Early retirement is NOT WHAT YOU WANT! | F.I.R.E movement is dead...😣
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- เผยแพร่เมื่อ 18 พ.ค. 2024
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Today you'd hear how FIRE movement started and why increasingly there are more who have given up on it.
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0:00 Introduction
0:57 Why FIRE movement started
2:42 How to retire early
4:56 Problems with FIRE
7:08 Early retirement is glorified
8:39 What I advocate
#retire #retirement #fire #firemovement
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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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FIRE worked for me though. Way happier than when working! Stressed out by teaching, I can't stand another day at work ... any sort of work for that matter. As a loner, I'm perfectly happy staying at home watching TV & playing games. I enjoy jogging and cycling to stay fit. The occasional badminton and table tennis games with my fellow retirees takes care of the social side of things. Never will I work again! Nothing beat having my own freedom to do as I choose!
HA! Loner. So old already still so childish play games. 😂😂😂
How about doing abit of tutoring. Just a few students?
Grats. Not having to work rocks!
Totally agree! Freedom from work is priceless. Perhaps listening to what Buddha has to say about being truly happy, contented, even being alone and embarking on spiritual practice to really start living a more integrated fulfilling life where you are connected to ALL that is life. Having money gives you the freedom for many many things in one's life!
may i ask what is yr age currently?
I agree with you. I retired in 2021 at age 54 while most of my peers are still working full time. Although I enjoyed lots of time freedom, I missed the camaraderie and social interaction with some colleagues, especially on the problem solving part, maybe I'm the odd one..lol... So now I only work for 3 days a week, on reduced responsibility, and having work life balance and lesser stress. As a human, I feel that we still need some form of contribution to feel useful, and in return we keep ourselves active and avoid congitive decline.
Sounds good congrats 👍
What part time work are you in currently?
Totally agree that we should aim for financial independent but the retire early part is not needed at such a young age. Barista fire is a good balance between doing part time work with dividend income to supplement and just take life alittle slower to smell the roses in life.
Yes i think the realisation is that =)
It is not easy to find and build good relationship with colleagues, as there should be some segregation between colleagues and friends. Working environment (Office) can be be very toxic, as everyone seeks to outshine one another to climb the career ladder.
FIRE is a great movement. It encouraged prudent expenses and significant investment habits. Personally, I always felt the “Retire Early” bit was really just an option to achieve and not the end goal.
It’s not brought up much these days because the market it bad, but I would say its probably the best thing to come out of the youtube investment guru era.
Somehow agreed Retirement is not what I expected but I learned to slow down and back to doing "light job" which is much less stressful and still manage to find better life balance. I choose to work again and I can quit if I am not happy working later. And of course working even with a smaller pay also help to prolong my retirement fund.
How old are you now and what is your biggest learning point reaching retirement?
@@joshconsultancy In our 50s, we understand that our physical health might not be as robust as before. However, we also realize that we don't have to be overly frugal all the time. Instead, we can appreciate simple pleasures and find joy in the smaller things in life. :-)
Hi Mr Tan , I want to invest in singapore but iam a ethical investor avoiding banking stock which is the best divident stock i can touch now
Hi, there isnt a quick answer. Buying a stock is you’d be buying the FUTURE of the business.
Depends on your assessment on what’s the future. This is where you may need to cover some knowledge gaps before investing. Hope it answers well 👍
Hey Josh . Does the formula of multiplying your monthly expenses by 300 times a suitable nest egg to determine one’s readiness to retire ?
Hi Jeremy yes in general
@@joshconsultancy is this for all ages or only for those past 65 ?
No. If you are young. Yes if you are at least 62
Hi Josh, do you have any advice on FX Novus online trading platform- are they legit and reliable?
Never heard of. Gut feeling not a regulated platform yet 🙏
I retired at 50 from my active employment when my 2 teenage children were about to go university, and supporting my mother (housewife) too. If I had continued to work for another 3-5 years, based on my vested / unvested stocks, the reward would have been well above 7-figure. But with careful planning decades ago, I decided to retire and could still live comfortably well into my 90s (longevity?, haha)…Also, at that time, I already had enough savings for both my children to go overseas university if they wanted to, but both decided on local university, saving me hundreds of thousands of dollars. Indeed, spend what you can afford, especially on children - my view is that it’s NOT expensive to raise children in Singapore! Just have to identify and separate their needs and wants (and your own too) which will make the world of difference!
