Why does everyone hate FIRE? (Financial Independence Retire Early)

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Title	:	Why does everyone hate FIRE? (Financial Independence Retire Early)
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“SCHD and chill” rule
Comment from : YouTube Sucks

I accidently retired 8 years ago Thought i was going to take a 6 month breakfound I can live how I want, and plenty to do Fire is about go your own way, don´t buy nonsense, stash your cash
Comment from : JackDeniston

Love fire and especially having light form of MS I need to push the boat out while I can, buy to lets, ISA, work place pension just upped to 15 contribution etc, but for majority of people with one main pot it can last out if you do it right, im just been greedy and proving a point to myself lol, can retire now at 44 just, but goal is to have 500K in ISA in next 15 years and a good pension pot whilst I'll still be driving the same old car and probably still have the same iPhone 7, they don't call me tight for no reason haha The 4 rule is possible if you simple stick to high dividend income paying funds that will also continue to grow the pot further over time Vanguards Global high dividend is around 32-42 annually The best one but more risky of your pot going south is Vanguards UK equity income fund comprising of the highest paying dividend companies of which around 101 of them, those dividends last time I checked have annually been between 47-62 dividend payout plus growth I'm thinking of using my pension pot in future 50 into an enhanced annuity due to a few health issues so should get good rate The other 50 will be split 50/50 holding both Vanguards Global high dividend and UK's equity income fund
Comment from : mixerman8

Thumbs up just for the puns Love ‘em
Comment from : Chris H

I think a lot of the negativity towards the FIRE movement is based around jealousy I have a pretty average income i have have friends that make WAY more than I do but they spend like maniacs they have nicer cars, homes, clothes and jewelry than I do they eat out several days a week and they go on vacations all the time yet they seem to resent the fact that I will retire at 50 while they will work until they are 65-70 I don't judge their habits It makes them happy and it doesn't affect me, so I'm okay with it but I find it strange that they seem upset that I live like a total cheapass I love the way I live and can't wait to have total freedom in 15 years
Comment from : Ricky Iglesias

"I'll tell ya how to save money don't buy the book" Brilliant
Comment from : Bodie Coates

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
Comment from : Raynold Grey

I don't necessarily love the movement itself but I like the concept of it My only thoughts are these: brbr1: I've always heard that if you want to build wealth you want to be at a point where you invest 75 of your income So lets say your goal is to retire early and right now 75k a year is livable for you You should've invested enough that you actually bring in 4x that or 300k a year and only give yourself 75k a year to live off of You'll reinvest the other 225k allowing your investments to not only beat out inflation but have significant growth The next year you'll withdraw another 25 of the interest you made only this time it'll be more than the 75k from the last year This will allow you to keep up with inflation AND have a few bucks left over so you can do a bit more than your previous year The problem with this is it can take a significantly longer time to have that much for investment so for many people, they won't actually be retiring earlybrbr2: You have to be the right kind of person Although retiring early likely sounds good to EVERYONE, not everyone will enjoy it Some will thrive off of the freedom but some use work as a structure in their lives
Comment from : Spladoinkal

im not a practitioner of FIRE but I am known to be a very frugal person Its hard for many people to go out of their way to save like I do, and many people just dont care
Comment from : Levi

I would say that I practice FIRE, which boils down into 2 personal theories The first is how I live now: Instead of ordering DoorDash or going out, spending money on a multitude of entertainment services and going out every weekend, I instead have a budget of $100/mo to spend on food at Walmart, which is across the street; and for entertainment, well, YouTube (free) and I do a ton of reading, so Kindle Unlimited ($10/mo) The second part of my theory is the "retirement" portion, which I will be 100 financially independent In order to get to this, my plan is to live off of dividend-growth paying stocks so that I don't need to spend the capital, after the purchase of a house, EV, and the necessary upgrades to live energy-independent No mortgage, no car payment, and the only utilities I want to pay are sewer, trash, and property taxes Water and electricity I can generate for myself without needing to pay for natural gas or gasoline/oil My entire hope is that I can both live off the dividends, and what I don't need to spend, I can re-invest back into the portfolio
Comment from : FinGeek

Good of you to trust your instincts If something feels off, its better to be sure and safe
Comment from : Kurt Årdal

I think that once you reach fire, you have bought your freedom You have bought yourself the option to slack off, pursue a passion, keep grinding, or work part time Fire reminds me of what warren buffet said about doing whatever it takes to reach the first $100k, and after that you can relax
Comment from : Insatiable Lechery

