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?”