What's Wrong With FIRE

I have been reading on the hype of the various types of financial planning schemes that the young generation came up with. Broadly, the term coined is FIRE (Financial Independence, Retire Early). The idea is to save up early and enough to retire young so as to enjoy life. I summarize it as two half lives (first half study and work, second half do anything). Well, sounds good and convincing that anyone can do it. In Singapore's context, one can see the sheer increasing number of options targeting self investment and the banks pulling hard in marketing efforts and product launches to attract savvy young investors. This FIRE movement seems to be moving pretty fast and if you have not even heard about it, that's already a step behind.

The reality is, only a tiny fraction of the FIRE inspired population will succeed. An average Joe earning an average income will take 3/4 of his life just to achieve a well earned retirement. That's because the FIRE idea relies heavily on saving hard up to 40s years old and generally speaking, not many are blessed to start out working with a big pay cheque. Add the financial commitments of loans, building a family, looking after elders and a Singaporean's pastime of travelling. So unless a person chooses to remain single/childless, be perpetually debt free and doesn't indulge in some comfort expenses, I find it too high a mountain to climb. This is rather extreme and we know most people are more centered like the average Joe.

For me, I believe in doing things in a way that suits one's circumstances. Each of us is born with a different starting line (that's your maker's gift) but will eventually end at the same line (death). What matters are the in between, whether you lived a fulfilling life and enjoyed the journey are more important. The FIRE way is a structured and rigid way to achieve independence due to its time constraints. My preferred way is WELL (Work Enjoy Live Life). It's not a step by step plan but a combination of being able to balance work life (security purpose), enjoy life (reward purpose) and live life (social purpose). Surrounding this WELL will be family and friends from whom your life's purpose originate. At the bottom of this WELL lays the foundation of contentment. That's the biggest difference from FIRE. No matter how big a FIRE person's bank balance is, it cannot buy lost time and happiness in his fervent pursuit. Therefore, just go ahead to enjoy what life has to offer today for tomorrow is another day.

Tip: Dr Loosen St Johannishof Riesling Spatlese 2017, wonderful aperitif