FIRE Movement Myths: What They’re Not Telling You
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- Опубліковано 8 лют 2025
- #nri #nrimoneyclinic #financialplanning
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I think the concept of FIRE is taken out of proportion. What it essentially means is you save money such that you can be free of high stress job and work on something you like or get a stress free job and free of financial burden in later stage of life.
If Fire is practised as you say , there is no problem at all . It makes sense . The ground reality today is that practioners of finance and younger investors have taken it to an extreme level. That is the truth
@@NRIMoneyClinic 100% agree. I wish this was mentioned in the video itself. Rather than dissing the concept of FIRE.
Your voice is so soothing. You are a true soul .
The argument should be how can I stay fit, be market-relevant, grow my income till 60 and beyond. How can I create multiple income streams with my knowledge and creativity while living a stress free decent life and also safe in that process. Agree with your views, sir.
Brilliantly put .. very nice input
Partially agreeing. Retiring at 60 is really an old concept. in new and challenging job environment 90% of employees are not a necessary beyond 45 - 50 years. New age job really eroding employee health and 90% will have some sort of health issues beyond 50. so FIRE is all about making people ready to retire by 45 or 50.. its really a good time to retire.
Nice Video.. I am totally agree with your thought.
At last someone said this. Thank you sir. There are a few more cons.
1) Fire may make someone craving for retirement thus not loving their present job.
2) Always thinking of money, money and money. This may lead to thinking how poor you are for being far away from target. Leading to being less confident
Better let's live today first and invest for the future at the same time.
Sir, excellent discussion, this will help many people with this thought , you are doing a great service 🙏🙏🙏
Thank you for your feedback
I'm in my early 50's now and there are lot of challenges now in my job. If you ask me personally, I would like to continue with my job at least for next 5 years and then slow it down gradually. Let's see what happens.
"People retire at 60 years of age" seems like you are still stuck in the colonial era..ofcourse government jobs workers can work till 60 because it is designed that way. The britishers designed the government system in such a way that there's virtually no work with hefty pay. But how many are having a govt job in this age? If a person works for 60 in corporate he will probably die at 45 with his aatma working the rest 15 years!!😂 Pls talk some sense...retiring at 60 is not part of evolution anymore uncle...
Neither retiring at 35 is practical baby ... wake up
@@NRIMoneyClinicI am 37 with NW of 10 cr and Fired
I feel there should be a choice to say NO to a manager at least at the age of 50. Once you have money in bank, you do not have to be a YESMAN to a BOSS. And everybody deserves to enjoy the world for 10 years when he or she can still walk around fine. Upendra song summed it up - 15 to 20 DANGER, 20 to 30 SOLDIER, 30 to 40 HUNTER, 40 ge BEGGAR, 50 ge PUNCTURE
Excellent analysis
Thanks for another great video helping to educate younger people. This FIRE movement scam originated in the US and caught up in India like anything else. Those who believe in "get rich quick" either become scammers or lose to other scammers..
Slow and steady wealth buildings seem unattractive to some people. Many have left jobs chasing this mirage.
Thank you for endorsing the views
Some proponents of FIRE take the "get rich quick" approach. That is usually the extreme cases. Mostly FIRE is about saving as much as possible in the early years to grow your wealth with the help of compounding - especially by investing (not trading) in equity markets. There is always disagreement about how much you save - some propose to lead the bear minimalist lifestyle while others propose enjoying life within limits. You pick and choose what works for you. Please don't call FIRE a scam.If you prefer toiling till you are 60 or even 70, go ahead. But you dont have to do it if you dont want if you are able to achieve FI.
Excellent topic Sir. How much you tell the youngsters, the more they will call you old idiots. Small drops can build a dam.
You said it .. new leaf always laugh at the old leaves
Excellent advice for youngsters
Excellent information
Perfect analysis
What we all aspire is freedom and do what we like . FIRE word has no meaning in a human life
So preachy!
Pretty load and clear:
Don't be deceived by a retirement age of 60 years. In the private sector it is 50 years or less. IT employees should think about retirement by 45. Retirement means from jobs not from work. Beyond 45 years jobs bonus. Plan accordingly. With AI career aging will accelerate like never before.
Brilliant video! Youth is a time to enjoy ( or party) and not over save. However it may be great to do less work ( carefully using this word instead of saying retire) a few years before you loose energy . This could be a period of "Go Go Years " followed by a quieter retirement. Besides unless you work in the Government , most people will be forced out of formal employment in their 50's. Thoughts ?
