I personally love Fire, but don't look at it as just working for the finish line. Take it in steps, get yourself debt free, then imagine what it would be like to have saved 1 or 2 years living expenses so if you need to, you could quit your job and not have money worries. Damien has done the frugal side of the movement a disservice as there are some really good and philosophical ideas in the movement, rather than the gross ones in the vid. Although I accept the clips we're pretty funny.
Yeah I fully appreciate the frugal side of FIRE is full of good tips! I tried to be balanced and point out that frugality is in my opinion a good thing and something people can enjoy.. But I can see on reflection how the use of those clips makes me look 1 sided. I would actually call myself frugal. I think I just went for the easy laughs and should have taken a step back to consider that it looks as though I am implying cooking lasagne in dishwashers is the only way to be frugal. I will pin this comment so others can see this perspective as I think it has value.
@cashkitty3472 I think they are talking about an emergency fund there tbf. Within 2 years you should be able to find another job etc. After building your emergency fund then invest for future passive income
I call myself a member of the FIRE community. I don’t regret it at all. At a minimum, when unexpected expenses come up, there’s no stress whatsoever. Time goes by fast, and within a few years you can build an amount that will surprise yourself. I have no fantasies about FIRE though. Realistically, I’ll probably still have to work to between 45 and 50. But I’ll still have a lot of good years left. The most important thing you can buy yourself is time. Stay healthy to enjoy the latter half of your life.
Hi buddy, I couldn't say it any better. I'm part of FIRE community and this is the best thing that have crossed my way ever. Luckly I was debt free so didn't took that much to save and invest lots of money. Can completly stop working and live off my savings/investiments for about 6 years with vacation and hobbies included. I have the best sleep every single night and I'm not afraid of my employer at all. I'm not scare to lose my job or cover an unexpected emergency bill. I'm only 35 year, but pay say that I look 25. My brain has no financial worries so, I'm able to be more productive which helps a lot. Keep up the great work and don't let the anyone discourage you.
I think the biggest misconception is that everyone assumes you're going to stop working and never make another penny once you hit your FIRE number. While that is possible, most people don't do that. They move onto jobs that might pay less but are more fulfilling. Thus they still keep earning money just not as the higher rate they were earning before.
The fire challenge has definitely SPARKED my interest to see if my comment can get enough rec-IGNITION to take the W. I like to think I’m BRIGHT enough and have enough FLARE to throw my hat in the ring without being BURNT by any competition from other m-EMBERS. I could continue to turn up the HEAT but I think I will call it here before I go to far. It’s all fun and FLAMES until someone gots too hard with the puns. 🎤⬇️
Not the most liked. but i appreciate the effort so much, you can have a tenner. My contact details are in the About section of the channel page. Email or insta me and we can sort you out
I accidently retired 8 years ago. Thought i was going to take a 6 month break.....found I can live how I want, and plenty to do... Fire is about go your own way, don´t buy nonsense, stash your cash.
You get a tenner for this, mainly due to the fact i have had the song stuck in my head for a few days... My contact details are in my BIO please reach out
I have lit my investment path ahead because of your videos. I invested 10k plus with an ssISA as I don't want to get burned by tax. Heat proof approach. Now give me 10 squids!
Never heard of this ‘FIRE’ movement but completely agree its great getting everyone into investments. Surely they need to take inflation and maintenance costs into their calculations too? Thanks for the content mate you little fire starter 🔥
They factor in inflation in some of the calculations yes, but alot of people who FIRE early seem to go back into work when their lifestyle changes, namely kids and healthcare.
Typical fund growth over the long term is 7%. Inflation averages less than 2.5%, which is why they suggest drawing 4% to keep the fund rising with inflation. This is too simple a way to look at it though because if you retire just before a period of an underperforming market the fund will fail. There are several strategies that you can employ to get around this problem though. And when a market drops, it always recovers inside 2 or 3 years. This is why some people say to keep a couple of years of your chosen 'income' in no risk savings accounts that you can get at if needs be. That works if interest rates are high, but if they are low, I'll probably employ a different strategy.
I myself follow the concept of saving and not buying stuff I don't need. But to live frugal now, just to be able to live when I'm already past my prime? never. But I am already able to save 40% of my salary whilst building up my homelab right now, which means 400€+ go to hardware already.
I was forced into semi retirement at age 43 due to a work injury, I stopped working for 6 months whilst I was injured and was very bored, I’m happy to be back at work again for 5 hours per day as this is the maximum my injury allows. Unfortunately I wasn’t eligible for workers compensation, I just cut my expenses right back and now live on basically half the income I had prior to the injury. I will fully retire at the usual age (65) but am enjoying the freedom in my 40s of some extra time to myself to spend with friends and family
The thing with FIRE is that if your money does run out, you are going to really be stuck....does anyone want to have to go back to work at age 80? Would anyone hire you? Would your health be good enough to even work? That's not the time to have to be searching for a job! Not to mention, the frugality that feels acceptable at age 30 isn't going to feel so doable at age 60, 70, 80, 90 when things like health issues start to really kick in. I think learning to save and invest when you are young is extremely important and a great goal; but I do think there are going to be a lot of people that are kicking themselves years from now when their money runs out before they thought it would.
Like everything, it's a balance. I'm not into extreme frugality but I have no interest in accumulating more and more stuff as I'd much rather have more time and experiences.
Top video mate. I like FIRE but as an entrepreneur I’m more into just FI, I’ll always be hustling! Btw - love the fact that the last 4 thumbnails in a row you’ve used your “I think I’ve just followed through face”, it must get the clicks!! 🤣
man eating breakfast whilst watching this great video. until 09:00 came on making me laugh so hard when i was drinking my glass of milk. now i have to clean everything. thankyou Damo, great video and note to self "remember he uses a lot of memes :D"
im not a practitioner of FIRE but I am known to be a very frugal person. Its hard for many people to go out of their way to save like I do, and many people just dont care.
FIRE doesn’t work for 99% of people. Instead the focus should just be on getting wealthy. What you do after that is up to you. No timeline, just do it.
... How empty is your life if you're bored outside of work? Do people espousing that idea just have zero hobbies? My only 'criticism' of FIRE is that it's largely for the extremely well paid and completely inaccessible to the vast majority of people. But realistically, if you're in that position, why wouldn't you? Just because everyone can't do it, doesn't mean it's 'bad' in any way.
But anyone can adopt the principles. Forget about the ones who retire in 5 or 7 years, they are extreme examples, but building up a pot of money to buy back your time is fantastic. Even retiring 3 years earlier by living intentionally and not wasting (as not to reduce the quality of your life, but to actually improve it) then it's a positive concept.