I like the FI and everyone should strive for it but I think the RE is just for Guru's to sign you up for their course and hurt your life with "hustle culture" FI is easier and much more realistic than RE
Comment from : Hopelessdecoy

FIRE doesn’t work for 99 of people Instead the focus should just be on getting wealthy What you do after that is up to you No timeline, just do it
Comment from : Real Estate Investing and Landlord News

Why not get a job at the take away? Because after the government taxes it you only get half so you are still losing five percent over what you could have saved
Comment from : T D

JEPI (maybe JEPQ) is the answer!!!!
Comment from : Kenneth Goetz

@11:45 Somebody been listening to that wacky Tennessean from Nashville
Comment from : Rich Man North of El Paso

In my experience FIRE is just escapism for people who hate their jobs I find the idea of working a job you hate saving every penny for years and years on end just to have some vision of a good life later ridiculous I believe you need to find a way to have a sustainable, good, balanced life, with an reasonably enjoyable career
Comment from : Jerry Kreutzer

Too Right, the whole concept of increasing your income is a great way to improve the prospect of a better retirement regardless of when or if you take it Sometimes we can find a passion that allows us to earn money whilst we do it Well done mate a great way of breaking down and letting us discover fire
Comment from : BO Bohare

Spending money when you're young is fun, spending it when you're old is boring
Comment from : braddeicide

I could go now at 52 with my wife at 57, but inflation is high and the recent salary boosts are two reasons keeping me in the rat race We're going to run the numbers to double check what we can happily enjoy life on and see how we are Knowing that you can retire from a job that you don't enjoy does have a weird sapping affect on your motivation though This negative feeling is currently doing battle with the plus side of knowing that being made redundant from a firm you've been at for over 25 years would be the best result possible right now I just can't bring myself to be that underhanded LOL
Comment from : Dunk1970

FIRE makes me uncomfortable because what am I supposed to do for the entire 50yrs after I retire?brbrHow about "FIRetire when I can't find joy from my job anymore"?
Comment from : Kasunsu

Personally I think the most important thing for fire is speed I started very late, in my 30s and didn't go hard enough on frugality As a result, I'm now approaching 50 and haven't retired yet so essentially have failed on being early 40s really should be the latest age one should target and the happy medium is probably mid 30s Remember that people live on average only into their 70s so mid 30s is already halfway through life
Comment from : Jay Kay

Great point (key) - focus on maximising earnings, reduce living expenses as appropriate to achieve higher savings
Comment from : wrzlygummidge

What FIRE gets 100 right is that the idea of working until you're too old to enjoy life (pretty much the norm in the USA) is *ing insane, that time is worth MUCH more than your income ever will be, and that most articles that talk about how much you need to retire GROSSLY overstate the amount you need Most articles I read about how much you need to retire make me believe there is a concerted effort to scare people into being good little worker bees forever - either that or scare them into supporting the financial advisor industry
Comment from : M Rog

The worst time in history that I am aware of is from January 2000 to December of 2012 where the S&P 500 index grow nearly 0 where many retirees lost everything and had to return to the work force in far lower paying jobs than they retired frombrbrI dont have any problem with the FIRE movement but if you are going to retire from a job it would be a very smart move to have some form of employment just incase things goes majority south so you can weather the really bad timesbrbrThe other reason to have some form of employment is to have something to do with all of your time I know a guy who started a company in either junior high-school or high-school and some mega corporation bought it for better than ten million when he was in his mid 20s By the time he was in his 30s he was board with life as he has done everything that he could think of doing traveling around the world A job is more than just making a living as humans live for around 80 years or so, your milage may differ
Comment from : Donkeyearsa

Using Extreme Cheapskates as a representation of FIRE is very disingenuous I, personally, believe you should never let saving or seeking early retirement cause you to cut out enjoyment in life and most FIRE adherents would probably agree Don't live miserable, just find ways to cut unnecessary spending
Comment from : Cogline Erro

1500GBP a monthbrbrAnyone know what year he was making that? I wanna run the numbersto see what that is in today's money
Comment from : civosborne

The maximum sustainable withdrawal rate is the YIELD on the assets Assuming ZERO inflation I retired at 55 and live off my investments I am also a Chartered Financial Analysts You need a lot of capital
Comment from : Cynical Viking

1:28 How can a fireman achieve FIRE?brBy climbing up a ladder
Comment from : hitardo

I can tell you had a burning passion when making this video
Comment from : Maurice Goldstein

