Is Financial Independence An Illusion? (FIRE Movement)
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Financial independence is when you have enough wealth where you do not rely on an income. There is a movement called the, "FIRE Movement," where people attempt to seek this goal very quickly. The more I think about pursuing financial independence, the more I think it needs to be analyzed as pursuing it could do more harm than good.
In this video, I share "7 Questions to Deconstruct Financial Independence."
1. Can this concept scare you away from taking risks?
We often let fear of the unknown stand in the way between us and our dreams. Financial independence hints at a life of certainty where risks will become easier; however, I believe that there is no such thing as a "risk-free" risk. Taking a risk in life is scary, and it should be calculated, but you should not allow that fear to prevent you from taking the risk.
2. Can’t financial independence be achieved periodically?
Financial independence is often seen as this definite thing, where you reach a final destination; however, I believe that financial independence can be achieved periodically in life. Life is very short and precious and you should not spend too much time waiting to do what you want as freedom can be achieved periodically.
3. Can you live a life without uncertainty and full of guarantees?
Financial independence hints that eventually you'll reach a point of certainty and guarantee, but that is impossible with life. When it comes to money and the economy, it is very hard to know what things will be like in the future. No matter how cautious you are in life, life will always throw punches at you.
4. Can too much certainty prevent you from growing?
Too much certainty can be a bad thing because it keeps you in a state of comfort. You grow the most as an individual when you are pushed outside your comfort zone and are in uncomfortable situations. Financial independence seeks a life of certainty and taking risks when more is certain; however, this can prevent you developing as a person.
5. Financial Independence…and then what?
Financial independence talks a lot about the process, but doesn't have too much to say about what you do afterwards other than, "Do what you love." Things won't all the sudden change overnight unless you put an effort into changing. It is important to seek change in your life because otherwise it won't come.
6. What about today?
Financial independence, at an extreme level, can be extremely future oriented. We spend so much of our lives preparing for the future, but very little focusing on the moment. All we will ever have is the present moment, so it is important to remember to not sacrifice too much of the present for the future.
7. How easy is reaching $1,000,000 for the average person?
The reality of financial independence is that it could take a lifetime for the average person to achieve it. Achieving that level of financial security takes time. We should all strive to have financial security in our lives; however, we should not let that prevent us from living in the present.
**I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **