Author Topic: FIRE movement & Financial Minimalism  (Read 4281 times)

Offline Lurker

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Re: FIRE movement & Financial Minimalism
« Reply #80 on: June 18, 2021, 12:21:08 PM »
OTOH, you can never outearn stupid spending habits, so if you don't have financial discipline you'll always have a deficit.

That's an extreme. He's saying that FIRE is the other extreme, where too much brain power is used for diminished returns. IIUC, he's advocating for a middle ground, where standard financial discipline is used, and the brain power that would have been used to manage the extremes of FIRE are utilized in other ways which can generate better returns. Essentially, he's saying you need to diversify your brain's portfolio instead of being too heavily invested in FIRE.
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Offline avromie7

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Re: FIRE movement & Financial Minimalism
« Reply #81 on: June 18, 2021, 12:44:35 PM »
That's an extreme. He's saying that FIRE is the other extreme, where too much brain power is used for diminished returns. IIUC, he's advocating for a middle ground, where standard financial discipline is used, and the brain power that would have been used to manage the extremes of FIRE are utilized in other ways which can generate better returns. Essentially, he's saying you need to diversify your brain's portfolio instead of being too heavily invested in FIRE.
It may be an extreme, but it's fairly common.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline ushdadude

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Re: FIRE movement & Financial Minimalism
« Reply #82 on: June 18, 2021, 12:49:00 PM »
::)

I guess you don't follow Ritholtz.

What he's saying is simple, use your brain and energy to generate more income/wealth rather than find ways to save every penny. There is a diminishing rate of return on the savings once you reach a certain level.
i don't follow any financial gurus on twitter. i don't actually follow anyone on twitter. i don't actually have twitter.
i agree that extremes in either direction can be bad

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Offline ExGingi

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Re: FIRE movement & Financial Minimalism
« Reply #83 on: June 18, 2021, 12:55:00 PM »
i don't follow any financial gurus on twitter. i don't actually follow anyone on twitter. i don't actually have twitter.
i agree that extremes in either direction can be bad

Twitter isn't the place to follow Ritholtz.

He's a common guest (and host) on Bloomberg. He has a blog. I wouldn't consider him a financial guru, he's someone with a lot of clarity and experience. I put him, David Rosenberg, Mohammed El-Arian in a similar category of people worth listening to, with lots of experience, and no specific bias (though everyone has some bias). There are probably a handful of others that I would put in a similar caliber. These guys also tend to bring the views of other people that might be worth listening to.
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Offline Lurker

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Re: FIRE movement & Financial Minimalism
« Reply #84 on: June 18, 2021, 01:16:38 PM »
It may be an extreme, but it's fairly common.

As a follower of DR, I think you can agree that there are less extreme solutions than FIRE. The answer to extremism doesn't need to be opposite extremism. The answer is usually moderation.
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Offline ushdadude

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Re: FIRE movement & Financial Minimalism
« Reply #85 on: June 18, 2021, 01:24:44 PM »
Twitter isn't the place to follow Ritholtz.

He's a common guest (and host) on Bloomberg. He has a blog. I wouldn't consider him a financial guru, he's someone with a lot of clarity and experience. I put him, David Rosenberg, Mohammed El-Arian in a similar category of people worth listening to, with lots of experience, and no specific bias (though everyone has some bias). There are probably a handful of others that I would put in a similar caliber. These guys also tend to bring the views of other people that might be worth listening to.
Talking about using limited brain capacity, I don't have patience for all that. I keep it simple. Invest in targeted retirement funds and work on making (and saving) more money.Maybe one day I'll branch out to other low cost index funds. And if I have even more time (and capital) I'll look into alternative investments.
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Offline ExGingi

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Re: FIRE movement & Financial Minimalism
« Reply #86 on: June 18, 2021, 02:47:32 PM »
Talking about using limited brain capacity, I don't have patience for all that. I keep it simple. Invest in targeted retirement funds and work on making (and saving) more money.Maybe one day I'll branch out to other low cost index funds. And if I have even more time (and capital) I'll look into alternative investments.

Excellent.

So what are you doing here discussing finance and investments? Just stick to what you are doing and use your time and energy in doing what you do best.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Euclid

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Re: FIRE movement & Financial Minimalism
« Reply #87 on: June 18, 2021, 02:54:53 PM »
So what are you doing here discussing finance and investments? Just stick to what you are doing and use your time and energy in doing what you do best.
fire

Offline ushdadude

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Re: FIRE movement & Financial Minimalism
« Reply #88 on: June 18, 2021, 04:01:46 PM »
Excellent.

So what are you doing here discussing finance and investments? Just stick to what you are doing and use your time and energy in doing what you do best.
I'm trying to simplify other people's lives as well. Spreading the light
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Offline ushdadude

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Re: FIRE movement & Financial Minimalism
« Reply #89 on: June 18, 2021, 04:43:11 PM »
fire
Not specifically. But it would be nice to work because I want to, not because I have to.
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Offline Saver2000

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Re: FIRE movement & Financial Minimalism
« Reply #90 on: June 18, 2021, 04:43:41 PM »
Talking about using limited brain capacity, I don't have patience for all that. I keep it simple. Invest in targeted retirement funds and work on making (and saving) more money.Maybe one day I'll branch out to other low cost index funds. And if I have even more time (and capital) I'll look into alternative investments.

... But then you won't accomplish FIRE.

What you're doing is the traditional method. Has nothing do to with FIRE.

Offline Euclid

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Re: FIRE movement & Financial Minimalism
« Reply #91 on: June 18, 2021, 04:55:34 PM »
Not specifically. But it would be nice to work because I want to, not because I have to.
lol I was just making a joke - @ExGingi was spitting fire in that post... ;)

Offline ushdadude

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Re: FIRE movement & Financial Minimalism
« Reply #92 on: June 18, 2021, 05:19:10 PM »
... But then you won't accomplish FIRE.

What you're doing is the traditional method. Has nothing do to with FIRE.
I'm ok with FI

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Offline Saver2000

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Re: FIRE movement & Financial Minimalism
« Reply #93 on: June 20, 2021, 08:26:20 AM »
I'm ok with FI



Excellent.

So what are you doing here discussing finance and investments? Just stick to what you are doing and use your time and energy in doing what you do best.

Offline ushdadude

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Re: FIRE movement & Financial Minimalism
« Reply #94 on: June 20, 2021, 08:54:03 AM »



Thinking of FI is closer to FIRE than most people here. If you read up on fire, it's more about savings than investing. Talking about whole life and actively managed portfolios is pretty far from fire.
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Offline ari3

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Re: FIRE movement & Financial Minimalism
« Reply #95 on: June 20, 2021, 03:57:32 PM »
::)

I guess you don't follow Ritholtz.

What he's saying is simple, use your brain and energy to generate more income/wealth rather than find ways to save every penny. There is a diminishing rate of return on the savings once you reach a certain level.
the same applies to some (a minority) of the deals or tricks discussed on this site and others. spending a half hour to jump through hoops tp save $5 is not worth it. Better spend the time trying to make more money. Unless you are doing it for the thrill not the money.

Offline farmbochur

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Re: FIRE movement & Financial Minimalism
« Reply #96 on: June 20, 2021, 06:05:07 PM »



Applications like Mint & Personal Capital track expenses to the penny automatically. No need to waste brain capacity on that.

Coupon cutting or other tedious methods to cut expenses aren't embraced by all who aspire FIRE. Those with highly marketable skills tend to focus on improving income / side hustles while others may focus on cutting expenses.

Both are valuable on the quest to FIRE.
Risk is opportunity