“Dousing The F.I.R.E.”

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I was saddened as I read of the devastating effect that Americans not buying cheap clothing was having on the underpaid overworked seamstresses in Bangladesh. Suddenly they are without work with no prospect of work ahead. But then I turned to the back of the same Business Section of the New York Times and read:

Earlier this month, Eric Richard was in Bali, Indonesia, enjoying the tropical weather and carefree life of a retiree. Last summer, at 29, Mr. Richard had quit his job as a corporate operations manager to become a “digital nomad.” Now he is hunkered down at this parents’ house in Michigan…In recent weeks, he said, he has seen his net worth drop by more than $100,000. “It’s definitely not a great feeling to say the least,” Mr. Richard said.

I thought it must be a joke, but it was April 2, not April 1, and it was an actual story. Our man child Eric espouses the FIRE movement explained above.

The FIRE movement was born during the stock market’s historic 11-year-long wealth-creating run. Professionals in their 30’s and 40’s were saving up million-dollar nest eggs and quitting their jobs in the prime of life to live off investments.

Oops! It turns out that being ignorant of history has actual consequences. I don’t have much more to say since the insanity, self-centerness, smugness and results speak for themselves. Only one question. What is a “digital nomad?”

23 thoughts on ““Dousing The F.I.R.E.”

  1. That nomad came home though. He knew here to run, back to his parents. No doubt they will end up paying for everything. So much for the next generation of high-fliers. Selfish ‘nomads’ all.
    I think ‘nomad’ may become my new expletive, when it comes to describing such people.. 🙂
    Best wishes, Pete.

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  2. Haha, a digital nomad is what I was and will return to once I get my tiny home on wheels. It’s someone who works remotely and travels during that time instead of staying put in one location.

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  3. My husband and I just recently retired at 50 (I quit work last month) and we are spending some time traveling with a camper. I guess that makes us nomads. It can be done and I will not fault anyone for doing it. They just have to prepare ahead for moments like these. When I’ve been asked how we were able to move on to this chapter of our lives my answer is this. You must be willing to live beneath your means all the time. You have to say no to credit. You have to be willing to live frugally when necessary and go without sometimes. In the end, I believe life experience is far more valuable than any things we could buy and living simply is all I personally need.

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    1. Your plan makes sense I think. But you had already raised kids and lived life to prepare you for this. It is the kids who want to stop working in their 20’s with no fall back plan besides going back home to their parents.

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  4. The virus ( we no longer need to name it; everyone knows it’s name) will change things for everyone but the younger generations will likely see the biggest differences between before and after.

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  5. The worse part of this, Elizabeth, is that most pensioners will also be impacted by the stock market crashes. Pension funds are largely invested in stock markets and so are individuals who save for their retirements by investing in stocks. This is a catastrophe for many elderly people.

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    1. I am one of those and am very aware of the terrible repercussions of the market crash. I was just appalled that a 29 year old would be so clueless and brag about living off his savings and not working.

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