What is the FIRE Movement? Could it be Hurting Our Economy?
Sign-up for Acorns! 👉 https://acorns.com/ee?s2=FIRE3 (upon registration, Acorns will deposit $5 in your account to help you get started with investing!)▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀The Fire movement is a growing trend amongst young workers which is growing in popularity thanks to its very enticing goal which is spelled out in the name.FIRE is an acronym of Financial Independence and Retiring Early. The idea is that by following a very aggressive saving and investing strategy people can get to a point where they are effectively retired at a very young age, sometimes younger than 30. In a world where we are being told that pensions are running dry and the average person may have to work in some capacity for their entire life, this sounds like a bit of a lofty dream. Sure, there are trust fund babies and young tech millionaires who may earn millions within their first few years in the real world, but surely kicking back on beach and never thinking about work again is not attainable to a regular wage slave right?Well if some figureheads and internet forums are to be believed then well, yeah actually it is for pretty much anybody. Now in the interest of full disclosure, I am a passionate advocate for the financial independence movement. But that does not mean that I don’t see issues with it. Now many of those issues are glossed over in the sheer simplicity of it, which is also part of the reason it is so powerful. So long as someone can get to a point where their investments are making as much as their living expenses long term, they have achieved financial independence. Getting to that point is harder for some than others, but advocates of the movement argue that this difficulty has more to do with personal lifestyles rather than personal incomes. So what are the mechanics of the FIRE movement?How could someone use it to stop working forever?Is this actually attainable for anybody like they say?And finallyWhat would this movement do to the wider economy?#FinancialIndependence #EarlyRetirment #EconomicsEnjoyed the video? Comment below! 💬⭑ Subscribe to Economics Explained 👉 https://bit.ly/sub2ee⭑ Enjoyed? Hit the like button! 👍Q&A Streams on EEII (2nd channel) → https://www.youtube.com/channel/UCOTgNyfQG4vVP5sCXrJaS4g✉️ Business Enquiries → [email protected] EE on social media:Twitter 🐦 → https://twitter.com/EconomicsExFacebook → https://www.facebook.com/EconomicsExInstagram → https://www.instagram.com/EconomicsExplainedDiscord → https://discord.gg/MJGcTH6▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀💵 📈 Economics Explained is brought to you by Acorns!Sign-up now and Acorns will invest $5 into your portfolio to help you get started with investing, saving, and earning with every purchase! 👉 https://acorns.com/economics-explained▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏Support EE by becoming a Patron today! 👉 https://www.patreon.com/EconomicsExplainedThe video you’re watching right now would not exist without the monthly support provided by our generous Patrons:Morgon Goranson, Andy Potanin, Wicked Pilates, Tadeáš Ursíny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas