Home » People Need To Get Real…FIRE Is Bullsh!t | Financial Independence, Retire Early financial independence

People Need To Get Real…FIRE Is Bullsh!t | Financial Independence, Retire Early financial independence

by myyachtguardian123



The mindset surrounded by the FIRE movement is dangerous and today I’m breaking down why.

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DISCLAIMER:
Nothing in these videos are intended to serve as legal financial advice. Reece Caruso is not a licensed financial advisor. This video, the topics discussed, and ideas presented are Reece’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own research.

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17 comments

Lar 13/09/2021 - 3:30 Chiều

You are so right. Many of these FIRE movement folks niavely try to follow the YT zealots who believe this will work for everyone.I know folks who have crashed and burned trying to "retire early".

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arnaud nicolas 13/09/2021 - 3:30 Chiều

Hey, I like your style, but you didn't do your research here. It's a common theme in most critique of FIRE: Take the most aggressive numbers they found (some couple saving 70+% of their income because they make 200k/year), ignore the entire body of research behind safe withdrawal rate principles, bring in inflation/health emergency/aging as if nobody in the FIRE movement thought about these (they did) and end with "i don't see how I could do it".
To set your idea of FIRE right, here is the non sensationalized principle: Invest a portion of your income until you have a sufficient amount invested in interest generating assets so that you can live off of the interest without depleting the inflation adjusted principal.
Sounds like traditional retirement doesn't it? Well, it kinda is, just more aggressive, and nearly all of your talking points are debunked with this realistic take.

Anyway, I still like your videos!

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Q Makes It Happen 13/09/2021 - 3:30 Chiều

Some points were valid here but your critique seems vastly off base honestly. The beautiful thing about having a vision is that it's a unique vision to that individual. You not understanding how someone can do it, even doubting yourself is a prime example. Nothing in life is guaranteed other than what you get if you never try. I respect your honest opinion nonetheless and I'll be checking out more of your content.

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Aaron Pieper 13/09/2021 - 3:30 Chiều

I think to understand the fire movement you need to see what the core point is: Having the option to work on whatever project you want and get a better work-life balance.

It's not about living as frugally as possible. This extreme is not the idea and that's where you are wrong. Why else would there be a fatFIRE option? By following fire the option to reduce hours or switch to a job you enjoy more or follow a project that might not even result in money is created. What is the alternative? Going 9 to 5 until you're 70 in a job you don't even enjoy?! And then get a retirement payment that barely covers your expenses. We can escape that rat race by fire!

I love my job, but I would like to have more time for sports, family and other hobbies. So I would like to work part time and still have the same money available. So I follow baristaFIRE. By not overspending on vehicles, rent or vacations I probably can do this for half of my worklife. And this is more worth for me than having a Mercedes.

I save and invest 50% of my income. I still enjoy having hobbies and going out for a drink. I have never been called cheap or anything like that 😀 I just don't inflate my lifestyle as much as most people. And that's why I don't even feel like sacrificing right now.

And of course the money is invested, so it will compound and win again inflation. There is a study regarding the save withdrawal rate, which is about 4%. Basically your investments will make ~ 7%, inflation is around 2% and if you take out 4%, you still have a buffer of 1% for bad years. The money you take out also increases with inflation, because you adjust it to 4% of the invested sum, which will grow. Hopefully a bit more than inflation 🙂 And if everything hits the fan you can easily go back to work/increase your income and you're still better off than most of the people.

I don't think that you are so far away from the fire movement as you think. You like to invest your money to create a return and live a bit better in the future than if you spend everything right now. We only go one step further and even think about reducing/quitting the job.

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Gerald Davis 13/09/2021 - 3:30 Chiều

Yeah pretty much nothing about this video is correct. 1) FIRE isn't about starving yourself. It is simply about controlling spending and saving a signficant percentage of your income. If you make $100K a year there are people who live wonderful lives on $70K a year. You could live on $70K and save $30K a year. You can go on vacations just fit it into your budget. Likewise you can own a car or house or smartphone just fit it into the budget. 2) You keep saying 70% like it is some magicall requirement. Most people engaged in FIRE don't save 70%. 30% is probably typical, 50% would be aggressive, 70% is rare and generally higher income persons (like dual household making $500K a year they could easily save $350K and live on $150K annually. 3) You keep saying cash. The ideas isn't to hoard cash. The idea is to aggressively build your networth in appreciating assets (stocks, bonds, real estate). Yes inflation is a concern that is why the plan would be to have it in assets growing faster than inflation.

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...a 13/09/2021 - 3:30 Chiều

7:44 "I don't think I personally can do it, so therefor FIRE is bullsh!t". There is a lot of flawed logic and disrespect in your video, simply because the FIRE strategy doesn't resonate with your lifestyle. Please don't diss other people's financial choices to make a clickbait video.

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A Fulfilled Life - Personal Finance 13/09/2021 - 3:30 Chiều

Interesting.. I think it's about having the options available to you 🙂

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Ryan 13/09/2021 - 3:30 Chiều

Not sure if this gentleman understands the fire movement and the 4% rule and how inflation works into this lifestyle/plan.

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TheRetirementality 13/09/2021 - 3:30 Chiều

I'm changing the acronym over on my channel to stand for Financial Independence Recreational Employment. Just found you. New sub.

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juncear youtube 13/09/2021 - 3:30 Chiều

I like your videos Reece, you got a pretty sound mind, for me, the best I took from FIRE is to understand how powerfull can be to spend your money wisely and live a minimalistic life, small sacrifices here and there can grant you a much better financial future.

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Germell Johnson 13/09/2021 - 3:30 Chiều

I’m actually pursuing FIRE now and I don’t have any of those issues. We just came back from a week long vacation and are planning our next one. Most people misunderstand FIRE. It’s not meant to be an all or nothing approach. It’s about having more choices rather than feeling trapped. Don’t think of my opinion as being negative towards yours. Everyone is allowed to be different. Good video

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Stuart Scott 13/09/2021 - 3:30 Chiều

For me, Early = 55 years old, anything earlier than that is just scrimping it.

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Chris Ong 13/09/2021 - 3:30 Chiều

What did you do for your job? Nice video mate

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Reef Surfing 13/09/2021 - 3:30 Chiều

Great video 👍

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Scott Edward 13/09/2021 - 3:30 Chiều

I'm looking for FIRN, financial independence, retire never. I love a lot of what I do for work, so never want to stop. As they say, when you rest, you rust.

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freeidiotprashv3n80 13/09/2021 - 3:30 Chiều

Ah yes! Thank you for the sobering thoughts, Reece. Never even heard of the Fire movement until now. It basically sounds like: save each and every penny possible, cut out all forms of pleasure/enjoyments etc. I like it that you argued the pros and cons well. I used to laugh when I saw terms like YOLO, but I kind of understand them now.

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Nagson 13/09/2021 - 3:30 Chiều

On point!….as always! thanks Reece…a lot of people these days do forget about here and now ……too bad…

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