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\nWhat is the FIRE Movement? Could it be Hurting Our Economy?\n

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\n\nPublisher:\n\nEconomics Explained\n\n\n
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\nThe Fire movement is a growing trend amongst young workers which is growing in popularity thanks to its very enticing goal which is spelled out in the name.FIRE is an acronym of Financial Independence and Retiring Early. The idea is that...\nThe Fire movement is a growing trend amongst young workers which is growing in popularity thanks to its very enticing goal which is spelled out in the name.

FIRE is an acronym of Financial Independence and Retiring Early.

The idea is that by following a very aggressive saving and investing strategy people can get to a point where they are effectively retired at a very young age, sometimes younger than 30.

In a world where we are being told that pensions are running dry and the average person may have to work in some capacity for their entire life, this sounds like a bit of a lofty dream.

Sure, there are trust fund babies and young tech millionaires who may earn millions within their first few years in the real world, but surely kicking back on beach and never thinking about work again is not attainable to a regular wage slave right?

Well if some figureheads and internet forums are to be believed then well, yeah actually it is for pretty much anybody.

Now in the interest of full disclosure, I am a passionate advocate for the financial independence movement. But that does not mean that I don’t see issues with it.

Now many of those issues are glossed over in the sheer simplicity of it, which is also part of the reason it is so powerful.

So long as someone can get to a point where their investments are making as much as their living expenses long term, they have achieved financial independence.

Getting to that point is harder for some than others, but advocates of the movement argue that this difficulty has more to do with personal lifestyles rather than personal incomes.

So what are the mechanics of the FIRE movement?

How could someone use it to stop working forever?

Is this actually attainable for anybody like they say?

And finally

What would this movement do to the wider economy?\n
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Resource Details

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Media Length
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14:44
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Grade
9th - Higher Ed
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Subjects
Social Studies & History
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Source:
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\nEconomics Explained\n\n
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Date
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2020
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Language
English
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For Teacher Use
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Fine Print: Educational Use
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fire, time, economy, factors, inflation, personal finance
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