'FatFire' Movement Encourages People To Acquire Wealth And Retire Early
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- Опубліковано 30 вер 2024
- The “FatFire” movement, where people hustle, acquire wealth quickly and retire early with large sums of money continues to grow in popularity. NBC News’ Jake Ward has the story of a former entrepreneur who uses social platforms to share financial literacy tips for the evolving trend.
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I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
@@ShellyHuerta The reason I decided to work closely with a brokerage adviser ever since the market got really tense and the pressure became so much(I should be retiring in 17months) so I've had a brokerage adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
@@elegboozioma7267 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@JuneTalley “Victoria Carmen Santaella’’ You can easily look her up, she has years of financial market experience.
@@elegboozioma7267 Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing to your 401K, remember you are in for the long haul, but I'd suggest you consider financial advisory
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched
for every season of the market and has just yielded 120% from early last year. I and my
advisor are working on a 7 figure ballpark goal, tho this could take another year.
Her name is. 'NICOLE ANASTASIA PLUMLEE’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
These mischaracterizations of FIRE are quite annoying. It just scares people away from looking into and pursuing it. No, it doesn't require these "extremes" of always living with roommates and never going on vacations. That's ridiculous. It's basic stuff that EVERYBODY should be doing: cut out the consumerism BS, don't buy more house than you can afford, don't put everything on credit, buy used cars with good gas mileage, etc. I save 65%ish of what I make. I DON'T live with roommates, I go on vacations, I have a good car, and my lifestyle is not an extreme. I'm intelligent and intentional with how I spend money.
Same here, I actually shift my focus from consumeristic possessions to experiences. I drive an older car with good gas mileage, but I take weekend getaways to the mountains every other month, take flights to visit family, eat out at new restaurants, etc. I would rather do these things than have a $300/month car payment
I'm a nurse and that's exactly what I've done... you just need to start early
So much incorrect info. Do better research. SMH 🤦🏻♂️
Work does not define my sense of purpose. My purpose is to enjoy my time on this planet and not spend it grinding away at some soul sucking job where you are viewed as slave labor for little pay. People are waking to the realization that one can work very hard, destroy ones health and STILL not get ahead. I'm glad people are putting value on themselves first.
So you’re just here to take up space. Cool.
@@VoteForBukele that's all any of us are here for
@@VoteForBukele space for herself and hers, not for others. She thinks as I do, after working almost 2 shifts for 15 years, I am now able to enjoy tons and tons of freedom, work when I need to and I still keep saving for retirement and to avoid my kid to be a slave as I was for the first 38 years of my life.
My hubby and I decided to live off one income and invest the other 23 years ago. It was hard to do after we had 3 kids but we worked like crazy and saved a lot. We are 47/48 now and have been travelling across the US for the last 2 yrs with our teens. FI was important. Not ready to retire early but at least we have the option at anytime. We have about $1.7M
There’s 2 of u
Why is everything a "Movement"👀👀🤔
The anchors missed majors points here. FatFIRE is a variant of FIRE where you aren’t frugal. Packing lunch everyday, having roommates, being extremely frugal in general is leanFIRE, and the movement as a whole is just FIRE. It is possible for someone to be frugal on the path to fat fire, but not as common
And it’s as much a function of time as it is of income. A new grad making 200k can leanFIRE at 30 or fatFIRE at 40
I noticed this as well. The reporter basically covered FIRE, and never touched what makes FAT FIRE unique from the main movement and other variants. It's a pretty fundamental misunderstanding on his part.
This is a bit extreme I'd say maybe work hard and save hard and be able to Semi- retire and work like 2 or 3 day's a week and enjoy life more.
That's called baristaFIRE. It's called "barista" because Starbucks offers health insurance 😂 But any part-time/lower-stress income would do.
You don’t need to make $200k a year for this to happen. I retired at 28. Made $50,000 a year at my FT time, $25,000 at my PT job and another $10-$15k in side hustles. Lived in my basement apartment and rented the upstairs. Saved majority of my income and invested it in real estate and stocks. Go get it!
Inspirational man.
At 28?
That must be some record. Congrats man!
@@mecanuktutorials6476 Thank you!
It’s not quiet quitting. It’s acting your wage.
Most people can hardly pay the mortgage. Retiring early is a rare privilege. A little awareness, please.