Well said and congrats to you =)
If you cant really spend freely, then you have not achieve FIRE. Freely doesnt mean insanely or extravagantly. But definitely not cracking your head over supermarket stuff at least
Maybe tone back on the humble brag? Its about readers and what steps to do
Its honest truth. But if you wanna take it as humble brag, better just take it as brag. Aint not faking humble here, JT.
And by the way, 8 digit networth is bare minimum to FIRE. I am clear i am just a small fish in the ocean. Principles and values keep me and my family alive. The harsh tone is requred to wake people up.
@@joshconsultancytotally agree. Thought it’s just me until I read this message from you. LOL
@@dantofl8811thats what the sour grapes say. 😂
what so difficult? Just be able to semi-retire instead of fully retired.
Barista fire and coast fire 🔥
$1m is so small nowadays, i have it sitting in my UOB account right now. Wanna FIRE?. First thing for you guys to do is, wake up! Be ready to put in at least 25years. Pace it out. Thats the way to go.
for youngsters or mid age folks, their retirement amount likely to be balloon to $2m or $4m depending which age they are due to inflation.
@@viper88448$2mil $4mil? You are right. Probably not enough for a decent retirement in todays context unless you are 70yrs old .
1mil small. Got c.10mil in private equity and hedge funds invested
You have $1 million sitting in the bank? That's not very smart...
@@shastasilverchairsg dry powder……already millions invested lah….
Many had the money burned investing in the sgx ETF shares due poor company ROI soon become watchlists b4 being delisted and liquidation, unit and structure deposits are also very high risks of losing yr hard earned money. There are many variables and parameters which we are not able to understand the losses. Dont talk about $10k per mth, talk about what to spend and expectations which most unnecessarily over-indulgences expenditures and living on "bank credit". Seen many reach 60 plus, ones health deteriorated, so dont wait too long to enjoy life as simple as possible otherwise someone will spend our money away.
Investing does carry risk. Not for everyone. Need to be fine with market turbulence. Should advise people to go for proper financial planning and investing classes.
Agreed that retirement may not be the final destination, but (imo) reaching FI early stage should be achieved, to take away the financial stress of work for $. Once reached, one can decide whether to do their current work (which they dont enjoyed) and start another chapter of life. Do things they have passion about. In fact, I am kind of at this stage at the moment, yes, its uncertainty that I have to face when doing something differently, well, life is short, you never know if you don't try. Good luck all and happy FI journey. Cheers!
Cheers and all the best on your journey too! =)
Thanks Josh.
FIRE = Financially Independent Recreationally Employed
Nice 🔥
If all can retire early, then it is the end of the economy
Dun worry about that 👌🏻
Still need young people to oil the economy. But if young people do not work but live off dividends of the parents then economy will fail. Think rich parents should let descendents work a number of years.
AI will do the work for the company, due to AI high productivity, company shares will go up and hence higher dividend money for humans to live off.
Its some sort of hippie movement lah. Started by some young probably single irresponsible dude. Till date, i hv not met a single FIRE person who is more FIRE than me. 😂😂. I believe in traditional old school principles. Not some wannabe hippy
Good for u
In other words, i dont beileve in the usual version of FIRE.
what are these traditional old school principles? could you share some examples?
@@frozzbite 1. Work smart to achieve a decent income. 2. Save and invest more than you spend. Ie. 50% min. 3. Inmprove your lifestyle slower than your income. 4. Reduce and eliminate loans on expenses. 5. Plan towards a reasonable retirement age which allows you to spread things out. Eg. 50 or 55. Not 40, not 45.
I'm curious, how do those old uncles and aunties working as cleaners, retail, at the coffeeshop etc cope? It seems like they are majorly screwed with their low salary (2k plus)... like they have literally no hope at all to amass more than say 400-500k for their life savings, and that is if they eat at hawker centers only, don't go to restaurants, holidays, etc.
It is harder for them and may be too late