Anyone into FI/FIRE?

[92redragtop]

Anyone into FI/FIRE (Financial Independence, etc)? There are pros and cons and can be overdone. This video seems to be popular right now.

Password is: FIRE (until Dec 11th)


https://vimeo.com/374814086?fbclid=IwAR0MDdwm6LNOMLC_txNpgc0vC3yU4u-iYLzA7iKeQ0F0tlxWVJ3u4HL4yUw

[Scrape]

Thanks Richard. Watching it.

[Snaketamer]

Thanks for the share! Very informative doc...

[G-ForceJunkie]

Some interesting concepts at the beginning of the documentary. Worth watching. Thanks.

[hammerhead]

Cool concept - left me with a lot of questions - I see most of the people are young and have none or one child - I live with the concept of not purchasing things on credit but have six kids and still supporting four and find it very difficult to save money even having almost no debt other than a mortgage - its only been recent that I've purchased a car on credit - this program would be a tough task - since my accident I've set myself on a two - three plan but realistically five, but aiming for two, by then I will be in my 60's - don't really have a desire to retire just change a lot of the static - this concept seems almost impossible to me especially when I add up the money I have to spend just to earn the money I make - this is what I will be changing the most - thanks for sharing

[92redragtop]

The folks in the video are young(er) and a mix of no kids/kids (1-2 IIRC) but in the FI/FIRE community (via podcasts/FB/etc) there is a wide range of ages. Some people start early as in 20's or some are starting in their 50's if they've just learned about it since it's not taught in schools and the marketing/economic growth complex is designed around spending so you're only exposed via parents, specific education, colleagues, friends, etc. Also, there are folks with more kids and their plans may have a longer timeframe but the idea is not so much a cookie cutter timeframe but more about a conscious mindset once you have the info versus the typical consumer who is influenced by the psychology of advertising/marketing machine and social norms set up to have you unconsciously spend and live paycheque to paycheque, so to speak.

For example, the RRSP and TFSA programs we have in Canada are simple and great (I wish they had higher limits though), even compared to the US where it's a puzzle and not universally accessible, but not everyone who is eligible to use them actually do, and then the number than max them out is even smaller....even though the math says this is the optimized path (either both or one depending on tax bracket).

[hammerhead]

The folks in the video are young(er) and a mix of no kids/kids (1-2 IIRC) but in the FI/FIRE community (via podcasts/FB/etc) there is a wide range of ages. Some people start early as in 20's or some are starting in their 50's if they've just learned about it since it's not taught in schools and the marketing/economic growth complex is designed around spending so you're only exposed via parents, specific education, colleagues, friends, etc. Also, there are folks with more kids and their plans may have a longer timeframe but the idea is not so much a cookie cutter timeframe but more about a conscious mindset once you have the info versus the typical consumer who is influenced by the psychology of advertising/marketing machine and social norms set up to have you unconsciously spend and live paycheque to paycheque, so to speak.

For example, the RRSP and TFSA programs we have in Canada are simple and great (I wish they had higher limits though), even compared to the US where it's a puzzle and not universally accessible, but not everyone who is eligible to use them actually do, and then the number than max them out is even smaller....even though the math says this is the optimized path (either both or one depending on tax bracket).

Personally I was never a big fan of RRSP, I'm a little afraid of investing in something other than real estate - also raising my family on a single income for he last twenty years is a challenge on its own - I've set myself up so my children could take advantage of the idea of FIRE - at the time I had no idea of what FIRE was but the opportunity is there for them. If they choose and don't wait too long...lol. But I think it would be ideal for a young person who is single to take advantage of their parents and do something like this even with minimum wage. When my first marriage caved I moved back with my parents for a year and saved the money I needed to get me back into the real estate market, it only took one year. I can see this can work after that experience.

[hammerhead]

one thing in this video (I forgot to mention) teacher - said he was making 34,000/year in the USA to make extra cash he tutored and did a number of other teaching jobs...