The news commentators were correct, those folks who could make quarter million a year were already in the goldmine 😅
This video has nothing to do with FatFIRE. FatFIRE is about being so fat that your lifestyle is lavish. lavish travel, expenses etc.. This video talks about 'reducing your expenses'. That's lean FIRE
Yes, you have a point there. FATFIRE is living on 2x or more of the median household income. You'll need to be spending $100k to $200k a year to be considered FAT. To do this and not run out of money you'll need about $3,000,000+ invested in the S&P index or something similar. Very doable if you work and save. Compound interest is remarkable. It will take about 20 years. It's not happening overnight. 95% of people just can't wrap their minds around the concept and dismiss the possibility. Work long and hard for 20 years and enjoy the final 40 years. But most instead choose to work just enough to get by for 40 or 50 years are retire on cat food.
It's a lifestyle choice. I'll choose 60+ hours weeks and drive a Honda. Now approaching my late 40s (started late: the lost decade of my 20s), I have investments that can churn out $250k+ a year and it continues to perform better year after year. Now, 45 hours a week is easy and not very stressful when work is optional. I can stop if I stop enjoying work. Front loading your work really works out well in the end. Be disciplined in your spending. Don't worry about buying expensive things to impress others.
In order to reach fat FIRE ASAP, one will need to cut back on as many expenses as possible in order to get a $3 million+ portfolio to enjoy a higher yearly withdrawal from their portfolios. The process of getting to fat FIRE closely models a lean FIRE lifestyle: cutting back on as much expenses as possible and finding ways to increase one's salary. Fat FIRE will take slightly longer to get to than lean FIRE. Lean FIRE folks can get to the RE part earlier because they're ok with a much simpler lifestyle, therefore a much smaller portfolio will suffice ($750k-$1 million)
TL;DR : Fat and Lean FIRE refers to the lifestyle that one wants to live in once they reach retirement, not the process in which to get to the financial independence part.
@@stephenlee5525 most fat fire folks get there by liquidity events, not frugality. You don't get extremely wealthy by saving on lattew
I retired at 43 after working for 10 years but collectively with grad school it was longer than 20 years of adult life. Life was exhausting in many ways for all of that time. Long story short, I was tired of working and decided to call it quits. I realize now that I was actually practicing quiet quitting even before quiet quitting was a thing. Also, I was saving somewhat aggressively not because of FIRE (I didn't even know FIRE existed), but because of my innate trait of being risk averse and prepared for the worst.
I'm not sure if I will run out of money before my clock expires, but I am reasonably certain that I can adjust my lifestyle to make it work. And so I don't worry about money. And no, I am not a millionaire.
I'm glad I retired at 32 . . .it made me realize there is no such thing as Retirement. You can take time off but the World is only going to become more costly 🤦♂️
🤦🏾♀️
Some people save to take sabbaticals instead. That's healthy too, and used to be more normal and doable
You guys are describing simple FIRE, or at best Chubby FIRE, FAT FIRE is nowhere as frugal.
They don’t aim to be super frugal to save money, rather they aim to maximize income streams in various ways to get rich while being somewhat frugal and not being stupid in gambling
Still have to be frugal, but working with a large amount of money gives ability to spend more.
For example a person could hit bare minimum FIRE number in 15 years, but they decide to work for 22 years instead to build up a larger amount of money to spend on a yearly basis
Time is not money, time is LIFE !
Time is not money, time is LIFE !
Time is not money, time is LIFE !
I hit fat fire by age 32. Started a business with money saved from military deployments. As the buisness grew my personal expenses stayed the same. I invested the rest and today live on passive income from real estate rentals. Just bought an airplane last year and fly me and my 6 yr old doing charity work giving back
No need for an IT job to FIRE, or even a job at all or a degree. I never had a 9-5. The only job I ever had was restaurant jobs close to minimum wage. I could FIRE in 5-6 years with a small business I built from zero. I could probably lean FIRE now idk. So, it's very doable for every one even for me.
Owning nothing, buying used cars , having no car payments, debt free, thrift store shopping, not eating fast food, no addictions or compulsions, selling what I don't need or use anymore isn't so bad, it's a process of mental challenge and faith that this is NOT my home, my home is in heaven! Salah
I have been watching many video's about the FIRE lifestyle. You leave your job, but then get a side hustle and or that you have a youtube channel that you have to work at and produce content to me this isn't retirement. You can say all you want that you are not working. But if you are doing it to fund your retirement you are working. I'm going to have to work for awhile yet, and I have accepted that. But when I finally leave the job I won't work one second ever again, to me that's retirement.