My FIRE dream is retiring at 60 from my stressful 40+/week job and dropping to part time doing something less stressful until my full retirement age of 67brbrI think it's a pipe dream to think you are going to retire in 30's or 40's It's shooting yourself in the foot to retire in the typically most lucrative years brbrI think it's good to be prepping as early as possible though so you have some financial flexibility and set yourself up for successful retirement
Comment from : RandomJane

Wait, did I just see someone cooking a lasagna in a dishwasher?
Comment from : Clint

Firewoo woo woo!
Comment from : Arlen Burgin

100 I got sucked into the FIRE idea for a minute The deeper I dove into it, though, the more cracks I saw You'd have laughed at how much nodding I was doing when you talked about the Trinity study and the 4 rule being misinterpretedbrbrUltimately I kept the parts that served me, including the frugality and simplified investing approach I stopped focusing on maximizing savings at all costs and instead adopted a simplified, percentage-based approach to personal finance that lets me save, invest, and live all at the same time brbrI learned a lot from the experience about the value of money and how to maximize what I get out of my earnings It was good for me even though I decided that it wasn't for me
Comment from : Metaris

I want nothing to do with that people that live obsessed with saving every last coin, and miss out on life just so they can put some more aside Is a silly game for me, just as silly as those "big spenders" that can't hold any money without buying some worthless crap and be flat broke again I believe one should pursue balance, have a decent life And if your job is so frustrating and annoying that you feel you can't handle that much longer, just search another job and look for something you can live with
Comment from : José Pinto

CoastFIRE is the best option if you're risk averse It covers all baseskeeps you in the work game so you aren't having to claw your way back in the event you have to go back to work AND it allows for more flexibility I don't think you should just blindly work and invest without a goal in mind Run the numbers and have a little faithbrbrFIRE isn't about extreme frugality Those are two different camps People confuse minimalism with frugality FIRE is totally separate from these philosophies There are plenty of Redditors who live abundantly and are still hitting FIRE But if you choose to live minimally you'll probably hit FIRE much fasterit's just a bonus from leading a certain lifestyle brbrI am with you on increasing your income But that doesn't solve the problem If you're a financial disaster already, increasing your income is just giving the junkie another fix Financial issues aren't math problems They're psychological problems People are brokenover consumption, greed, insecurityall of that is at play in people's finances brbrbrInstead of internet finances gurus rolling their eyes at FIRE, they should embrace the idea of it and really understand it's not about being frugal/cheap That's doing it a disservice
Comment from : unikornkontroller

I was a stay at home mom for a time in my life Loved being able to stay home with a purpose I budgeted for a purpose brbrNow, I'm 51 and working full time I still budget but I get the things I really want Working gives me purpose in life I'm generous and make other people's life's better brbrI want to travel and it's not cheap The company I work for gives 4 weeks vacation and 2 weeks off at Christmas So, I plan to make that time include a trip I won't have to worry about money because I'll still be getting paid and investing in roth 401k with a company match and profit sharing I'll still have employer funded medical, dental, vision, and life insurancebrbrWhen my kids didn't need my time everyday, and all my friends had to work, I got bored I went to work part time at the golf course I watched people spend lots of money to play a silly game in the heat, rain, and snow I knew they were just as bored with retirement as myself So, I decided to go back to work full time Now I play a silly game except they pay me brbrI gave my 2 oldest children single family homes Now, I'm looking to invest and achieve fire for a second time Maybe the second time, I'll be ready to retire with friends who are retired too
Comment from : Annie Alexander

Wouldn’t like to go to Stephanie’s for lasagne 🤢
Comment from : ross davis

I call myself a member of the FIRE community I don’t regret it at all At a minimum, when unexpected expenses come up, there’s no stress whatsoever Time goes by fast, and within a few years you can build an amount that will surprise yourself I have no fantasies about FIRE though Realistically, I’ll probably still have to work to between 45 and 50 But I’ll still have a lot of good years left The most important thing you can buy yourself is time Stay healthy to enjoy the latter half of your life
Comment from : Nakfoor

just mumbo jumbo for people who want to be ambitious but have no personalities
Comment from : Greg Procter

I think about like this 25x at my lowest is what i can live off if something were to happen to my job/myself undergoing any mental issues It's great to fallback on incase I reach my goal and want to keep going
Comment from : Popi89ferezzx

Save 4 million and wack it in the FTS 100 🤣🤣
Comment from : Mr Frugal

You can get Chat GPT to write your fire puns these days 🤣
Comment from : Mr Frugal

