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Money Guy Show

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

Investing, Education, Business

4.73.1K Ratings

🗓️ 22 July 2022

⏱️ 51 minutes

🧾️ Download transcript

Summary

Since the advent of the FIRE movement several decades ago, we have never experienced a period of higher inflation until now. With the market down over 20% and inflation at 40-year highs, is FIRE still possible in 2022? If it is, what does it take to become financially independent and retire early? In this episode, we'll discuss how the FIRE movement has changed and what is harming (and helping) your chances of FIRE in 2022. Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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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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