Your purpose was never meant to work for 40 years. It is to live according to how you see fit.
Is Jimmy still renting a tiny little apartment with his wife and kid after he had made his million?
Refuse to buy new cars designed to become obsolete and keep from losing a lot on depreciation. Understand how cars work to buy good used cars. Oh yeah, there really are no good cars.
I bought a 4-unit apartment building in the 80s so the tenants paid the mortgage.
I’m 54 and I have been unemployed since Covid started. I realized how bad for my health is to do a job I don’t even like 40-60 hrs a week. I prefer to have a schedule of 3 1/2 days a week then I can decompress the other half of the week. Life is short and it shouldn’t be only about money and work. 🇺🇸
These news stations are haters
Remember guys, FIRE is not just about reducing living expenses. The much bigger component is increasing your salary. You have to *hustle*, not just sit back and collect wages. You have to find a way to develop multiple income streams, work extra hours, or job hop to keep increasing your income.
The problem with this strategy is that the operating cost as an American is $29k bare minimum and not all jobs are paying $75k or more out of college without masters/certifications which how do you get without anchoring debt from the start. People want to work in my opinion 40-55hrs a week no problemo but they also need to make no less than $1k a week to have a sense of fulfillment otherwise we’re all just showing off how well we can starve ourselves while the CEOs of some companies literally have filed bankruptcy and gotten millions in bonuses in the process; where’s the value in that?!
Yes, this is possible for 98% of the global workforce, right? Most of us are not underpaid at work and overcharged for rent, right?
Quiet quitting isn't happening because we're paid our fair salary for the work and hours we put in at the cost of everything else in our lives, right?
Yes this is possible for everyone OUTSIDE Murica. CONservative tyrannical religious capitalism has clearly turned Murica into a 3rd world country.
It’s possible to retire before 50 for around 20% of American workers. Globally, probably much lower
Maybe it would be good to include people who are actually living FIRE rather than criticizing from the outside
This makes the most sense to me. I don’t advocate doing the least amount of work to get by; however, i believe we need to work, earn, and save as much as possible to get to a financial independence number. I have mental health issues, so this type of lifestyle works the best for me. However, everyone should find ways to live below their means.
I lost hope for me when they said “Chong”…
🤦🏾♂️
"This is not something that nurses are doing"
Uh... do you know how much nurses make in california?? Plenty of them make more than the average doctor.
Yet, many nurses are living out of their car. There was a story not long ago where a nurse couldn't afford rent in California so she lived in a car park "safe zone" with her child.
RN’s start at 75k! Unless they specialize in something particular or they do crazy overtime and burn themselves out! 75k It’s not enough for what they do! RN’s deal with a lot of bs, they deserve a lot more! It’s not worth the risk!
Watch @2:08 Reduce Costs like getting a roommate. Too many people think they are entitled to their own place and live beyond their means leading to reduced supply of rentals and higher rents.
Love how in America having your own place to call home is being "entitled" and living beyond their means. You talk about the US like it's a 3rd world country that can't afford to house the population. The only thing reducing the supply of rentals and housing is the artificial restrictions to building more housing
Retire early and once the price of everything doubles you are right back in the rat race.
Maybe semi retire? Shift to part time work
So, the rich get richer and the rest of us pay for the privilege of watching them... 🤔 Got it. 🤨
I got tired of watching the rich get rich. So I decided to sacrifice, work hard and become rich my self. Can't let them have all the fun. Now I need to figure how to get by on only $300k in cashflow a year. Else I can't get my investments double every 6 to 7 years. More money More problems 🤑🤣🤑🤣🤑🤣
Absolutely nothing is stopping you from achieving what you want except for you. Get it?
Extreme or not, if you have any shred of dignity, you should be doing everything in your power to get out of this slave state, including "FatFIRE".
I'm glad the guest (Jake) clarified it (FIRE) was only people that were making a minimum of $200K USD that are able to do this.
Makes much more sense
Not really. Sure, making 200k will help you get there faster but it's ultimately about how much of your salary you keep for yourself as opposed to giving it away to other things like expensive housing, paying bills, consumption, etc... It's all about making extremely conscious decisions of where your money goes and paying yourself first and investing (in the market, real estate, etc.) as opposed to saving whatever's left at the end of the month in a savings account that won't generate any interest. It's all about discipline and making smart choices. I actually do think it's for everyone if you make some sacrifices now to live care-free later.