This is all rebranding. A second job isn't a second job, its a 'side hustle'. Hints and tips are 'lifehacks'. Focusing on sensible investments for your future while you're young is 'FI' when it should just be normal. If one good thing comes out of it, it'll be encouraging more young people to actually invest towards retirement while they're young when their money can have enough time to compound well, rather than spending it all and leaving it until the last minute
I think it's nice to have the choice to work or not which I've done for the last 10 years. I set up a few investments and have 2 businesses which was tough at the start but I'm reaping the rewards now. Some people think I should do more to earn more but I don't need a Ferrari or even a new range rover. Care less what people think of you and your belongings. Also I can pay someone to do a job like a cleaner and use that time to earn more if I like. I could carry on like this until I die.
I want nothing to do with that people that live obsessed with saving every last coin, and miss out on life just so they can put some more aside. Is a silly game for me, just as silly as those "big spenders" that can't hold any money without buying some worthless crap and be flat broke again. I believe one should pursue balance, have a decent life. And if your job is so frustrating and annoying that you feel you can't handle that much longer, just search another job and look for something you can live with.
13:09 hey!!! 😂 That comments it feels related to my question few days ago. Cool! Would be good to drink a pint and chat about finances. Not asking for a date. I am married.
Hey guys I have a question! Would I be better prioritising any spare money into my work place pension or index funds? Or should I use both? And why? Be good to hear your thoughts!
hello mate, i guess you could say im fire, i retired in uk at 35 and moved to france aged 37,,,, but you my friend were 100 percent bang on when you said , do it to young and youll get bored, so fast forward 18 years, and now im running my business and planning to expand back into the uk, and not because i need the cash, what i need is mental stimulation, and my business provides that ,,, all the best dave
Not so much. The FIRE moment is more inspired by not being trapped in a consumerist lifestyle of thinking the meaning of life is having more stuff, a bigger house, and a nicer car. Realising those things aren't necessities can be very liberating. Simple pleasures don't cost much, and that translates into needing less investments to sustain a retired life that focuses on them.
@@TC-hw7ng Hahah i gave it to three people in the end! Eamon, Curt and Zeztro as all had similar numbers. Your pun was pretty good also! So good i nearly missed it haha
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It appears that I organized my money using the FIRE movement. Investigate it more by performing some study. They were then successful at investing in equities, cryptocurrency, and real estate with the aid of a financial expert.
I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
@@danieljackson87 I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Amanda up and send her a message. You've truly motivated me. God's blessings on you.
FIRE got me interested in investing and learning about my finances. Completely agree focusing on earning more has more impact than scrimping a pound or two here or there. Challenging yourself to improve savings % month on month is actually fun!
nice work mate, all fired up!! think you hit the nail on the head right at the start, its the "FI" part that is important. Most people who achieve FIRE will never retire, but they can have flexibility, peace of mind, freedom etc, there are a lot of haters trying to diss FIRE in a click batey way. I was doing FIRE for years before even realised it was a thing, so find it funny when I hear how flawed my strategy is (ie frugality, investing, intentional spending etc) lol
I'm not into FIRE community or even knew that there was one to begin with. But a long time ago, I found this concept and used that as a goal: Get a lot of money to the point where the interests are higher than my monthly costs. I'm happy to say that I'm almost there. But I probably missed that part where people were focusing TOO MUCH into lowering their expenses. Ok, I made some mistakes you mentioned, like using public transport instead of UBER and saving a few cash by losing an hour, instead of using that extra hour to make more money, but I never came close to reuse boiled water, using dish washer instead of oven etc. I just think harder before making an emotional purchase, like a new and shining cellphone when mine is still working fine, and tried to live in a somewhat minimalistic way as opposite of a consumistic way I see most people living. And as you said, we don't need to stop working, but it is great to think that we just don't need to do it if we don't want to.
I liked the visual suggestion to consider swinging the tassels for some extra $$ when retired. I retired at 57 and then a year later took a part-time job to work on a project I was interested in. My wife who was 55 also retired. With my part-time job, we now bring in approximately 30% of the income we had pre-retirement. Funny thing is that reduced income is enough to pay the bills and now three years after our retirement, we still haven't needed to tap into our retirement savings! So based on my own story, I hope others wanting to retire but who worry if they can make a go of it, will learn that maybe swinging some tassels part-time is the answer. Just take care not to throw a hip!
In my experience FIRE is just escapism for people who hate their jobs. I find the idea of working a job you hate saving every penny for years and years on end just to have some vision of a good life later ridiculous. I believe you need to find a way to have a sustainable, good, balanced life, with an reasonably enjoyable career.
Oh yes I used to do the same in Manchester, no tram no bus no taxi. Walking one hour from the city centre to my house at 3am after going out to not pay the taxi, shopping exclusively at Aldi for food and having determined the respective shop with the cheapest price for each item I needed to buy for my day to day. After you get into a certain income you do realize how time is more valuable. Saving, investing and planning for the future is very important but never at the cost of making your current life miserable. Unfortunately you don't know if your life spawn is going to be long enough to use those savings so keep a balance, enjoy your life and be happy!
I think a lot of the negativity towards the FIRE movement is based around jealousy. I have a pretty average income. i have have friends that make WAY more than I do. but they spend like maniacs. they have nicer cars, homes, clothes and jewelry than I do. they eat out several days a week. and they go on vacations all the time. yet they seem to resent the fact that I will retire at 50 while they will work until they are 65-70. I don't judge their habits. It makes them happy and it doesn't affect me, so I'm okay with it. but I find it strange that they seem upset that I live like a total cheapass. I love the way I live and can't wait to have total freedom in 15 years.
I can’t understand why people hate people wanting to retire early. I envisage me and your mrs sitting on a beach, drinking cocktails while our phones chaching with money. What’s wrong with that? Also the people who slag of FIRE on Twitter are also the people who celebrated me paying my mortgage off. It’s jealousy of people you don’t know doing something you can’t.
Cool thing is when you get to your beach you'll find lots of like-minded people already there to share that drink. Sometimes it can feel you are on your journey alone but there really are lots of success stories that just never get told precisely because of the jealousy you experience. Congrats on paying off your mortgage. Wonderful feeling isn't it?
Im actually too old to FIRE, but I am using its principles to ensure retirement comes earlier than 67 and is also very very comfortable. I dont have a FIRE amount, instead I have spread sheets which tells me how much I will have each year to spend if I use the 4% rule. I luckily enjoy the job I do, so I can continue to work and build up my pot and make the decision to retire that way around. The system I have in place will mean I will need to manage my finances until I die, but the withdrawal rate is flexible so as to not run out of money.
