I QUIT The FIRE Movement [here's why]

I decided that the FIRE Movement is an extremely unhealthy way to live life. Instead of completely abandoning the FIRE Movement, I decided to rethink it and approach it in more of a healthy way.


The FIRE Movement is about saving 50% of your income for 10 years to reach Financial Independence. Once you are able to live off 4% of your investments, you are financially free (this is called the 4% Rule.) For a while I thought this was the perfect path for me, until I asked myself, "What if I'm wrong?"

FIRE stands for "Financial Independence, Retire Early," and this is a huge movement because it gives the promise of a better life where you never have to work again once you reach Financial Independence; however, I think that it is too risky to spend 10 years of your life dedicated to one idea. Life is short and you never know what is going to happen on a day to day basis, so we need to rethink this concept of FIRE and create a more health attitude towards FIRE.

Problems with FIRE:

1. The Goal: Retire Early

The ending goal of FIRE is retirement. The goal is to reach the point financially where you no longer need money and can spend your days doing what you want. Retirement, however, should never be a goal because you'll eventually want to do something with your life. Retirement is a worst case scenario.

2. The Method: Financial Independence

The method of FIRE is to save 50% of your income for 10 years, invest that 50% in the stock market, and in 10 years you will be able to live off 4% of your invests and your money will never run out.

For the average person, saving 50% of your income for 10 years can be a huge sacrifice. You will be giving up the present moment for the thought that the future will be better. The method of financial independence is too risky because you never know what is going to happen in life.

Rethinking FIRE

1. The Goal: Freedom

The goal of FIRE has never been retirement, the goal of FIRE is "Freedom." The freedom to stop doing work you don't enjoy and do you that you find meaning in. Instead of thinking that you are chasing retirement, realize that you are actually chasing freedom and start asking yourself, "What does freedom look like in your life?"

2. The Method: Enough

Spending 10 years of your life thinking that money will solve your problems is insanity. It's also too big of a risk because 10 years is a very long time to dedicate to one idea. FIRE isn't about waiting to reach financial independence to start living. FIRE is about establishing how much money is enough in your life. You reach "Enough" long before you reach "Financial Independence," so start trying to reach enough.

When you're trying to reach enough, you need to realize that enough isn't a number, it is a feeling. Enough will mean different things for different people, but you personally need to figure out how much money is enough in your life to make you feel comfortable to do what you want in life.

Conclusion

The FIRE Movement is not wrong. The FIRE Movement just misses the point because it is not about reaching financial independence so that you can retire. FIRE is about reach enough so you can have freedom in your life.