Logan is a CPA, personal finance expert, and the founder of the finance blog Money Done Right, which he started in July 2017. After nearly ten years in the corporate world helping big businesses save money, he launched his blog to assist everyday Americans in earning, saving, and investing more effectively.
Every year, the FIRE movement gains more attention. If you’re unfamiliar, “FIRE” stands for “Financial Independence / Retire Early.” People involved in this movement aim to live frugally for a decade or two so they can retire in their 30s or 40s, rather than working for forty or more years.
While I support the “FI” (Financial Independence) part of FIRE, I’m not fully on board with the “RE” (Retire Early) aspect. Here are five reasons why:
1. I Get Bored Without Enough To Do:
I enjoy seeing the lives of those who have successfully embraced FIRE, living in RVs, spending months on a sailboat, or traveling the world. However, after two or three weeks of traveling, I start feeling unproductive and anxious to get back to work. Maybe my perspective will change after another decade of hard work, but right now, I still want to have career goals.
2. I Want To Contribute To The World Around Me:
There are many problems in the world, and while I can’t solve them all, I can help improve financial literacy through my blog. Even if I achieve financial independence, I wouldn’t want to retire early; I’d want to keep promoting financial literacy. Yes, I could volunteer without compensation, but I’m more motivated when there’s a financial reward.
3. I Want To Provide The Best Life For My Children:
My wife and I recently had our first child, Hunter, and we plan to have more kids. Providing the best life for our children wouldn’t be possible by just banking a “FIRE number” and living off it. Unless I had a very high income like that of a neurosurgeon, it’s unlikely I could retire early and still lay a strong financial foundation for my children.
4. I Want To Keep My Mind Sharp:
I’m a big believer in lifelong learning. While you can keep learning without a job or business, I need the prospect of financial gain to stay motivated. Applying new knowledge to a job or business also helps prevent it from becoming just theoretical knowledge.
5. I May Need To Support My Parents As They Age:
As the firstborn, I get to enjoy my parents’ company while they’re still energetic and youthful. But they won’t be young forever, and one day they might need long-term assistance, which will be costly. I don’t want to shortchange their care because I retired early.
Conclusion: FIRE For You But Not For Me
One of the great things about money in the free world is that you can choose how to use your financial resources. Some people like to enjoy their money now, while others save to retire early. Some opt for a childfree life, while others welcome the costly journey of parenthood. Some prefer nomadic living, while others want a stable home.
Similarly, one person might choose to spend most of their adult life working, while another might aim to retire at 35. But FIRE doesn’t have to be an all-or-nothing approach. It’s perfectly fine to adopt many FIRE principles without necessarily planning to retire early. This is the path I’m taking: learning from successful early retirees while keeping other life goals in priority.