My concern with the fire movement's frugality fixation is that time is non-fungible, a typical week in your 20s isn't the same as your 40's, it's probably a good idea to live whilst your young and healthy with less responsibilities because it might not be the same later. Ask yourself, are you achieving FIRE or are you just Burning time?
Yes, live life fully. Doing that doesn't have to equate with being spendy. Part of the FIRE movement as preached by Mr. Money Moustache, is that spending all your income & living paycheque-to-paycheque is not living one's life fully. Looking back at my own life I see the best financial thing my bride & I did was start saving & investing in our 20's. We weren't extremely frugal but did make an effort to save. In our 30's & 40's we saved less while raising a family. Our earlier saving took away much of the stress of having careers with little job security as having a nest egg makes one less of a wage slave. 'Time in the Market' and the longer-term benefits of compounded growth really worked for us. All the best to you!
@@DavidKnowles0 Hows that any different than anyone else? None of us know how our health will be in the future. That said, wouldn't it be more reassuring to have a big stash of assets if & when you do get sick, vs. having none & being dependent upon a job for your income but you can't work because you are getting too sick? The person who saves & invests has far more of a safety net to deal with an uncertain future than the spendy person who lives for today and leaves the future to take care of itself.
Setting fire to Fire. Sparking off some good questions and allowing them to flicker into the argument. I'm sure it will in-flame some but hopefully it smokes out the bad ideas. Great video as always
Using Extreme Cheapskates as a representation of FIRE is very disingenuous. I, personally, believe you should never let saving or seeking early retirement cause you to cut out enjoyment in life and most FIRE adherents would probably agree. Don't live miserable, just find ways to cut unnecessary spending.
one the 4 percent think, after 30 year you had more money then you put in like 80 percent of the time. so if you plan it you could live off 3 percent on bad years and 5-6 on great years. also who said stock, maybe a apartment building. that 6-8 every year and rent will always go up. or high yeild divident. also i agree inless you have millions i would not do fire, i do save and invest so as i get older i can work LESS if a want or less pay job with less stress that type of idea work GREAT for job that use your body like say plumber or election i mean at 22 you could work 60 hour a week but at 55 you migh only want to work 2 day a week to let your body rest.
Definitely appreciate your thoughts on this. I love fire for the ‘light bulb’ moment it brought my way and how I am looking at saving for my future. Great video.
I think you have nailed the concept of FIRE, but you have missed the point in my opinion on two areas in the video: 1. the 4% rule is not an absolute and yes there are situations where the 4% rule could not work i.e. you RE and then we enter a bear market. There are ways to counter this one of which you kind of highlight in the video aka, have buckets which pull cash and keep this available. It has been well documented. 2. I think the notion of extreme frugality gets a bad rap from the nay sayers of FIRE. but people who are moderate and understand that "life is short" know that it is not just about Frugality but living life with a purpose that drives them. To cite an example you have used in the video... hiring a cleaner only after you can afford it so that you can focus on the things you love. As you may note - I am a proponent of FIRE, although I practice frugality there are aspects of my life I am unwilling to sacrifice this includes, my/myfamilies health and enjoying experiences with my family like a nice meal out or a holiday. I am less enthralled by material things which speaks to point 2. For anyone doubting FIRE and the aspect of frugality, I would encourage you to perform a simple exercise i.e. write down the top 5 things that make you happy and put an estimate cost to them. You will most likely find that majority of these will cost not much money, if there are things that cost money, you just then focus on those and cut out the rest. Anyway - nice video, well edited. But I wanted to share my opinion, maybe I will make a video to encapsulate my counter to this and share.
Smoking hot content, as usual, Damo. Nice one. I've burned through cash and wasted so much potential over 30 years of my 53 year life, that simply investing half of that would have put a massive grin on my face. I wouldn't even have needed to be that frugal. Sensible would have been sufficent. I'm glad I woke up in time, and that retail investing was something I could make use of to change my life. Slickly branded movements give me the heebie-jeebies, but there are plenty of folks (like yourself, Tom, and others) whose free content helps equip thousands of others to get themselves organised.
Another hot subject under the microscope. Fully agree with certain principles but sacrfice your 20s, 30s and 40s in order to enjoy 50s doesn’t sound appealing to me. Don’t think will ever eat lasagna again..
Thanks for another great video, I'm de-lighted And applaud your prospective on not begging for money like other "TH-cam" presenters, "sign up for this, sign up for that", pay $5/$10 to ask a question....."only a few seats left"..... If you need to beg for money, your in no position to advice on finance or make suggestions on financial matters. And the pun.....I lava good fire pun.....so i have a burning 🔥 question.....and if it doesn't make you fuming, I'll fire away. Where did Carol come from ?....
My FIRE dream is retiring at 60 from my stressful 40+/week job and dropping to part time doing something less stressful until my full retirement age of 67. I think it's a pipe dream to think you are going to retire in 30's or 40's. It's shooting yourself in the foot to retire in the typically most lucrative years. I think it's good to be prepping as early as possible though so you have some financial flexibility and set yourself up for successful retirement.
I realise your comment is old but as someone in FIRE I would gladly throw away my prime earning years as you put it for prime living years. You want to work until you are 67 so 3 years before 70 when the likelihood is your health will start to drop significantly. Consider being able to travel in your 40's compared to your 60's or 70's. Money isn't everything.
I could go now at 52 with my wife at 57, but inflation is high and the recent salary boosts are two reasons keeping me in the rat race. We're going to run the numbers to double check what we can happily enjoy life on and see how we are. Knowing that you can retire from a job that you don't enjoy does have a weird sapping affect on your motivation though. This negative feeling is currently doing battle with the plus side of knowing that being made redundant from a firm you've been at for over 25 years would be the best result possible right now. I just can't bring myself to be that underhanded. LOL
I come from a totally financially irresponsible family, and have continued the pattern into my late 20s. I have no savings other than a small amount comparable to a used car. I have federal student loans and very low income. Besides looking to improve my income, what is a simple thing I can do to spend a few hundred a month on investment/saving? Is there a book for over grown man-children of financial bozos like myself? I am already quite frugal and live with family (privileged).