You have good points .. what is very essential in the initial years is building skill set to stay employable .. Building skill set is never stressed .. rather push is given for over saving and get rich methods
Thanks
This is called wise advice, this is a difference between Real life vs. Reel life. This is more mature way of looking at life in wholesome and not just short-term view which is now made very famous by so called FinInfluencers..!!
I know two people with retired in their early 50s. They grew up in lower middle class households, but did very well in their jobs. Their partners had similar backgrounds, and so as a family they maintained a simple lifestyle. When their children got out of college and went to job, they were happy with their finances and retired from their high paying and stressful jobs. They are into volunteer work and some consultancy work that keeps them busy. and continuing with their relatively simple life. This is real life. I am in my 40s now, and a few of our friends have discussed this concept 20 years ago. We did not call it FIRE or we did not have the this forumula of 30x,400x etc. But we knew that being financially independent and retiring early was important. Two of us are in very good shape to retire in the next 4-5 years if we want to ... One went abroad and back in India, so he is financilly independent though not retired .. One is far away because of lifestyle inflation .. And the other one is also far away because of the unexpected expenditures during their earlier earning years. Does this mean I will retire in 4-5 years ... Possibly not, but i wont be bothered to turn up to a stressful job and focus on other things .. As much as you should not be influenced by those promoting FIRE, dont be influenced by those discrediting FIRE. If you target for FIRE, you may not succeed in retiring early, but you would definitely be in a better financial shape when you retire than if you have not targetted FIRE.
@shoushakthi .. these are mature thoughts from your end . Brilliant, really appreciate , enjoyed and a guiding principle for a good life. A very good comment indeed .
@rajeshgandhi Thank you . As long as people move in the middle path avoiding extremes and constantly guided by commonsense..everyone will have good life
Everyone can have an opinion, however , please express it as one. I didn't like the way the FIRE concept is just being called as faulty and that it will ruin your life. There are online tools where you can enter your spending goals, savings /investment goals, your income, inflation rates, etc to get an idea of when you could retire. And yes,spending goals can include traveling every year with a high budget. This notion that FIRE is always about retiring at 35-45 is incorrect. It could be that I want to retire at 50-55 which will give me 10 extra years of not working for some corporation. Working till 60 is not natural, it's just an orthodox number that the world has come to believe. To people watching this, I would advice to please consult with a financial advisor who can answer these early retirement questions without any judgement and giving you the right details.
Your feedback is taken in positive spirit
Nice thoughts..
Thank you very much for your kind words
Dear sir get DB mehta sir ..his analysis is really amazing about real estate and stock market
Retirement is not an option for the majority. It will be forced retirement, job loss, health issues like cancer or some other detrimental condition in the age bracket of 45-55. So one has to keep corpus ready for future expenses. Some life insurance term plans offer critical illness cover where it pays lumpsum amount on diagnosis of a serious medical condition listed with them. Most will be forced to leave their job or get terminated in the age of around 45-55. Apart from loss of active income to run household, peak expenses come at the age of 45-55 like children's higher education and marriage etc. So for most retirement is not a choice but it will forced on them. Regarding professions like doctor lawyer CA etc, 30% will take the majority of income and rest 70% will struggle. Private practice will face huge competition in next 2 decades and 30% will be successful. Rest 70% might struggle due to market forces.
Govt job holders will be overworked and underpaid but after 50+ age workload will decrease as one will have subordinates but liability will increase.
So 45-55 age will be a financially vulnerable age for majority of the population, unless one saves and invests money for it to generate passive income post 45 age and has good corpus amount ready for children higher education and marriage. Also own home buying will remain a challenge in India as salaries are low and buying a house is still very expensive thing
Retirement is not an option because of ignorance, negligence and overindulgence in anything
100% best analysis @straightpath8356 . Regarding doctors I have personally seen this to be 100% true. 90% of the patient load in any particular branch in an area goes to the so called famous doctors of that area irrespective of how thorough they are. Maybe they were good in their young age. The younger doctors struggle and go through lot of stress and frustration trying to earn basic amount to live life
Unless you screw your own life during the prime years which takes your health a U-turn in 45-55 or never bothered to upskill, then you yourself have caused your termination.
Lol.... somebody from FIRE movement did something wrong to you :D :D. Lot of aspects of FIRE you mentioned are not even related to it, I literally haven't seen anybody suggesting Trading as a means to achieve FIRE. I do agree that super aggressive saving will lead us to miss out on life, but some folks have quite HIGH salary and super stress full job. They can save easily leave their job to focus on health and then try things on their terms.
A bold analysis. It's practical. Inflation will ruin life if 'FIRE' accepted. Thanks for your valuable inputs.
