549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It
Description
Is the FIRE movement dead? In 2024, more people are catching on to the huge downsides of pursuing financial independence, retire early. Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2024 but why most Americans won’t achieve it.
It’s easy to claim that the FIRE movement is dead in 2024 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan, and with some sacrifices, you could easily retire early in five, ten, or fifteen years. So, if FIRE is still possible, what must the average person do to achieve it?
We’ll discuss the mindset shift you must undergo to reach financial independence, the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible!
In This Episode We Cover
An update on the FIRE movement and whether or not FIRE is possible in 2024
The 4% rule explained, and why it works EVEN during high inflation
The sacrifice that most Americans will NEVER make to retire early
How to achieve FIRE even if you have an average income
The “grind” that gets you RICH and how to tell you’re on the right track for FIRE
How frequently to check your investments/accounts (and whether it really matters)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Apply to Be a Finance Friday Guest
BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces
BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together
BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke
My Death March to Financial Independence
Email mindy@biggerpockets.com for the “4% Rule” Article
00:00 Intro
04:19 Is the FIRE Movement Dead?
10:93 Do You Need a High Income?
16:36 Should Everyone Pursue FIRE?
24:44 How Average People Achieve FIRE
30:04 FIRE in 2024
35:54 Retiring Early During Inflation
38:38 You CAN Achieve FIRE
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-549
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