I am FIRE (49) and I read Your Money Or Your Life back in the 90s. What the criticism misses about the movement, as does this video in part, is that it's always been about what is "worth" spending your limited time on earth on, and looking at how much you make and how much you spend through that lens; not about frugality, and there were never any rules against not earning alot/continuously if you can/want to. It's also about decoupling how much you make from the time you spend making it, and increasing your earnings per active work hour. Finally, it's about feeling good about what you do with your time, whether you get paid or not. It is in essence a cure for spend and earn Late Stage Capitalism, designed to help people free themselves from that trap. You can keep working or not, keep working for money or not, and live frugally or not. It's about properly valuing your limited time on this earth. Watching a bunch of FIRE videos, or personal finance videos like this one, may or may not be the best use of your time. FIRE haters miss the point, for the most part.
I lava good fire pun! I have a burning desire to retire early and by following your videos am taking some of the advice. I do know if i am successful my Dad will be fuming after working his whole life! I'm going to stay up all ignight and work to new farenheits. This guy is a bright spark he can do it.
Hey Damien, I've had a busy few months so haven't been following your vids (or indeed anyone's) as closely as before, but great to see you're still killing it with well-researched, coherent content. Keep it up!
Financial Independence Retire Early is a big trend right know. Thanks for sharing your knowledge through the video! Lets become F.I.R.E. as soon as possible! :)
Loved the video I’m definitely no where near fire and don’t think it would be for me I like trying to be frugal but also your point on increasing income is so much better as you do get bored of living like that and life is for living and enjoying, great to see your channel growing ! Wolvo girl here !
Absolutely right, those burning fast and bright could end up with nothing in their twilight years. Much better to to educate ones self on spending, budgeting and finance and how to live and spend better far more realistic. Another top video fella!
Yes indeed! Financial samurai who i mentioned in this video retired with 3 million in the bank in his early 30s, he then returned to work when he realised it would not be enough
Fantastic video Damo, I really like your approach on the whole FIRE movement! 🔥I used to read the MMM blog in my early twenties which is when I first heard of this whole "Investing" thing - if only I actually started then... now I'm simply trying to make up for lost time. Ooops. 😬
This reminds me of early Internet clickbait, where people would retire before 30, and show the secret of doing so is by saving 90%+ of their income and having a dirty amount of inheritance to fall back on.
To be fair, fire is like the hussle culture. You may eventually burn out or go to extremes, (f*cking chunky water!!!) But that being said with the british government being the way it is, i think we can learn something from it. I hadnt heard of index funds before reading about fire. Like if you are mid 20s (I'm 26) good fudging luck getting a final salary pension or even a state pension worth anything. So maybe dont save 50% of your salary per month, just save what you can and hope compound interest will help
An illuminating topic that’s now burned into my memory. That’s as good as I can manage - if I win send the tenner to your local children’s hospital please 👍
I personally love Fire, but don't look at it as just working for the finish line. Take it in steps, get yourself debt free, then imagine what it would be like to have saved 1 or 2 years living expenses so if you need to, you could quit your job and not have money worries. Damien has done the frugal side of the movement a disservice as there are some really good and philosophical ideas in the movement, rather than the gross ones in the vid. Although I accept the clips we're pretty funny.
Yeah I fully appreciate the frugal side of FIRE is full of good tips!
I tried to be balanced and point out that frugality is in my opinion a good thing and something people can enjoy.. But I can see on reflection how the use of those clips makes me look 1 sided.
I would actually call myself frugal. I think I just went for the easy laughs and should have taken a step back to consider that it looks as though I am implying cooking lasagne in dishwashers is the only way to be frugal.
I will pin this comment so others can see this perspective as I think it has value.
Not have money worries for two years but what about the rest of your life
@cashkitty3472 I think they are talking about an emergency fund there tbf. Within 2 years you should be able to find another job etc. After building your emergency fund then invest for future passive income
I call myself a member of the FIRE community. I don’t regret it at all. At a minimum, when unexpected expenses come up, there’s no stress whatsoever. Time goes by fast, and within a few years you can build an amount that will surprise yourself. I have no fantasies about FIRE though. Realistically, I’ll probably still have to work to between 45 and 50. But I’ll still have a lot of good years left. The most important thing you can buy yourself is time. Stay healthy to enjoy the latter half of your life.
Hi buddy, I couldn't say it any better. I'm part of FIRE community and this is the best thing that have crossed my way ever. Luckly I was debt free so didn't took that much to save and invest lots of money. Can completly stop working and live off my savings/investiments for about 6 years with vacation and hobbies included. I have the best sleep every single night and I'm not afraid of my employer at all. I'm not scare to lose my job or cover an unexpected emergency bill. I'm only 35 year, but pay say that I look 25. My brain has no financial worries so, I'm able to be more productive which helps a lot. Keep up the great work and don't let the anyone discourage you.
I think the biggest misconception is that everyone assumes you're going to stop working and never make another penny once you hit your FIRE number. While that is possible, most people don't do that. They move onto jobs that might pay less but are more fulfilling. Thus they still keep earning money just not as the higher rate they were earning before.
Yes for sure I made sure to clarify that point in my video as I think a lot of people get that wrong
Exactly!
Accurate content.
Followed the movement most of my life.. pay yourself first/reducing debt etc. It's far easier and enjoyable than often portrayed.
Thank you! Good to hear this from someone who is part of the movement
The fire challenge has definitely SPARKED my interest to see if my comment can get enough rec-IGNITION to take the W. I like to think I’m BRIGHT enough and have enough FLARE to throw my hat in the ring without being BURNT by any competition from other m-EMBERS. I could continue to turn up the HEAT but I think I will call it here before I go to far. It’s all fun and FLAMES until someone gots too hard with the puns. 🎤⬇️
The embers one is genius! Curt you have smashed it here mate
Well played, Curt. You're extinguishing my chances of winning!
@@67eamonn I think I’ll pick a few winners. I have been blasting billy Joel all morning. So that has got to be worth a tenner
@@67eamonn I’m not sure I agree with that, your comment has tickled me 😂😂😂😂
Not the most liked. but i appreciate the effort so much, you can have a tenner. My contact details are in the About section of the channel page. Email or insta me and we can sort you out
I accidently retired 8 years ago. Thought i was going to take a 6 month break.....found I can live how I want, and plenty to do... Fire is about go your own way, don´t buy nonsense, stash your cash.
They didn't start the fire. Billy Joel did.
It was always burning, since the world's been turning
This should win
You get a tenner for this, mainly due to the fact i have had the song stuck in my head for a few days... My contact details are in my BIO please reach out
Huge thanks. I have sent details to your Gmail account.
😂💀
This is the one I’ve been waiting for 👍🏻
I’m really interested in FIRE particularly FI part.
Yeah the FI part I am chasing myself
I have lit my investment path ahead because of your videos. I invested 10k plus with an ssISA as I don't want to get burned by tax. Heat proof approach. Now give me 10 squids!
