Why is everybody chasing FIRE?
Is FIRE the latest obsession because people have no other passion in life? Is it because they have aced school, college, High package(due to recent surge in salaries) and now don't know what is the next mission in life? One argument is that they want freedom to do great things, but as I see the drive to do great things comes when people are put in constraints and difficulties. Not when they have freedom..
Everyone wants Fire because they understand all that hustling and work for your passions is bullcrap and chilling and enjoying life is a much better alternative.
SharpOmelet
Stealth
a year ago
Hustling is an oversold concept. And why it hits people is because in people’s neural pathways in the brain - they recognise someone teaching them unimaginable discipline just like their parents keeping expectations of child to be 100% perfect.
The memories of childhood has built these neural pathways for everyone.
I don't agree with this. I'm chasing FIRE (more specifically FI) because I want to continue coding / building products but do what I want to do, build my own SaaS/software products etc instead of giving my time to someone else in exchange for money
In most cases it's mislabelling. Most people want FI and get saddled with RE.
The ones that claim to want RE need to figure out two things:
a. Their raison d'etre.
b. What will they do with their time?
Chasing FI is important but not critical. It just gives you more degrees of freedom in making life and career choices. The earlier you achieve FI the better, but there's no need to aim to hit it when you are 35 or 40. 55 / 60 is good enough given that life spans now are well into the late 70s early 80s.
RE is subjective. Most passions are passing fads and a whole lot of people don't know what to do with their time.
In summary, to give a cricket analogy - just like a good test match batting innings, people should learn to pace their lives. Everyone cannot be looking through a T20 innings lens to finish fast and finish big.
nobody_90
Stealth
a year ago
This makes sense. As you said we need to pace our lives.... because I feel that in chase of FI people are less willing to take risks (joining early stage firms/ starting a startup/ taking a sabbatical) which can give an even greater outcome later on.
Looking at all the layoffs around, I realise the software engineering might not be a multi decade career industry. At least not for everyone.
I'm just saving as much as possible when I'm earning well so I won't have to be too worried when the layoff hits me.
RE is just a bonus. FI is the main deal.
Borosil_Carrier
Stealth
a year ago
That’s an interesting thought 🧐.
This got me wondering that 5-7 years down the line, what will the SDEs (currently in 5-10 YOE range) do. Will the Global demand + Indian Startup demand be enough to accommodate higher packages and higher YOE or will be there be fewer opportunities as the YOE of a SDE increases.
NiceWork
Student
a year ago
Will MBA help?
Brutallyhonest
Stealth
a year ago
You all are watching too much YouTube. Gyaan from fininfulencers
nobody_90
Stealth
a year ago
Partially true, this content has recently increased due to people getting 50lpa salaries which makes FIRE dream possible.
Brutallyhonest
Stealth
a year ago
Inflation is a bitch, it will catch up. So chill out do what your parents did. Don’t think so much into fire concept. Work till you can and enjoy when you get free
DarkerKnight
Stealth
a year ago
What is fire?
nobody_90
Stealth
a year ago
It's Financial Independence Retire Early, a concept where you have enough investments accumulated so that you can retire in 30s/40s
DarkerKnight
Stealth
a year ago
In that case , I'm poor af 😪
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mistral
Stealth
a year ago
I want FIRE because I hate my job , had I liked what I was doing I wouldn't be chasing FIRE. I just want to do farming - read books - exercise and enjoy my existence once I reach that stage . May contribute to society too
There is also a realisation that for most of us - we are just bloody cogs nothing more nothing less
I am chasing fire because I don't have any passion for the work I am doing. I don't like hustling. Have hustled for over a decade.
From a tier 3 education background, I can't stand shoulder to shoulder with tier 1 folks. Not because I am not smart but because my cv does not have big college names.
My bosses from the last 5 yrs are younger than me. My current boss is 6yrs younger than me.
Not ashamed and not like I did not expect this. Education has the highest ROI anywhere. Bas numbers nai aaye school mein in spite of being an introverted nerd in school.
Job mein poor openings at 11k 12 yrs back in bpos.
Since then hustling and hustling.
I want FI for a secure mind and RE because I have no passion left for work.
Happy to kill time all day long than stress at work.
I am chasing FIRE as well. But for me RE is irrelevant. Because I'll never retire (I love engineering, tech, coding, etc).
For me FI is about time, not money itself. I want to have the time to do more work that I love and build my own saas products etc. without having to work for money 😁. (Maybe travel as well).
SabChangaSi
Stealth
a year ago
Not everyone is chasing fire. Most of the people chasing fire will attain fire later than those people who aren't chasing. It's important to note that people enjoying what they do don't talk much and keep doing.
FIRE(Financial independence retire early) is not that new concept. Atleast to my knowledge, there has been threads about it in Reddit for quite some time.
It’s because of these so called “finfluencers”, where they are advertising it.
Financial independence is always a good thing to have. It gives you a lot of independence. That being said, after financial independence, you can’t just go on and spend the money, and do nothing.
Most of the people I know who have achieved FIRE are involved in other activities(things which they love doing - and may or may not give monetary output).
Ultimately, FIRE allows you to involve in stuff which you actually love doing(can be anything), and you are content with doing those things.
ProteinPancakes
Stealth
a year ago
Financial Independence, Retire Early
ObtuseCutie
Stealth
a year ago
Slightly off topic but let's say everyone starts chasing this.
Probability distribution will come into play and some people will fare better than most but the overall number of people in the middle range will increase......does this also mean that the standard for retirement also changes (i.e increases) and therefore it takes longer to achieve the end goal ?
Food for thought 🤔
Technocratic
Stealth
a year ago
Yes you are right. More people achieving fire is not good for the overall economy as well. People who fire'd were forced to go back to work after corona because their savings were eaten up by hyperinflation.
majboormajdoor
Stealth
a year ago
I was aiming to fire even before knowing FIRE. Around the time, I got placed from undergrad. Spent less than 30% of my first salary and could see myself achieving it. Even My parents criticize me repeatedly for living so frugally. But there's simple math: If you spend 10% of income, you have earned 9days of retirement for every day at work!!
My dad retired recently and feels empty coz work gave him connections and routine. His 10-6 job was relatively chill and enjoyable.
Our generation has enough distractions/hobbys to be busy if not working, and out careers are mostly stressful. I recently took a 15 month break and it was the best time of my life. So I don't fret a lot abt retirement
ProteinPancakes
Stealth
a year ago
Most people are chasing FI. The RE is a pipe dream for majority.
If you retire too early with any miscalculations, you’re going to regret it later.
Quality of life dramatically improves when your financial needs are met.
Don't have to put up with toxic bosses
Don't have to care about layoffs in the industry
Can take riskier career moves which can lead to massive upside
Can take a break for a few months if you feel too overwhelmed with life events.
Financial freedom unlocks many dimensions in life. Retiring early is one of many many dimensions that are available to you.
It is only sensible. We’re born in a very privileged time, and with tech jobs exploding, we all do have FIRE in the line of sight, as long as we keep our expectations curtailed.
That said, I feel very few people have that discipline. It’s just a distant target that people love chasing. I bet most of them won’t really pull it off.
coderx
Student
a year ago
Coz everybody is chasing it ♾️
Tech8
Stealth
a year ago
Retirement Planning is just a concept of getting out of the rat race and less worries about finances to meet expenses. It doesn't mean you dont need to work or having less stress
A gyaan which made many prudent to work and save more for better future, can not be replicated by merely following some entertaining fininfluencer video in today's world
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