'Fire' lifestyle not for all but set financial goals early: Experts

Instead of financial independence, retire early, aim to live and retire meaningfully

- Sue-Ann Tan

The popular financial independence, retire early (Fire) movement is not for everyone, but what matters more is setting financial goals and having clear retirement and investment plans, said experts on a personal finance panel discussion.

Fire involves having a low-maintenance and frugal lifestyle while prioritising saving and investing, so people can retire early.

While this lifestyle has garnered buzz online, it is not universally suitable.

Instead, people should aim to live and retire meaningfully, while ensuring they save enough and invest according to their risk appetites, the finance experts on the panel said.

The panel was put together by HeadSTart, The Straits Times’ careers and personal finance newsletter for young people, and was held at the Lifelong Learning Institute in Paya Lebar on July 19.

It was also part of a July 18 to 20 event at PLQ Plaza and the institute called Thrive@libraries, organised by the National Library Board and SkillsFuture Singapore.

It was moderated by ST assistant business editor Alyssa Woo. Around 135 people attended the panel discussion.

Panellist He Ruiming, co-founder of personal finance blog The Woke Salaryman, said: “Fire shouldn’t be pursued by everyone. Back in the day, Fire in the US was pursued by people who work in software companies, earning big bucks in California.

“That’s the richest of the richest people in the US, and I don’t think you should extend that as a standard that should be applied to everyone.”