Since many companies have decided to either close entirely or cut back as a result of the pandemic, those that have been on the path to FIRE are looking at whether they should exit work now, often earlier than planned, since the economic outlook is bleak. I'm going to give you my take on this and my suggestions. We'll do a deep dive on the economy and what the real decisions have to be in this episode.
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There is a lot of interest in the FIRE (Financial Independence Retire Early) movement, but I am skeptical of whether those that achieve FI during a bull market have what it takes to make it through a bear market...
A recent podcast discussion that I was a co-host on came up, in which the host asked the question, "Are Americans Rich?". The context was to do with whether we all shouldered the burden of charitable giving to other nations and whether that is something that should be done by the individual. The discussion brings up some very interesting dynamics, which I will attempt to give my opinion on in this article.
Maybe it is a generational thing, but the current FIRE entrants didn't seem to get the memo on financial safety, trust and just how dangerous it is out there. I guess until you have been a target of theft, you don't really feel the issue. We talk openly about safety & trust in this article.