🤣🤣 it isn’t up to me it’s up to everyone else with the likes!
And love the progression you made, my favourite British finance Chanel 🇬🇧
Thank you so much mate! Such a compliment
Wow this really sparked my interest and fueled a raging debate but FIRE is unmatched 😉😉😉
Love it
Never heard of this ‘FIRE’ movement but completely agree its great getting everyone into investments. Surely they need to take inflation and maintenance costs into their calculations too?
Thanks for the content mate you little fire starter 🔥
They factor in inflation in some of the calculations yes, but alot of people who FIRE early seem to go back into work when their lifestyle changes, namely kids and healthcare.
Typical fund growth over the long term is 7%. Inflation averages less than 2.5%, which is why they suggest drawing 4% to keep the fund rising with inflation. This is too simple a way to look at it though because if you retire just before a period of an underperforming market the fund will fail. There are several strategies that you can employ to get around this problem though. And when a market drops, it always recovers inside 2 or 3 years. This is why some people say to keep a couple of years of your chosen 'income' in no risk savings accounts that you can get at if needs be. That works if interest rates are high, but if they are low, I'll probably employ a different strategy.
I have a burning question Damo, how is it you're such a bright spark? You really flame to please.
FLAME TO PLEASE!!! 😂😂😂
That kid's a bright spark!
I mean of course I like this one! haha
Great topic! Wonder how many hours some of these people preaching FIRE actually end up working selling FIRE to people.
Spot on mate haha
This video was fire mate🔥 won’t be long before you are earning 5/6 figures a month with this content!
Thanks buddy!
Great point (key) - focus on maximising earnings, reduce living expenses as appropriate to achieve higher savings.
I myself follow the concept of saving and not buying stuff I don't need. But to live frugal now, just to be able to live when I'm already past my prime? never.
But I am already able to save 40% of my salary whilst building up my homelab right now, which means 400€+ go to hardware already.
Another superlative video on such a major investment theme
You are too kind, thank you so much!
I was forced into semi retirement at age 43 due to a work injury, I stopped working for 6 months whilst I was injured and was very bored, I’m happy to be back at work again for 5 hours per day as this is the maximum my injury allows.
Unfortunately I wasn’t eligible for workers compensation, I just cut my expenses right back and now live on basically half the income I had prior to the injury.
I will fully retire at the usual age (65) but am enjoying the freedom in my 40s of some extra time to myself to spend with friends and family
Brilliant video again bud. Love the oldish woman with the spinning Tassels earning a bit of extra cash after retirement. 😂😂 Class 👌👌
She was just shaking it for a dollar.
The thing with FIRE is that if your money does run out, you are going to really be stuck....does anyone want to have to go back to work at age 80? Would anyone hire you? Would your health be good enough to even work? That's not the time to have to be searching for a job! Not to mention, the frugality that feels acceptable at age 30 isn't going to feel so doable at age 60, 70, 80, 90 when things like health issues start to really kick in. I think learning to save and invest when you are young is extremely important and a great goal; but I do think there are going to be a lot of people that are kicking themselves years from now when their money runs out before they thought it would.
Like everything, it's a balance. I'm not into extreme frugality but I have no interest in accumulating more and more stuff as I'd much rather have more time and experiences.
Could you do a video on State Pensions. Everything to do with how they work. Do they gain interest? How do you keep track of how much you have?
Yes I will!
Top video mate. I like FIRE but as an entrepreneur I’m more into just FI, I’ll always be hustling! Btw - love the fact that the last 4 thumbnails in a row you’ve used your “I think I’ve just followed through face”, it must get the clicks!! 🤣
poo face for the win!
man eating breakfast whilst watching this great video. until 09:00 came on making me laugh so hard when i was drinking my glass of milk. now i have to clean everything. thankyou Damo, great video and note to self "remember he uses a lot of memes :D"
Hahah yes! Love this comment and the fact you drink a glass of milk with your breakfast.
@@DamienTalksMoney glasses of milk are the best man dont judge lol :)
so happy you worked in the oh lord jesus it's a fire meme
When I remembered it I was so happy. I love that woman
Hotter content than tinder mate 🔥 😂 keep up the ABLAZE-ing work 🤦♂️
ABLAZEing!! hahaha legend
Totally smoking video! Too hot to extinguish!
Hahah well done Ian!
im not a practitioner of FIRE but I am known to be a very frugal person. Its hard for many people to go out of their way to save like I do, and many people just dont care.
Great video as always. What's the background music at the end mate??
Ffs I didn’t leave it in the description I am sorry! If I ever find it I will let you know
The roof is on FIRE - Paid with a 4% interest rate!
FIRE doesn’t work for 99% of people. Instead the focus should just be on getting wealthy. What you do after that is up to you. No timeline, just do it.
Wrecking your health with monotonous, unhealthy food is just crazy, not frugal.
... How empty is your life if you're bored outside of work? Do people espousing that idea just have zero hobbies?
My only 'criticism' of FIRE is that it's largely for the extremely well paid and completely inaccessible to the vast majority of people. But realistically, if you're in that position, why wouldn't you? Just because everyone can't do it, doesn't mean it's 'bad' in any way.
But anyone can adopt the principles. Forget about the ones who retire in 5 or 7 years, they are extreme examples, but building up a pot of money to buy back your time is fantastic. Even retiring 3 years earlier by living intentionally and not wasting (as not to reduce the quality of your life, but to actually improve it) then it's a positive concept.
Who needs a tinderbox when this video is straight fire 🔥
🙌🏻🙌🏻🙌🏻
This is all rebranding. A second job isn't a second job, its a 'side hustle'. Hints and tips are 'lifehacks'. Focusing on sensible investments for your future while you're young is 'FI' when it should just be normal. If one good thing comes out of it, it'll be encouraging more young people to actually invest towards retirement while they're young when their money can have enough time to compound well, rather than spending it all and leaving it until the last minute
That lady cooked a lasagna in the dish washer. That's a special kind of WTF?
Very very special! haha
I think it's nice to have the choice to work or not which I've done for the last 10 years. I set up a few investments and have 2 businesses which was tough at the start but I'm reaping the rewards now. Some people think I should do more to earn more but I don't need a Ferrari or even a new range rover. Care less what people think of you and your belongings. Also I can pay someone to do a job like a cleaner and use that time to earn more if I like. I could carry on like this until I die.
