Title : "How to Retire in Your 30s With $1 Million in the Bank/Fed up with their high-pressure jobs, some millennials are quitting and embracing the FIRE movement."
link : "How to Retire in Your 30s With $1 Million in the Bank/Fed up with their high-pressure jobs, some millennials are quitting and embracing the FIRE movement."
"How to Retire in Your 30s With $1 Million in the Bank/Fed up with their high-pressure jobs, some millennials are quitting and embracing the FIRE movement."
FIRE = financial independence, retire early, and this is an idea I remember from the book "Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence," which was originally published in 1993. If I'd had that book in 1972 or even 1982, I'd have lived my life very differently.The post title is the headline in the NYT, and I'm pleased to see that it does talk about the book:
One of the bibles of the FIRE movement, “Your Money or Your Life,” which teaches readers to reduce their spending and value time (or “life energy”) over material gain, was published in 1992.Millennials are more rational? That would make sense, given the depth of the bullshit that came from us millennials. I'm 67 and retired now, and I still think of what I'm doing in terms of (my own version of) hippiedom and revolution.
But Vicki Robin, who wrote that financial guide with Joe Dominguez, said the FIRE crowd is a different breed of dropout than those in the ’90s. “Our aim was not just to have a whole bunch of people quit their jobs,” Ms. Robin said. “Our aim was to lower consumption to save the planet. We attracted longtime simple-living people, religious people, environmentalists.”
The FIRE adherents are, by contrast, “very numbers oriented, fascinated by the minutiae of taxes and accounting,” Ms. Robin said.
[M]uch of the conversation around FIRE, on Reddit message boards or blogs like Mr. Money Mustache, revolves around hacking one’s finances: strategies for increasing your savings rate to the hallowed 70 percent, tips for cheap travel through airline rewards cards...Here's a tip: Don't travel.
... ways to save nickels and dimes at the grocery store."Your Money or Your Life" had the idea of becoming independent from paid work so you could pursue causes or art — some work that wouldn't pay a living. That made the book less hippie. The hippie idea that I think is still meaningful, and that I hear from Jensen is freedom. Reclaim your time. Don't sell it so you can buy things. If you radically rethink what you need and what you want, you may want a lot more of your time and not very much more stuff.
Some practice “lean FIRE” (extreme frugality), others “fat FIRE” (maintaining a more typical standard of living while saving and investing), and still others “barista FIRE” (working part-time at Starbucks after retiring, for the company’s health insurance). To be “firing” is to slash one’s expenses to maximize saving while amassing income-generating investments sufficient to support oneself. To have “fired” is to have achieved that goal.
“A lot of people think you’re a new-age hippie,” said Mr. Jensen, who sold his four-bedroom, four-bathroom house, downsized to a more modest home and maxed-out retirement accounts while firing. “They can’t even wrap their minds around it.”... “People always assume there’s an external circumstance: ‘Oh, you must have received an inheritance,’” Mr. Jensen said. “We’ve just chosen to live far below our means. That itself is a radical idea.”...
[Taylor] Rieckens, who works in recruiting, was initially reluctant to give up her BMW and beachy life and the prestige that went with it, until she saw a retirement calculator that showed they could retire in 10 years if they adopted FIRE and moved, or when they are 90 if they continued their upscale lifestyle in Coronado....Notice how the NYT promotes real estate transactions but mutes and almost erases the option of giving up the dream of travel.
“The whole retire early thing is unimportant to me. It’s more about gaining control of your time,” [Scott] Rieckens said. “If you dive into the definition of retirement, what you’re retiring from is mandatory labor. It’s not necessarily about piña coladas on the beach.”
A lot of these FIRE people — or at least the ones the NYT found — seem to be using their free time to blog — to blog about FIRE. Well, I'm all for blogging, but why, upon escaping bondage to working for money, are you blogging about your money?!
The article ends with the story of Jason Long, who retired at 38:
... lost all interest in talk of FIRE now that he had achieved it, feared a looming stock market crash, had nightmares that “I’m back at work and arguing with morons,” finished a marathon in a personal best sub-three hours, felt moments of social isolation, took a two-week road trip across the heartland...Yeah, that's the right kind of travel.
... and went twice to the beach in Florida with his wife and watched their net reach its highest point, despite not working, which he attributed to “the passage of the tax cut for wealthy job creators like myself.”The link to the blog doesn't work right now, presumably because of all the NYT clickers, but I hope it's not a blog about his finances!
Oh, and he started a blog....
He had been watching the movies from They Shoot Pictures, Don’t They? a website that ranks what it calls the 1,000 greatest films. He’d watched 600 or so....I hope it's a blog about movies. But I'm just showing my interests. I have never been interested in finance. If FIRE is about watching the stock market, it's just another bad job. I am interested in frugality, however. Here's another old book, one that's not mentioned in the NYT article... "The Tightwad Gazette." I read those "Tightwad Gazette" books when they came out. I read them for sheer entertainment and also for inspiration. It's so obvious that not spending money is more effective than making more money.
Perhaps this — mentioned in the NYT article — is the modern equivalent, "Meet the Frugalwoods: Achieving Financial Independence Through Simple Living." But don't buy that book. You can read their blog.
Thus Article "How to Retire in Your 30s With $1 Million in the Bank/Fed up with their high-pressure jobs, some millennials are quitting and embracing the FIRE movement."
That's an article "How to Retire in Your 30s With $1 Million in the Bank/Fed up with their high-pressure jobs, some millennials are quitting and embracing the FIRE movement." This time, hopefully can give benefits to all of you. well, see you in posting other articles.
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