Is The FIRE Movement Over

Is The FIRE Movement Over? | Ep 183

The Financial Independence movement was born from the 2008 recession, so no, the movement is not going to go away because of another recession. We need this information now more than ever.

It's easy to think that living paycheck to paycheck, or even getting into debt, is ok during good times. It's times like this that we need the FI lifestyle and many people will wake up to the fact that what they've been doing isn't good enough. You must create some space between your income and your expenses. You have to save money, not just for retirement, but for life.

Creative businesses are finding new ways to add lines of business to their companies and finding new ways to earn revenue. Anything from writing a book to teaching others your craft. Even if you can't make money in the traditional sense, there are likely ways to create new revenue streams if you look.

Use this time stuck at home to build your talent stack. What do you want to learn?

Brad sat down with his kids and went through The Simple Startup and was shocked at how deeply they took the lessons to heart. Get your copy here.

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2 thoughts on “Is The FIRE Movement Over? | Ep 183”

  1. I don’t think this is the end of FI, and I think that people even just interested in FI are probably handling this crisis better than others.

    With that said, I had been warning (prior to this virus) that the FI movement would be discredited to a certain degree when the next bear market in stocks hits. This is why I don’t think that investing heavily in low-cost equity index funds should be a pillar of FI. It just simply doesn’t belong. Investing should be based on one’s own needs and risk tolerance.

    There are going to be a lot of people severely hurt who were pursuing FI and investing heavily in index funds. The current situation is going to change a lot of plans for people, although someone who was seemingly FI or pursuing FI will still be much better off than the average person.

    If anything, I hope this puts an end to the notion of 8 to 10 percent annual returns over the long run. The only way this stock market is coming back any time soon is through massive inflation, which will have other consequences.

  2. I am going to disagree with the premise, that the Financial Independence movement has the Great Recession as its genesis.
    In fact, its principles have been around for ages can be referred to as “Common Sense”.

    This in fact illustrated by the experiences of notable people such as Joe Dominguez & Vicki Robin (“Your Money or Your Life”), Jacob (earlyretirementextreme.com), and of course Pete (mrmoneymustache.com), to name a few.

    Furthermore, I second Geoff in stating that personal finance is indeed “personal”.

    Other than these two points, this was a great feature and I appreciate the resources shared. Keep it up!

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