Did he join a cult?
That's what some wonder about Scott Riekens. His extreme savings has them, well, puzzled and alarmed.
As MarketWatch reports, in 2017, Riekens heard the gospel according to FIRE - Financial Independence, Retire Early. He liked what he heard and made the plan, along with his wife Taylor, to be able to retire in about 7 years.
Before that, Riekens was the typical California consumer. He worked hard and enjoyed the good life. That included meals out in new restaurants and buying what he wanted when he wanted.
To align his lifestyle with FIRE, he reduced spending about 70%. That's a lot, at least to those who know him.
But, the issue really is: One person's FIRE strategy is another person's perception of antisocial behavior. After all, no one on a social network wants to be turned down for lunch out. The expectation is that friends are up for fun with other friends - and in the normal way of enjoying a good meal out.
Of course, there is the contention that human beings can cut back too much on spending. Life is to be enjoyed, isn't it. Also there are features published, yes on MarketWatch, about FIRE plans which sputter and retirees have to return to work. So, all that denial of pleasure through radical saving was for nothing.
The reality is two-fold. There will be more folks embracing the FIRE message and there will also be more folks pushing back on it.
In a sense, the nation is dividing into 2 cultures.
There are those who are opting out of conspicuous consumption. And there are those who will harass them for doing that.
Already that is happening.
A neighbor "told" me that I should take advantage of a lunch special at a local restaurant. He emphasized how good it feels to be served a meal and share it with friends.
I told him that since I started doing a FIRE I eliminated all eating out. Even when the dog and I go on our day trips to Geneva on the Lake in northern Ohio we pack our lunch and dinner. We sit by Lake Erie and dine out of a brown bag.
The neighbor was having none of it. Eventually we have stopped talking.
For me, a FIRE means a form of semi-retirement. I want to be in the permanent position of being able to select what clients, what types of communications assignments, and what fee range I am willing to work with.
The embryonic stages of that are panning out.
In January 2019 I earned a lot of money, on my terms. All transactions went smoothly. I enjoyed the work. More has come in from those 3 clients for mid February.
Reflection: Does a FIRE mindset free us up from being mistreated and underpaid in earning a living? If so, iGens should look into it.
Get amazing results through out of box communications strategies/content. Complimentary consultation janegenova374@gmail.com. I help, not sell.
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