The Truth About The FIRE Movement! (Is FIRE Still Possible?)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 22 July 2022
⏱️ 51 minutes
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| 0:00.0 | The truth about the fire movement. |
| 0:18.5 | Brut, I am excited about this because the world has changed a little bit. |
| 0:21.8 | Right now things seem a little iffy and so a lot of people are asking the question, |
| 0:26.2 | is fire even still possible? I mean, it was this dream, it was this vision, this idea, |
| 0:31.1 | this thing that we wanted to do, but some circumstances has changed and you know, |
| 0:35.7 | there are a number of things that we're going to talk about. So can I still do fire? |
| 0:40.3 | Can I still participate in that movement? Now before we get started, I feel like we first |
| 0:44.8 | need to give everyone a recap. So I hate when people just assume everybody knows what |
| 0:51.4 | acronym stands for, tell everybody what is fire. Yeah, fire is a financial movement |
| 0:57.2 | that stands for financial independence, retire early and it involves saving and investing |
| 1:01.6 | much more than the average so that you can retire earlier. It's this idea of I want |
| 1:06.3 | to exit the workforce, grab the freedom to exit the workforce as early as possible. |
| 1:10.8 | So I can get on to doing the things that I actually want to be doing. And by the way, |
| 1:14.7 | that also means you're willing to take some pretty extreme like savings habits and other |
| 1:19.6 | behaviors to ensure that you do have those options in the future. But both, it goes beyond |
| 1:24.7 | that because I think there's a lot of times we take movements and we just group them all |
| 1:29.8 | together. Fire is kind of unique because it's got a bunch of different elements and different |
| 1:35.1 | structures. Yeah, there are, you know, there's obviously the financial independence part, |
| 1:38.2 | there's a retire early part. And as we're going to talk about later in the show, there's |
| 1:41.8 | even some different strains. There are some different ways that fire might actually apply |
| 1:47.0 | to you. So I think, you know, if that's sort of the backdrop of what it is and what the |
| 1:50.7 | movement is, we should talk a little bit about, Brian, about how it's changed. What are |
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