Weekend Engagement - The F.I.R.E. Movement

Do you have a controversial opinion on something? What is it and why do you have it? Do you hold back on voicing it or are you happy to share it around, to promote it...either way, explain why.

In recent times, there has been a lot of talk about the FIRE movement. FIRE stands for "Financially Independent, Retire Early", which basically means people these days aren't really keen to work all the way to the stipulated retirement age, which is usually about 60 and beyond.

Of course, this group of people don't just quit their jobs irresponsibly and rely on government handouts or wait for money to drop from the sky. The first half of FIRE refers to "financially independent", which means these people would have accumulated enough savings, either through frugal spending habits or smart investments, such that it is sufficient for them to maintain their current lifestyle.

Personally, I am aligned with this FIRE movement and have set a goal to achieve financial independence by a certain age (probably not a good idea to disclose the number, hehe), and at that stage, I have the option on whether I can continue to stay employed or just retire and watch the sun set on the beach.

On first glance, it sounds all good because let's face it, how many people in this world would gladly say they look forward to turn up on work on Mondays? But over time, I realised it's controversial because FIRE is not suitable for everyone.

The first and obvious reason is some people do enjoy their jobs and have no qualms working till old.

The second and not so obvious reason is that aiming for FIRE does come with sacrifices which not everyone can accept. In order to accumulate enough savings within a short timeframe, one might have to give up or reduce the amount of certain luxuries in their life, be it a branded bag, holidays on business class flights, or it could be something as simple as preparing their own meals instead of dining out at restaurants to reduce their expenses.

Ultimately it boils down to each individual's lifestyle and there's no right or wrong if you ask me. Everyone is different and that makes us special and unique.

So let me know in the comments whether you are aiming for FIRE as well, or do you prioritise life's luxuries and are perfectly okay to work till 60 and beyond?