Last month we covered the growing Financial Independence, Retire Early (FIRE) movement and how it relates to the rise in independent work.
The quick summary of that article is the trends driving the interest in the FIRE movement are similar, and in some cases the same, as the trends driving the growing interest in independent work.
In particular the desire for increased work/life autonomy, control and flexibility are key drivers of both movements.
While the FIRE movement is definitely gaining momentum, it's not without it's critics. Famed personal fiance guru Suze Orman, for example, doesn't like it.
In fact, in the interview below she says:
“I hate it. I hate it. I hate it. I hate it.”
Her main reason for hating it is if you retire early, you have to live a long time off your savings because you aren't generating income. She believes this is very risky and if something goes wrong, it could lead to financial ruin.
This seems like a reasonable criticism.
FIRE movement proponents have answered that it's not about not working, it's about financial independence and the freedom that comes with it.
For example, according to the Mr Money Mustache (one of leading FIRE movement blogs) article What Everyone Gets Wrong About Fire,
Financial Independence does not mean the end of your working career ... Instead it means, “Complete freedom to be the best, most powerful, energetic, happiest and most generous version of You that you can possibly be.”
It goes on to point out that most of those achieving their FIRE point (what they call the point at which a person have saved enough money to live off) plan to continue to work in some form.
This is very similar to what we hear from independent workers. They want the freedom and flexibility to pursue work they enjoy.
The Fire Movement is a great example of an edge community, which are relatively small groups of people who are doing something that is behaviorally out of the mainstream.
Much of our time is spent studying edge communities. We do this because that's where new trends and ideas often start.
Another interesting feature of edge communities is some/many of the people participating in them are doing things that are considered anywhere from odd, to nutty, to even dangerous by the mainstream.
But over time some edge community behaviors move into the mainstream. Examples include Christianity, hula hoops, yoga, rock and roll and many, many others.
We're not suggesting that yet for the FIRE movement. But it has gained enough adherents and attention to warrant watching.
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