I want nothing to do with that people that live obsessed with saving every last coin, and miss out on life just so they can put some more aside. Is a silly game for me, just as silly as those "big spenders" that can't hold any money without buying some worthless crap and be flat broke again. I believe one should pursue balance, have a decent life. And if your job is so frustrating and annoying that you feel you can't handle that much longer, just search another job and look for something you can live with.
13:09 hey!!! 😂 That comments it feels related to my question few days ago. Cool! Would be good to drink a pint and chat about finances. Not asking for a date. I am married.
Hahah pint sounds good!
@@DamienTalksMoney Well, drop me a message to arrange. Any Northern Quarter's place works for me.
Hey guys I have a question! Would I be better prioritising any spare money into my work place pension or index funds? Or should I use both? And why? Be good to hear your thoughts!
I use both, I max out the contribution my employer will match I then invest the rest in my isa
9:01 ain't nobody got time to see a classic meme origin video being used the wrong way. Pretty sure that's a deadly internet sin.
Hahaha call it a sample! Without sampling and remixes where would music be? I am elevating the art form of memes
@@DamienTalksMoney superb comeback. On point. Keep the samplings coming
Early!
Yes you was!!
JEPI (maybe JEPQ) is the answer!!!!
I don’t want to retire.
Living frugally = living with scarce options
hello mate, i guess you could say im fire, i retired in uk at 35 and moved to france aged 37,,,, but you my friend were 100 percent bang on when you said , do it to young and youll get bored, so fast forward 18 years, and now im running my business and planning to expand back into the uk, and not because i need the cash, what i need is mental stimulation, and my business provides that ,,, all the best dave
Why I'd never retire. Thanks for the comment
Great insight from someone who has done it! Thanks for sharing Dave
I’m not very good at puns, so will pass it over to ARSON to fuel this fire
No one has used Arson yet!! So you get a like from me
First
Hahah you commented before I did!!
🤦🏼♂️ i imagine this was you having to sit and watch some of them super frugal people to find the right clip.
Hahaha spot on! Some of them were unbelievable 🤣
Would this concept be in line with the neoliberalism and the ide of becoming independent from a state?
Not so much. The FIRE moment is more inspired by not being trapped in a consumerist lifestyle of thinking the meaning of life is having more stuff, a bigger house, and a nicer car. Realising those things aren't necessities can be very liberating. Simple pleasures don't cost much, and that translates into needing less investments to sustain a retired life that focuses on them.
Ross has answered this very well.
I expect this comment section to be lit..
I'm pretty... stoked... to find out who gets this tenner!
@@TC-hw7ng Hahah i gave it to three people in the end! Eamon, Curt and Zeztro as all had similar numbers.
Your pun was pretty good also! So good i nearly missed it haha
@@DamienTalksMoney Nevermind- Lava good pun anyway. Great content too.
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It appears that I organized my money using the FIRE movement. Investigate it more by performing some study. They were then successful at investing in equities, cryptocurrency, and real estate with the aid of a financial expert.
Very similar situation here, 42, paid up house, looking to f.i.r.e. at age 50
I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
@@danieljackson87 I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Amanda up and send her a message. You've truly motivated me. God's blessings on you.
FIRE got me interested in investing and learning about my finances. Completely agree focusing on earning more has more impact than scrimping a pound or two here or there. Challenging yourself to improve savings % month on month is actually fun!
Love this! FIRE is a gateway to investing for so many. Thank you for sharing Alison
You've just poured a whole lot of fuel on that fire. This is gonna blow up...
Plenty of heated discussion to be had on this topic.
Haha! Perfect, actually makes sense which is a great start
nice work mate, all fired up!! think you hit the nail on the head right at the start, its the "FI" part that is important. Most people who achieve FIRE will never retire, but they can have flexibility, peace of mind, freedom etc, there are a lot of haters trying to diss FIRE in a click batey way. I was doing FIRE for years before even realised it was a thing, so find it funny when I hear how flawed my strategy is (ie frugality, investing, intentional spending etc) lol
Yeah! Hahah makeas me laugh when people call the movement out when its just, spend less than you earn and invest the difference..
One good way to save money is to install double blazed windows 🔥
🤣
Better still, triple glazed or double glazed with secondary glazing. Cuts out noise & drafts.
This is the most liked! Well done. My contact details are in my bio section. get in touch and i will sling you a tenner
I'm not into FIRE community or even knew that there was one to begin with.
But a long time ago, I found this concept and used that as a goal: Get a lot of money to the point where the interests are higher than my monthly costs.
I'm happy to say that I'm almost there.
But I probably missed that part where people were focusing TOO MUCH into lowering their expenses. Ok, I made some mistakes you mentioned, like using public transport instead of UBER and saving a few cash by losing an hour, instead of using that extra hour to make more money, but I never came close to reuse boiled water, using dish washer instead of oven etc. I just think harder before making an emotional purchase, like a new and shining cellphone when mine is still working fine, and tried to live in a somewhat minimalistic way as opposite of a consumistic way I see most people living.
And as you said, we don't need to stop working, but it is great to think that we just don't need to do it if we don't want to.
I liked the visual suggestion to consider swinging the tassels for some extra $$ when retired. I retired at 57 and then a year later took a part-time job to work on a project I was interested in. My wife who was 55 also retired. With my part-time job, we now bring in approximately 30% of the income we had pre-retirement. Funny thing is that reduced income is enough to pay the bills and now three years after our retirement, we still haven't needed to tap into our retirement savings! So based on my own story, I hope others wanting to retire but who worry if they can make a go of it, will learn that maybe swinging some tassels part-time is the answer. Just take care not to throw a hip!
This is such a good comment Ross, really bought a smile to my face. Keep swinging the tassels my man!
In my experience FIRE is just escapism for people who hate their jobs. I find the idea of working a job you hate saving every penny for years and years on end just to have some vision of a good life later ridiculous. I believe you need to find a way to have a sustainable, good, balanced life, with an reasonably enjoyable career.
Oh yes I used to do the same in Manchester, no tram no bus no taxi. Walking one hour from the city centre to my house at 3am after going out to not pay the taxi, shopping exclusively at Aldi for food and having determined the respective shop with the cheapest price for each item I needed to buy for my day to day. After you get into a certain income you do realize how time is more valuable. Saving, investing and planning for the future is very important but never at the cost of making your current life miserable. Unfortunately you don't know if your life spawn is going to be long enough to use those savings so keep a balance, enjoy your life and be happy!
Love this perspective so much! You are so right. I’m not gonna lie I did enjoy the 3am walks home! Just had to watch out for the canal pusher
@@DamienTalksMoney the occasional stop at subway or taco bell around Deansgate were also fun on those walks 🤣
@@KohrakGKOHit was Dixie chicken for me! Happy times
I think a lot of the negativity towards the FIRE movement is based around jealousy. I have a pretty average income. i have have friends that make WAY more than I do. but they spend like maniacs. they have nicer cars, homes, clothes and jewelry than I do. they eat out several days a week. and they go on vacations all the time. yet they seem to resent the fact that I will retire at 50 while they will work until they are 65-70. I don't judge their habits. It makes them happy and it doesn't affect me, so I'm okay with it. but I find it strange that they seem upset that I live like a total cheapass. I love the way I live and can't wait to have total freedom in 15 years.
I can’t understand why people hate people wanting to retire early. I envisage me and your mrs sitting on a beach, drinking cocktails while our phones chaching with money. What’s wrong with that?
Also the people who slag of FIRE on Twitter are also the people who celebrated me paying my mortgage off. It’s jealousy of people you don’t know doing something you can’t.
Cool thing is when you get to your beach you'll find lots of like-minded people already there to share that drink. Sometimes it can feel you are on your journey alone but there really are lots of success stories that just never get told precisely because of the jealousy you experience. Congrats on paying off your mortgage. Wonderful feeling isn't it?
Some people just like to tread on others dreams..
Im actually too old to FIRE, but I am using its principles to ensure retirement comes earlier than 67 and is also very very comfortable. I dont have a FIRE amount, instead I have spread sheets which tells me how much I will have each year to spend if I use the 4% rule. I luckily enjoy the job I do, so I can continue to work and build up my pot and make the decision to retire that way around. The system I have in place will mean I will need to manage my finances until I die, but the withdrawal rate is flexible so as to not run out of money.
The fact you enjoy your job is amazing! Congrats on your solid plan for retirement.
My concern with the fire movement's frugality fixation is that time is non-fungible, a typical week in your 20s isn't the same as your 40's, it's probably a good idea to live whilst your young and healthy with less responsibilities because it might not be the same later. Ask yourself, are you achieving FIRE or are you just Burning time?
Yes, live life fully. Doing that doesn't have to equate with being spendy. Part of the FIRE movement as preached by Mr. Money Moustache, is that spending all your income & living paycheque-to-paycheque is not living one's life fully. Looking back at my own life I see the best financial thing my bride & I did was start saving & investing in our 20's. We weren't extremely frugal but did make an effort to save. In our 30's & 40's we saved less while raising a family. Our earlier saving took away much of the stress of having careers with little job security as having a nest egg makes one less of a wage slave. 'Time in the Market' and the longer-term benefits of compounded growth really worked for us. All the best to you!
What a comment! The last line should be on a t-shirt
@@rossmacintosh5652 There one thing that FIRE have to presume but which isn't guarantee that they will be healthy enough to enjoy later life.
@@DavidKnowles0 Hows that any different than anyone else? None of us know how our health will be in the future. That said, wouldn't it be more reassuring to have a big stash of assets if & when you do get sick, vs. having none & being dependent upon a job for your income but you can't work because you are getting too sick? The person who saves & invests has far more of a safety net to deal with an uncertain future than the spendy person who lives for today and leaves the future to take care of itself.
Setting fire to Fire. Sparking off some good questions and allowing them to flicker into the argument. I'm sure it will in-flame some but hopefully it smokes out the bad ideas.
Great video as always
Hahah Neil! I love this because it makes sense.
Using Extreme Cheapskates as a representation of FIRE is very disingenuous. I, personally, believe you should never let saving or seeking early retirement cause you to cut out enjoyment in life and most FIRE adherents would probably agree. Don't live miserable, just find ways to cut unnecessary spending.
one the 4 percent think, after 30 year you had more money then you put in like 80 percent of the time.
so if you plan it you could live off 3 percent on bad years and 5-6 on great years.
also who said stock, maybe a apartment building. that 6-8 every year and rent will always go up.
or high yeild divident.
also i agree inless you have millions i would not do fire, i do save and invest so as i get older i can work LESS if a want or less pay job with less stress
that type of idea work GREAT for job that use your body like say plumber or election
i mean at 22 you could work 60 hour a week but at 55 you migh only want to work 2 day a week to let your body rest.
Definitely appreciate your thoughts on this. I love fire for the ‘light bulb’ moment it brought my way and how I am looking at saving for my future.
Great video.
Exactly! I could never criticise something that introduces people to good financial habits
Spending money when you're young is fun, spending it when you're old is boring.
I think you have nailed the concept of FIRE, but you have missed the point in my opinion on two areas in the video:
1. the 4% rule is not an absolute and yes there are situations where the 4% rule could not work i.e. you RE and then we enter a bear market. There are ways to counter this one of which you kind of highlight in the video aka, have buckets which pull cash and keep this available. It has been well documented.
2. I think the notion of extreme frugality gets a bad rap from the nay sayers of FIRE. but people who are moderate and understand that "life is short" know that it is not just about Frugality but living life with a purpose that drives them. To cite an example you have used in the video... hiring a cleaner only after you can afford it so that you can focus on the things you love.
As you may note - I am a proponent of FIRE, although I practice frugality there are aspects of my life I am unwilling to sacrifice this includes, my/myfamilies health and enjoying experiences with my family like a nice meal out or a holiday. I am less enthralled by material things which speaks to point 2.
For anyone doubting FIRE and the aspect of frugality, I would encourage you to perform a simple exercise i.e. write down the top 5 things that make you happy and put an estimate cost to them. You will most likely find that majority of these will cost not much money, if there are things that cost money, you just then focus on those and cut out the rest.
Anyway - nice video, well edited. But I wanted to share my opinion, maybe I will make a video to encapsulate my counter to this and share.
Thanks mate! Hope you are well
Smoking hot content, as usual, Damo. Nice one. I've burned through cash and wasted so much potential over 30 years of my 53 year life, that simply investing half of that would have put a massive grin on my face. I wouldn't even have needed to be that frugal. Sensible would have been sufficent. I'm glad I woke up in time, and that retail investing was something I could make use of to change my life. Slickly branded movements give me the heebie-jeebies, but there are plenty of folks (like yourself, Tom, and others) whose free content helps equip thousands of others to get themselves organised.
Only just seen this Iain! Amazing thank you for getting involved.
"I'll tell you how to save money, don't buy the book." hahahahahahahaha
That was a treat, ^oo^
Another hot subject under the microscope.
Fully agree with certain principles but sacrfice your 20s, 30s and 40s in order to enjoy 50s doesn’t sound appealing to me.
Don’t think will ever eat lasagna again..