I think it's nice to have the choice to work or not which I've done for the last 10 years I set up a few investments and have 2 businesses which was tough at the start but I'm reaping the rewards now Some people think I should do more to earn more but I don't need a Ferrari or even a new range rover Care less what people think of you and your belongings Also I can pay someone to do a job like a cleaner and use that time to earn more if I like I could carry on like this until I die
Comment from : Rikard Saje

Fire for me is to have the ability to not be tied to a job out of fear of being homeless
Comment from : Aston

Damien - just to note in the UK it's "maths" for mathematics Math is a US terminology (unless that was intentional for your audience) I felt your appeal is to a UK crowd though
Comment from : Mr M

What I'm doing is getting high dividends ETF in Australia making around 7 a year, spending 35 and reinvesting the other 350 so it keeps growing
Comment from : FinanceOK

Your example of earning more isn't great I mean it's definitely good to earn more, but if you make 10k per month and spend 5k you can have a 3 month emergency fund saved in exactly 3 months If you make 15k per month and spend 10k you will have to save for 6 months to cover your additional expenses That does not include the taxes you pay on additional income There are no taxes on additional savings The real secret sauce is when you increase your income but stay frugal while still trying to enjoy life Can't tell you how many friends I have who make six figures (up from five figures a few years ago) and still spend every cent Like you said, no need to make yourself miserable, but lifestyle inflation is also something you have to watch out for
Comment from : Rakai Vanced

Regular people who practice FIRE don't sacrifice much Frugality is important but you have to realise that how you are living now is how you will live in retirement If you are saving 50 of your income that is about what you will have access to when you FIRE Most of the people doing things like reusing pasta water are just crazy
Comment from : Rakai Vanced

I have achieved my FU number which is $15M brBut my accountant says the current FU number is $2M due to inflation and recession :(
Comment from : John Smith

Remember Krusty's words of wisdom on the subject: "But I don't plan to live that long"
Comment from : anon

I myself follow the concept of saving and not buying stuff I don't need But to live frugal now, just to be able to live when I'm already past my prime? neverbrbrBut I am already able to save 40 of my salary whilst building up my homelab right now, which means 400€+ go to hardware already
Comment from : StrykerDelkar

I'm not into FIRE community or even knew that there was one to begin withbrBut a long time ago, I found this concept and used that as a goal: Get a lot of money to the point where the interests are higher than my monthly costsbrI'm happy to say that I'm almost therebrbrBut I probably missed that part where people were focusing TOO MUCH into lowering their expenses Ok, I made some mistakes you mentioned, like using public transport instead of UBER and saving a few cash by losing an hour, instead of using that extra hour to make more money, but I never came close to reuse boiled water, using dish washer instead of oven etc I just think harder before making an emotional purchase, like a new and shining cellphone when mine is still working fine, and tried to live in a somewhat minimalistic way as opposite of a consumistic way I see most people living brbrAnd as you said, we don't need to stop working, but it is great to think that we just don't need to do it if we don't want to
Comment from : Ponto Âncora Marketing Digital

The thing with FIRE is that if your money does run out, you are going to really be stuckdoes anyone want to have to go back to work at age 80? Would anyone hire you? Would your health be good enough to even work? That's not the time to have to be searching for a job! Not to mention, the frugality that feels acceptable at age 30 isn't going to feel so doable at age 60, 70, 80, 90 when things like health issues start to really kick in I think learning to save and invest when you are young is extremely important and a great goal; but I do think there are going to be a lot of people that are kicking themselves years from now when their money runs out before they thought it would
Comment from : neolithic3

You realise the majority of people looking at FIRE are actually also looking to increase their salary It isnt just cutting back Its saving now to retire early, people all go about that in different ways
Comment from : Rob Jackson

Thanks for shinning the bright LIGHT on this, you've certainly STOKED my interest and RE-LIT my enthusiasm for early retirement Keep up the HEAT and keep the SMOKING RED HOT content coming
Comment from : MJ

I love FIRE! I always want to work but I want to always be ensure I have options regarding the hours and type of work I’m engaged in If a job isn’t serving me I want the choice to quit without worry
Comment from : fi-train

Best to save and maximise your income 😊
Comment from : Anna B

I don’t want to retire
Comment from : Chicken Payback

First 5 minutes on this vid, but this whole harping on about frugality totally misses the mark Damien think it’s people on avg wages behind FIRE it really isn’t Mr money moustache and his wife were software engineers on 6 figures out of college The FIREUK subreddit surveys on income is filled with people on £60k - £200k Same for the American FIRE subreddit It’s not about frugality at all, it’s about people being more like the millionaire next door driving an unsuspecting Toyota and living in an avg house despite having above avg income I’ve been into FIRE for about 5 years now and the community isn’t about frugality, it’s about growing income as much as possible but not raising expenses in step brbrDamien’s missed the mark here and it’s a shame because usually his content can be relied upon as being accurate
Comment from : services two

