'I’ve been telling folks to stop thinking FIRE and instead think FUND — financial understanding, new directions.'
FIRE stands for financial independence, retire early. Usually, the people who follow it are in their 20s and 30s and saw what happened to the economy in 2008 and have decided to put saving above all else in a bid to free themselves from worry.
As a financial adviser, a lot of my job is about helping clients set realistic, achievable financial goals. Part of that process involves creating low-cost investment portfolios that match risk with reward according to their personal temperament and needs. Financial understanding is educating yourself about the facts of how money works. The research is out there, in copious amounts. For instance, the reason so many people have moved to index funds is not fad-driven; it’s because low-cost investing really works.Who wouldn’t want the freedom to retire a few years early with total confidence? And yet blogs with titles such as “I Retired at 40 and Now I’m Back at Work” flood the internet.
Bigger than ourselves Why 65? Because the typical lifespan in Germany at the time was just a few years later, between 67 and 70. It was cheap for the government to buy out people who were not likely to live much longer. I wholeheartedly believe in this approach, which is why I tell clients to focus first on financial understanding. Once they feel comfortable with where they are on their financial journey, then we can talk about what investing can do for you later in life.
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