:

[Mariakevin-dv]

I came across your channel through this video—case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[rebeccajones]

I'm a fan of any movement that disrupts the idea of working 40 hours or more a week until we're too old to enjoy it.

My husband and I were interested in the fire movement. We also don't have kids, but we paid off our house and now only one of us works: me. I also want to retire early, but since the pandemic hit and I work from home, time that was previously spent commuting is now spent making tie dye, thrifting and sewing.

I'm 40 years old and I thank my younger self profusely for saving, investing, and keeping low expenses.

Whether it's retiring early or maybe just working 4 days a week or not commuting, any time I can get back now for fun stuff is huge and I am thankful for it.

[Riggsnic_co]

I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.

[martypoll]

It’s easy and not particularly useful to criticize the most extreme version of FIRE. For most people FIRE is living below your means, examining your values, setting realistic goals, and doing the math to figure out if you can retire before 60. Probably most people can’t (or won’t) do this but it is an idea many can consider.

[secondengineer]

I think frugality is a virtue, not because it involves being cheap or stingy, but because it involves reflecting on what you value instead of consuming out of habit.

[henryclinton]

Retirement is wonderful if you have two essentials — much to live on and much to live for. Invest wisely and get good returns.

[AlexwilliamsC]

It seems certain stocks are undervalued, flying under the radar despite their potential. You can't help but wonder when the market will recognize their true worth. How can I invest $600K wisely to ensure our future security?

[Jasta]

I see the FIRE movement similarly as people who are really into crossfit. Its certainly not for everyone, but I don't see it as a bad thing It's an extreme lifestyle that works for some but not for the majority. It generally doesn't affect anyone but the person who is doing it (unless you are FIREing by scamming/screwing over other people somehow of course).

[gilbertallard]

Hey Chelsea! Fun true story: A couple years ago, I started watching your financial independence videos and you made a mention of a steps counting app that you used for a while to get back into shape. It gave me the idea to continue listening to your youtube videos and later to your financial confession podcasts WHILE walking. I’ve been doing that ever since and have gotten back into shape. The app tells me I have walked the equivalent of 13 ironman triathlons since I started. Lost 50 pounds, got rid of high blood pressure, sleep apnea and back pains. I look like a million bucks now, so if only for that, I’d be your type. Thanks!

[sd-chcq]

What i like about FIRE: the idea that you should not mindlessly spend your entire paycheck every month, and especially that you should not mindlessly upgrade to a more expensive lifestyle as your career picks up steam.

What i don't like about FIRE: the focus on passive income in ways that often take advantage of poor people (such as becoming a landlord), and just in general that the movement is mostly about people who _can_ save half their salary and still live comfortably enough

[kathrynsamuelson]

I met a woman at the condo mail boxes the first day of her retirement. She told me she was now going to start doing the things that she put off doing because of working. She dropped dead of a heart attack 7 days later at the very same mail boxes. How sad.

[wendynoble]

My philosophy is financial freedom. I'm not focused on retirement. I do want to live below my means, build investments and passive invome and have the freedom to choose what I do.

[blargithonify]

I’m a software engineer and moved to a high cost of living area to avoid commuting costs, then moved back to a low cost of living area during covid to WFH and achieve FIRE. Now my job wants people to go back in to the office. Needless to say I’m fighting it, and if I lose, I’m switching jobs.

[nancymcclymont]

I really appreciate the nuance and willingness to course correct on this channel. It’s unusually healthy and all too needed in this age of us-them.

[kadamowicz]

As a Washington DC suburban mom, the busyness is bred into kids. It’s a competition for these target moms to get their kids into all things every minute of the day. Kids don’t know the value of calm, rest, peace, and the ability to just be in a simple way.

[MisaMouri]

If you have to be a landlord to do it it's not worth it. We are in a housing crisis and people turning a necessity to live into a retirement plan so they can retire at 40 is not fucking helping

[deathbatgirlxxx]

My dad espoused FIRE-esque values (albeit well before the acronym took hold), and it completely ruined my parents' marriage and their relationship with my brother and me. His fanatical saving/ investing put a huge strain on all of us, and they regularly gaslit us kids to think we were poor--but then bragged about their lack of debt whenever we compared our lifestyle to those of our friends. The divorce was extremely contentious and cost my brother and me our college funds and dad's hope of early retirement. I do understand the motivation to avoid wage slavery, but it's unwise to sabotage your personal relationships in the process and morally repugnant to make your children pay the bill.

[colleen.odegaard]

80/20 Stocks Bonds 36 yo, November was good, struggle to put away 4% these days because of so many mid-life bills. I now make around 120k a year, My aim to make dividend returns as i work to retire early, but how do i achieve this?

[CaptainPIanet]

The r/financialindependence subreddit is super chill. I got my first job out of grad school in September and somehow stumbled upon that sub. They've taught be a ton and have always been super helpful with my questions. It is a little weird in that the majority of them are working in tech or engineering and making $100k+ however, even as a less than $60k government employee it's been very nice getting the FIRE perspective. I'm naturally quite frugal so it may work or it may not, but for now I'm putting away 40+% of my gross away so that I have the option if I want to take it.

[sharonkeller]

In my opinion the healthcare costs, whether insurance or having to pay out of pocket, or just the stress of not knowing if you will be wiped out financially if you have a health crisis of any kind, is the largest detriment to a life where you could live with any financial security. And the U.S. has made it clear they will never fix this problem.