I come from a totally financially irresponsible family, and have continued the pattern into my late 20s I have no savings other than a small amount comparable to a used car I have federal student loans and very low income Besides looking to improve my income, what is a simple thing I can do to spend a few hundred a month on investment/saving? Is there a book for over grown man-children of financial bozos like myself? I am already quite frugal and live with family (privileged)
Comment from : Jacksirrom

9:01 ain't nobody got time to see a classic meme origin video being used the wrong way Pretty sure that's a deadly internet sin
Comment from : abeelvago

Is it wise to invest in stocks if everywhere seems to be going more towards socialism? Could stocks cease to exist in 20-30 years?brI really want to but it worries me
Comment from : Turnitaround

I retired at 46 Yep I get bored, but I would prefer to be bored at home than at work
Comment from : Fast H Racing

Well said mate
Comment from : Joe From Cabo Roig

Hello Damian, just subscribed to your channel and I must say you’re doing an amazing job Keep it up 👍🏻brCan I kindly request for a video on “Uk pensions explained”? Thank you
Comment from : Evelyn King

I am done at the clip of Dave 🤣
Comment from : Nathan Bentley

I would counter argue that Tram argument, I walk/bike to work because one reason: brI don’t like be in a full tram full of people that haven’t shower in a week… or morebrbrI save enough to my life be totally functional, financial independence is not about having a salary/paycheck… it is about not let your life be dictated by it or by the companies your work forbrbrThe better mindset to think about your spending would be: br“You work jobs your hate, to buy thing you don’t need”
Comment from : Zanychelly

There are calculators out there that show the of success at x years of retirement The 4 rule is purely for back of the napkin calculations and when you approach actual early retirement, you need to sharpen your pencil which is exactly what is preached in the fire movementbrbrNone of the information that is out there is behind a pay wall You can find out whatever you want for free
Comment from : Josh Canady

Financial Independence Retire Early is a big trend right know Thanks for sharing your knowledge through the video! Lets become FIRE as soon as possible! :)
Comment from : FIRE

Blazing review of FIRE 🔥
Comment from : Josh R

This man spits fire He is so real
Comment from : Williams Solomon

Amazing content, but it's the memes for me Poor child with the weird lasagna 😕😅
Comment from : Gareth King

Narrative Economics - Robert J Shiller - is worth checking out
Comment from : Marcus Oaten

They should all get together and have a festival
Comment from : Marcus Oaten

Great video as always What's the background music at the end mate??
Comment from : Mr Vince Fox

Great video, I hope my finance channel will grow to be as great as your channel one day!
Comment from : Financial Age

That lady cooked a lasagna in the dish washer That's a special kind of WTF?
Comment from : Sal

dude, I love this guy great and well made video Underrated af
Comment from : Hamun Tavazoei

Question: If I get 4+ dividends, there is no need for selling stocks So it should last for that reason alone as long the dividends are not cut? brAssuming you manage to save 25 times your yearly income 🤔
Comment from : Doona Berlin

Very dodgy brummie, at the time of commenting, you have 666 likes, hell likes your fire lol
Comment from : TheAXpresents

Nice to see the fire pun winner wanted it to go to dogs trust, water good sport
Comment from : TheAXpresents

Love this video - highlights some very valid points - My counter to some of the downsides though is that it makes the idea of financial education FAR more accessiblebrbrI'm 50 FI, and yet, I would have NEVER been interested in researching low cost index funds, withdrawal rates, savings rates etc without the click-baity FIRE headline
Comment from : Andrew Alinda

Ha! Interesting video I've seen the original episode of that cheapskates show, infact nearly every episode Except for one of the episodes none of those 'extreme cheapskates' save any money, they just spend extra on different things Extreme cheapskates is a show looking at people with mental illness not frugality I know that's a lofty claim but I stand by it, you won't see many switched on FIRE people doing skanky things Boiling up a vat of lentils yes, putting a lasagne to cook in a dishwasher no! brI liked your video to see FIRE has both pros and cons, like anything Did you hear Suze ORman on that podcast talking about how much she hated fire? That was just for her to garner more of an audience I'm sure for her come back!
Comment from : Kate Dating Coaching

Could you do a video on State Pensions Everything to do with how they work Do they gain interest? How do you keep track of how much you have?
Comment from : Velvet Thunder