Getting retired by 50 years and then continue working on some thing outside ur job and it gets money though lesser than Salary. Do u consider such approach better than FIRE
It all depends on your comfort.. you are the master of your life
As I have commented above, I feel it would have been good for the video to address questions like this, rather than discrediting the whole FIRE concept. The confusion is that people focus on the RE part more than FI part. If you are FI at 50, and dont like your job, then you dont have to bother keeping that job. You can continue making money in a less stressful job, do consulting work etc based on your interest and skills. This will help both your finances and physical and mental health. You can also help the less fortunate - say, you can do tution classes at low fees for children who cant afford exuberant fee. The opportunities are limitless if you are open minded.
@sounhshakti you have very relavent thoughts .. that is a perfect way to handle this issue . Thank you for enriching everyone with your valid thoughts
Honestly, I don't think anyone who's sensible would suggest trading or crypto for reaching FIRE.
That is very logical .. but on ground the concept has been given a different interpretation and over emphasis on saving and get rich push
When you say others are financial influencers. You are also a financial influencer. There is no difference. At the end you say take financial planner. Just why not simply say good things for no return. How does that sound sir. Everyone here in YT us only for one and only one purpose make money. Do you have idea how much stressful to continue work in IT sir??. Once experience how your manager is behind you for everything. Then you will know how much one wants to retire. In india no one will work if they have enough money study says. They are working only to serve family. Also do like comments which are speaking against you.
No one knows what will be true....nither what you said nor the fire revolutionaries.......just do what you feel is possible and you think is good for you
Hmm... This video does discuss the challenges with FIRE movement in the last part of the video. Great. But, it paints such an unwarrented negative image of the whole concept. Is FIRE about retiring at 40 ... No, it is retiring early. it's in the name. Instead of trying to discredit the whole FIRE concept, it would have been a better idea to focus on setting the right expectations . Instead of saying wife will complain, you will end up divorcing etc, it would have been better to say that FIRE has to be approached as a couple/family rather than an individual(This is true for normal retirement planning too, isnt it?). And Zukerberg, Naranamoorthy are hardly discussed as examples of FIRE. At that point in the video, i lost interest in watching the rest(though I did). Why mention them at all? If you retire at 40, there will be lot of fnancial responsibilites left was an argument. FIRE means planning for those responsibilities too. You could have just highlighted the financail risks (like running out of money, Sequece of Returns risk etc) rather than saying that you will be a failure. Could have highlighted the challenges of boredom/life purpose when retireing early. FIRE may not be possible for everybody even if they want to. The same can be said for a wealthy retirement which this channel promotes. That does not mean you don't aspire and save for retirement. Similarly, you can aspire for FIRE with an open mind. Could add a more examples like this, but assume you get what the gist.
@sounhsakthi4941- completely agree with your thoughts. This FIRE concept cannot be negated by giving examples of Zuckerberg and Narayan Murthy. It looked like dramatisation to create an effect. Of course, baby boomers would surely get swayed by this dramatization but not the viewers of this channel who I believe would mostly be in the age bracket of 35-40years
A lot of videos from NRICLINIC are good. This podcast, though, lacked compelling arguments and felt too lopsided . There were some good points - like one should enjoy life at a young age...and that the income goes up with age etc....
However, on the whole , I feel that this important topic was quite loosely treated.
Seems video creator didn’t understand the complete meaning of FIRE, he should have consulted at least one person who retired early using FIRE before making the video
Well said and completely agree. FIRE is not about retiring at 40. Early retirement for ex at 50, 55 etc with financial independence is also FIRE and is a beautiful concept.
@sounhshakti Yes , your feedback is well received.. it could have been argued in a better way .. point taken .. your points are absolutely genuine points . Taken in positive spirit
@chirramkumar .. feedback is well received
Really respect the way you fearlessly say the truth in public even after knowing that a lot of people may not agree with your thoughts. As a expericened finance professional myself, I can say that your message in this video was 100% correct. I hope people understand your view point in right spirit!! thanks😊
@sunnyverma , Thank you for your kind words
Couldn't watch beyond 8 mins - no scientific or data based facts submitted in support of your argument.
Enjoy in your youth and get deprived after you retire. Rather than speaking so randomly, why don't you specify scientifically what are the drawbacks of the concept
Enjoying during youthful years does not deprive you in retirement.. irresponsible spending during prime years and lack of building retirement fund creates deprivation during retirement.. the video is all about understanding the life as it happens in a normal way. ..
100%True
If I have 50 times my maximum annual expense estimates I would FIRE, you say what you want. Rich Boomers want you to work longer so that you can support their retirement. BS Video.
100% true @Greasyhair. Save money as if FIREing so that we are not at mercy of the boomers who play with our career and personal lives like cat playing with mouse before killing it