We were on track to retire by 45 making 60k each between me and my wife. 3 years into the movement we both make 90k each and shaved off 5 years to retire at 40, and of course the market from 2018-2020 really helped. We started at 29, I wouldn't doubt someone starting at 24 can retire by 45 making 60k and saving 30k a year.
He didn't really say that, but it's definitely not ONLY those making $200k+. Yes, for the majority of people this is not really a possibility when you're making $30-$40k and have a family to support. But one of the examples he gives (nurses), you CAN make really good money with, like well over $100k. This is just a variation of FIRE, for those who DON'T want to live a frugal lifestyle. Yeah, with a $200k+ salary you can achieve that much quicker, but still very doable with a more average salary. It'll just take longer.
Slow and steady wins the race. Yeah save and invest till it hurts but also enjoy life along the way. Who knows how long you may live due to an accident or medical situation.
Why dont we prolong our days into 36hrs, or even change the work-rhythm into a high-energy production from robots and Humans focus more on life instead of work? People aren't motivated when working at a set wage and yearn for millions immediately.This quitting is an indirect result from this
So this movement has come back around again
If you can pull it off, hats off to you. But I've heard that most FIRE proponents end up back at work a few years after they've supposedly retired early. Unexpected expenses, medical bills, babies, market turmoil, etc drain their nest egg and they find themselves having to go back to work. Just a pipe dream for most.
Personally I would still consider this a positive. Even a year or two break from work can help you recharge and just have time to see what _you_ like again.
For many, it becomes a competition to see how little you can live on and how much you can save/invest without debt. Share apartments, no car, 1 meal a day, no trips, no cable tv, shop thrift stores, sell used stuff, etc...even middle-income folks can save a lot if you can live on $1000/mo. and bank the rest.
Live on $1,000 per month? On what Continent?
For many, they aren't even *at* the competition; just ask a homeless person or a welfare mom how little they spend on rent/food/heat/medicine/clothing/transportation. For many that number is zero - because they cannot afford it; try that rich-folks. If they *earned* a $1000/month, they would consider themselves *wealthy!*
@@lowandslow3939 Split rent, mine is only $500, $250 on food, $50 phone plan (you can still get unlimited quality service at this price point with a paid off phone) no car so carpool or bike (if you really want motorcycles are cheap to own/insure) $200 for fun/extra expensive during the month (subscriptions, going out, ect). Its actually not to crazy depending on the area. I'm in Charlotte NC and the only real thing I do to break this is owning a car, its paid off and insurance is $800 for a year and maybe $200 on gas a month and I really only drive to the store and my GF to work since I work at home.
If I wanted to go to 1k a month I could probably do it but I live off about 1.1-1.3k for a month.
Junk scam
yea,they think they can live the next 40yrs without working lol.
good luck with that. let's see where he is in 20yrs........
They can since the sub defines FAT FIRE as around $4 million+ networth not including primary residence
He'll be retired still using a 4% withdrawal rate to cover his annual expenses without touching his principal
Why does this sound like propaganda to explain the labor shortage subsidized by the federal government?
In spite of the economic downturn and inflation crisis we all face, I'm so happy ☺I have been earning $ 60,000 returns from my $9,000 investment every 14days
tf! HOW? I would appreciate if you show me how to go about it., Pls can you list the platforms?
Same here, earn $13000 a week. God bless Fred mark he has really been a blessing to me my household.
How can reach out to this Mr Fred? I urgently need his management on my INVESTMENTS!
he's available on what's app
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➕𝟭𝟱𝟭𝟬𝟯𝟵𝟳𝟴𝟯𝟮𝟵 ส美国 美国 美国 美国ကောင်းတယ်
This sounds like propaganda
It is a very Simple fix we as humans have always traded one thing for another. A Law must be enacted and in place which regulates the trafficing of illegally undocumented humans across state line into another Jurisdiction or airspace. In order to do so legally without breaking the new Federal & State Law The State commiting the act MUST be willing to accept X-Amount of tons of waste yearly for X-amount of years. Liquids, Solids, Biohazardius or Nuclear from that Jurisdictions or airspaces incuring the violation. We CAN NOT allow our Politicians to act as Coyotes for the exploitation of non U.S. citizens for political gain. 👉🏼📜