The secret to FI

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TheRedHare
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The secret to FI

Post by TheRedHare » Mon Jan 28, 2019 7:45 pm

I know I haven't made a post in a long time, but after watching this guys video I felt like posting it on here for discussion.

https://www.youtube.com/watch?v=G6eVVrTjNcY


He makes good points, and I think it just all comes down to personal preference.

IlliniDave
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Re: The secret to FI

Post by IlliniDave » Mon Jan 28, 2019 8:25 pm

I couldn't tell if he was being serious or if that was some kind of spoof. Dump your family and sit around drinking instant coffee and playing video games? You are correct, personal preference has a big role.

prognastat
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Re: The secret to FI

Post by prognastat » Mon Jan 28, 2019 8:33 pm

I think when he says your dog or a person living with their parents is financially independent this isn't the case though as both are completely financially dependent on their caretaker.

Also how many of us here want to do nothing and sit on a beach all day?

Pretty much sounds like someone that tried FIRE, but didn't have much they wanted to/were doing while FIRE and ended up deciding they would rather go for the stereotypical rich life where others are impressed by your lifestyle. Not sure if that is really the case or he is just spinning a hypothetical there though.

suomalainen
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Re: The secret to FI

Post by suomalainen » Mon Jan 28, 2019 9:04 pm

From the video summary:
"Financial Independence" or "early retirement" is little different than being a homeless bum with a higher standard of living. This goal-line is wherever you want to set it to be (depending on how low you're willing to lower your standard of living), and these days we're seeing everyone from 20-year old influencers to even my dog declaring that they've achieved "financial independence." Well, I'm here to stop all this nonsense and tell everyone to go back and get a job.
The first half he definitely comes off like he's mocking the idea of lowering your expenses to achieve FI. Then he switches to a more serious discussion of the leanFIRE vs fatFIRE decision. He falls on the fatFIRE side of the line. And he also seems kinda hung up on what other people think about him.

prognastat
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Re: The secret to FI

Post by prognastat » Mon Jan 28, 2019 9:11 pm

I think wanting to be able to be FI with family with multiple kids in a downtown NY/SF apartment etc is a little beyond even most fatFIRE. Those don't come cheap.

Maybe a new level, obeseFIRE?

suomalainen
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Re: The secret to FI

Post by suomalainen » Mon Jan 28, 2019 9:21 pm

You mean financial samurai?

jacob
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Re: The secret to FI

Post by jacob » Tue Jan 29, 2019 9:11 am

I'm guessing (<-- Yikes!) that it's a spoof/critique of the "movement" based on how he says "influencers" like it's a bad word. FatFIRE(*) and filial sentiments aside, it reminds me of the critique of "lifestyle bloggers" back in the zeroes where hundreds of "brilliant" people simultaneously got the idea of funding their [cheap(**)] lifestyle by blogging about their lifestyle. Average life expectancy of that strategy was about 2 years.

http://earlyretirementextreme.com/the-l ... -game.html (from 2010)

As FIRE gets ever more popular, I can definitely see that happening again.

(*) Can we just call it bogleheadFIRE already? :-P

(**) Usually either travel or minimalism or both (digital nomads).

Tyler9000
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Re: The secret to FI

Post by Tyler9000 » Tue Jan 29, 2019 6:56 pm

jacob wrote:
Tue Jan 29, 2019 9:11 am
(*) Can we just call it bogleheadFIRE already? :-P
:lol:

It's funny 'cause it's true.

I liked the video, as he's particularly good at satirizing the popular FIRE culture while remaining knowledgeable of the ideas and open minded about how to adapt the mindset to different situations. I also appreciate his honesty about what he wants, even if I don't necessarily need all of that for myself. Everyone is different.

7Wannabe5
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Re: The secret to FI

Post by 7Wannabe5 » Wed Jan 30, 2019 11:26 am

It's interesting to note how he sounds very similar to the author of the article on completely different topic, lifetime fitness, that was linked on other thread in Health. They, as well as a variety of other "optimistic" authors of recent works I have read, make a point of listing all the great things the modern world has on the offer, with moral being that it would be rather churlish to not express something like gratitude by at the very least striving to obtain these things. Kind of like neo-Puritan work ethic for the modern G2/E2 urban milieu.

Of particular note was the manner in which he used the word "sustainable" with the clear implication that "sustainability" is dependent on growth, or even acceleration of growth.

Also interesting to compare and contrast with book by Rob Roy, expert on alternative modes of building housing, which I am reading. In the chapter I just read, he highly recommends building your own temporary shed-like shelter to live in while undertaking the task of building your own rural located home. Maybe we don't run in exactly the same social circles, but if I asked somebody what they did or what they were doing lately, and they said "building my own house" vs. "well I just became vice-director of module programming of customer support for plastic polymer coating...", I know which would perk up my ears vs. glaze over my eyes.

JamesR
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Re: The secret to FI

Post by JamesR » Wed Aug 28, 2019 2:46 am

So I just watched Tech Lead's video.

His sarcasm is so dry, and he's hilarious.

Cast off all your shackles of social responsibility and you too can be independent!

You just need to find ways to downgrade your lifestyle!

Move back in with your parents or become homeless and hang out at the beach!

Anyways I think he raised some excellent points about the pitfalls of a barebones early retirement, even if his viewpoint seemed a bit mainstream in the end.

This video actually made me step back and re-think my priorities a bit. I'm guilty of focusing too much on a barebones minimal sort of retirement. In retrospect, that's actually a fairly selfish sort of dream since it would only benefit me, there's no room for supporting parents, family, or helping anyone else or being generous at all.

Anyways I've been traveling for a couple years now with a little bit of work in between, but I definitely have been neglecting my career & my savings. During my peak earning capability. I probably should optimize for that and save more now before it's too late.

Frita
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Re: The secret to FI

Post by Frita » Wed Aug 28, 2019 8:18 am

This could be a college drinking game. Every time he says, “financial independence,” one has a shot.

Seriously though, the best humor has elements of truth. FIRE philosophies range widely. Jacob’s ERE is robust. It’s not often that my first laugh of the day is before 7 AM. Thanks, TheRedHare!
Last edited by Frita on Tue Sep 10, 2019 12:52 pm, edited 1 time in total.

Riggerjack
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Re: The secret to FI

Post by Riggerjack » Wed Aug 28, 2019 10:03 pm

@ jamesR

This thread may help you:
viewtopic.php?f=1&t=5044

fiby41
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Re: The secret to FI

Post by fiby41 » Sun Sep 01, 2019 11:48 pm

There secret to FI is that there is no secret

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