Hahah mate I wouldn’t mind the dishwasher cooking but the fat was gross
Thanks for another great video, I'm de-lighted And applaud your prospective on not begging for money like other "TH-cam" presenters, "sign up for this, sign up for that", pay $5/$10 to ask a question....."only a few seats left".....
If you need to beg for money, your in no position to advice on finance or make suggestions on financial matters.
And the pun.....I lava good fire pun.....so i have a burning 🔥 question.....and if it doesn't make you fuming, I'll fire away.
Where did Carol come from ?....
My FIRE dream is retiring at 60 from my stressful 40+/week job and dropping to part time doing something less stressful until my full retirement age of 67.
I think it's a pipe dream to think you are going to retire in 30's or 40's. It's shooting yourself in the foot to retire in the typically most lucrative years.
I think it's good to be prepping as early as possible though so you have some financial flexibility and set yourself up for successful retirement.
I realise your comment is old but as someone in FIRE I would gladly throw away my prime earning years as you put it for prime living years.
You want to work until you are 67 so 3 years before 70 when the likelihood is your health will start to drop significantly.
Consider being able to travel in your 40's compared to your 60's or 70's.
Money isn't everything.
I could go now at 52 with my wife at 57, but inflation is high and the recent salary boosts are two reasons keeping me in the rat race. We're going to run the numbers to double check what we can happily enjoy life on and see how we are. Knowing that you can retire from a job that you don't enjoy does have a weird sapping affect on your motivation though. This negative feeling is currently doing battle with the plus side of knowing that being made redundant from a firm you've been at for over 25 years would be the best result possible right now. I just can't bring myself to be that underhanded. LOL
I come from a totally financially irresponsible family, and have continued the pattern into my late 20s. I have no savings other than a small amount comparable to a used car. I have federal student loans and very low income. Besides looking to improve my income, what is a simple thing I can do to spend a few hundred a month on investment/saving? Is there a book for over grown man-children of financial bozos like myself? I am already quite frugal and live with family (privileged).
Amazing content, but it's the memes for me. Poor child with the weird lasagna. 😕😅
Haha yes! Glad you like my memes,
That lasagna was a mess!!
I’ve started investing substantially after hearing about FIRE but I never compromised my lifestyle for that!
Perfect! Great you have the balance of both
I am FIRE (49) and I read Your Money Or Your Life back in the 90s. What the criticism misses about the movement, as does this video in part, is that it's always been about what is "worth" spending your limited time on earth on, and looking at how much you make and how much you spend through that lens; not about frugality, and there were never any rules against not earning alot/continuously if you can/want to. It's also about decoupling how much you make from the time you spend making it, and increasing your earnings per active work hour. Finally, it's about feeling good about what you do with your time, whether you get paid or not. It is in essence a cure for spend and earn Late Stage Capitalism, designed to help people free themselves from that trap. You can keep working or not, keep working for money or not, and live frugally or not. It's about properly valuing your limited time on this earth. Watching a bunch of FIRE videos, or personal finance videos like this one, may or may not be the best use of your time. FIRE haters miss the point, for the most part.
Very dodgy brummie, at the time of commenting, you have 666 likes, hell likes your fire lol
Haha!! Must be a sign mate
Unlimited time FIRE works IF you are spending less than your return %
Yeah for sure! Basically that's just normal retirement planning
I lava good fire pun! I have a burning desire to retire early and by following your videos am taking some of the advice. I do know if i am successful my Dad will be fuming after working his whole life! I'm going to stay up all ignight and work to new farenheits. This guy is a bright spark he can do it.
New Fahrenheit!! Haha legendary
Little did he know what cauldron he would conjure up with the scathing critism of the FIRE movement.
Scaulding review
🤣🤣🤣
Hey Damien, I've had a busy few months so haven't been following your vids (or indeed anyone's) as closely as before, but great to see you're still killing it with well-researched, coherent content. Keep it up!
Welcome back mate! Great to see you. Really appreciate you coming back to the channel after a bit of time off. Hope you have been well
Damo
When we clear up the smoke around financial freedom there's... 🔥
Our financial savings are currently cooking over an open... 🔥
Hahah i got my savings cooking to mate
Narrative Economics - Robert J. Shiller - is worth checking out.
Yeah I know it well!!
@@DamienTalksMoney Frugality narrative Great Depression. Their war's a spiritual war..........
Financial Independence Retire Early is a big trend right know. Thanks for sharing your knowledge through the video! Lets become F.I.R.E. as soon as possible! :)
Thanks!
Nice to see the fire pun winner wanted it to go to dogs trust, water good sport.
Haha nice!!! Well done
Loved the video I’m definitely no where near fire and don’t think it would be for me I like trying to be frugal but also your point on increasing income is so much better as you do get bored of living like that and life is for living and enjoying, great to see your channel growing ! Wolvo girl here !
Improving income is so much fun! You are spot on, being frugal can be very boring
Absolutely right, those burning fast and bright could end up with nothing in their twilight years. Much better to to educate ones self on spending, budgeting and finance and how to live and spend better far more realistic. Another top video fella!
Yes indeed! Financial samurai who i mentioned in this video retired with 3 million in the bank in his early 30s, he then returned to work when he realised it would not be enough
Fantastic video Damo, I really like your approach on the whole FIRE movement! 🔥I used to read the MMM blog in my early twenties which is when I first heard of this whole "Investing" thing - if only I actually started then... now I'm simply trying to make up for lost time. Ooops. 😬
We are all chasing lost time mate!
This reminds me of early Internet clickbait, where people would retire before 30, and show the secret of doing so is by saving 90%+ of their income and having a dirty amount of inheritance to fall back on.
I wish I had a dirty amount of
Inheritance
I wached this at work and got fired.
I like this
To be fair, fire is like the hussle culture. You may eventually burn out or go to extremes, (f*cking chunky water!!!)
But that being said with the british government being the way it is, i think we can learn something from it. I hadnt heard of index funds before reading about fire.
Like if you are mid 20s (I'm 26) good fudging luck getting a final salary pension or even a state pension worth anything.
So maybe dont save 50% of your salary per month, just save what you can and hope compound interest will help
Spot on this Stuart. The core ideas of FIRE and the way it introduces great habits is a good thing
An illuminating topic that’s now burned into my memory. That’s as good as I can manage - if I win send the tenner to your local children’s hospital please 👍
This deserves the likes for the sentiment alone! Thank you so much mate. If you win I’ll send 50 to the children’s hospital.
Wonderful. Thank you - that’s very generous 👍
There was like 4 points I wanted to like this video after I originally liked it. Love this channel man
Haha love this comment! You legend, thank you so much mate