When J.D. decided to spend three weeks in Europe with his family, he asked a few people if they'd be interested in contributing articles during his absence. He even asked me!
My name is Scott Rieckens, and I'm new to the world of smart money management. I'm new to the world of financial independence and early retirement. I'm new, but I've totally immersed myself in it. I've immersed myself so much, in fact, that I've spent the past eighteen months creating a feature film about FIRE. (FIRE is the clumsy abbreviation for “financial independence/retire early”. Basically, the FIRE movement is all about saving big so that you can choose to live however you want.)
“You've been in a unique position over the past year,” J.D. said when I asked him what I should write about. “You've had amazing access to a variety of people who think and write and teach about financial independence and early retirement. You've been able to hear what they think and say in private as well as public. What about sharing your biggest takeaways from this experience?”
Perfect! I can dish out everyone's dirty laundry and avoid posting those embarrassing stories on my own site. It's a win-win for me, really. J.D. is such a sucker.
You ready? Let's go behind the scenes of the early retirement movement. Here are five things I learned while filming Playing with Fire.
Lesson #1: The FIRE Movement is Polarizing
When I started down the rabbit hole of early retirement blogs and podcasts, I was swept up in the euphoria that many others have experienced: “Holy moley, I'm going to retire in less than ten years!”
Coming from fifteen years of a spendy, financially-illiterate lifestyle, this was a huge revelation that gave me hope, joy, excitement, and…butterflies. Imagine the control over your life! Imagine the freedom! Think of all the ideas I will chase, the whims I can explore! Think of what this means for my family!
Somehow, though, I missed the blog post or podcast episode that explained just how difficult it can be to live within the FIRE framework while the people around you wonder what the hell you're talking about.
- “But I like my job.”
- “That sort of lifestyle sounds terrible.”
- “Are you joining a cult?”
These reactions dampened my enthusiasm. Nobody had warned me that there might be people who thought we were crazy for pursuing financial freedom.
Now, as FIRE is spreading through the mass media, there's been push-back from unexpected corners. Financial guru Suze Orman says she hates the FIRE movement. The comments on articles and interviews around the web are often negative — even hateful.
I wasn't expecting that. How can something so positive be viewed with so much negativity?
Since starting our project, the number-one thing we hear from early retirement folks is: “I really hope this film makes it easier to share FIRE with my friends and family. Every time it comes up, things get weird and my already-socially-anxious-self gets all clammy.”
I can say unequivocally that we have the same hopes.
Our society's relationship with money seems completely broken. When the best-selling vehicles are full-sized $60,000 trucks, yet 70% of Americans are living paycheck to paycheck, it seems the general population is managing money at a fifth-grade level. (And again, that used to be me before I found FIRE.)
We've got a lot of work ahead of us. [Read more…]