Logan is a CPA, personal finance expert, and founder of the finance blog Money Done Right, launched in July 2017. After nearly ten years in the corporate world helping big companies save money, he started his blog to help everyday Americans earn, save, and invest more money.
The FIRE movement, which stands for “Financial Independence / Retire Early,” gets more attention every year. People in this movement don’t want the typical working life of forty years or more. Instead, they aim to live frugally for about ten or twenty years so they can stop working in their 30s or 40s.
While I agree with the financial independence part of FIRE, I’m not entirely sold on the idea of retiring early. Here are five reasons why:
1. I Get Bored Without Enough to Do
I enjoy seeing people who have successfully achieved FIRE living adventurous lives, traveling in their RVs, or sailing for months. However, I get restless after traveling for just two or three weeks. I feel unproductive and want to get back to work. Maybe it’s youthful energy, but at this stage in my life, I can’t imagine having no career goals.
2. I Want to Contribute to the World
There are many problems in the world, and while I can’t solve them all, I can help improve financial literacy. That’s why I started my blog. Even if I become financially independent and don’t need to work, I wouldn’t retire early. I want to continue spreading financial literacy. While I could volunteer without compensation, I know I work best when there’s a financial reward.
3. I Want to Provide the Best Life for My Children
My wife and I recently had our first child, Hunter, and we want more kids in the future. Providing a great life for our children isn’t possible just by banking a “FIRE number” and living off investments. Unless I had a very high income, like a neurosurgeon’s, I couldn’t retire early and still give my kids the financial foundation I want them to have.
4. I Want to Keep My Mind Sharp
I’m a big believer in lifelong learning. While it’s possible to keep learning without a job, I’m not disciplined enough for that. I need the prospect of financial gain to stay motivated. Applying new knowledge to a job or business also makes it more practical and useful.
5. I May Need to Support My Parents
Being the firstborn, I’ve enjoyed my parents’ youthful years. But they won’t stay young forever, and someday they might need long-term assistance, which will be costly. I wouldn’t want to compromise their care because I chose to retire early.
In conclusion, I believe everyone is free to make their own choices about money. Some prefer to enjoy their money now, while others save to retire early. Some choose to have children despite the costs, while others do not. Some enjoy a nomadic life, while others want a stable home. You don’t have to fully commit to the FIRE lifestyle to benefit from its principles. I’m learning from successful early retirees, but I’m prioritizing other goals over retiring early.